Major players in the hypolipidemic drugs market are ABBOTT LABORATORIES LIMITED, Apotex Fermentation Inc., Biocon Limited, Cadila Healthcare Limited and Chunghwa Chem Syn& Biotech Co., Ltd.
The global hypolipidemics market is expected to decline from $16.23 billion in 2020 to $15.94 billion in 2021 at a compound annual growth rate (CAGR) of -1.8%. The decline is mainly due to the companies’ production being impacted negatively by COVID-19, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $18.41 billion in 2025 at a CAGR of 3.7%.
The hypolipidemic drugs market consists of sales of hypolipidemic drugs and related services.This industry includes establishments that produce hypolipidemic drugs or agents that lower lipid and lipoproteins levels in the blood.
These drugs can be used to prevent cardiovascular diseases and atherosclerosis in Hyperlipidemia patients. Some of the major hypolipidemic drugs include fibric acid derivatives, bile acid binding resins, nicotinamides, and cholesterol absorption inhibitors.
The market covered in this report is segmented by product type into cholic acid regulator, HMG-CoA reductase inhibitors, adenylate cyclase inhibitors, nicotinic acid drugs, others; by application into hospital, clinics, pharmacy, cardiovasology.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Shifts in diet and change in lifestyles of people is driving the growth of hypolipidemic drugs market.Increase in the consumption of unhealthy food, rising prevalence of smoking and drinking have led to an increase in the level of cholesterol intake by the people.
According to a study by Global Burden of Disease (GBD) in 2019, high blood pressure contributed to almost 1.47 million deaths in India. The rising levels of cholesterol due to change in lifestyles of the people is rising demand for hypolipidemic drugs as they aid in lowering the cholesterol levels.
Companies in this market are increasingly investing in using data generated from wearables in clinical trials to improve the speed, and efficiency of trials, and therefore reduce overall costs.By continuously capturing data from patients via wearable technologies, clinical trial sponsors may be able to reduce the burden of frequent site visits, which could improve patient dropout rates and overall clinical trial efficiencies.
The use of wearables helps to tackle the challenge of patient recruitment, helps in monitoring patients, gives accurate and real time data and gives earlier decision-making opportunities, while the patient is undergoing a clinical trial. Pharmaceutical companies such as Sanofi and Pfizer have already invested in wearable technology to treat hypolipidemia.
The growth in the usage of biologics acts as a prime restraint that hinders the hypolipidemic drug market growth.Biologics are derived from living organisms like human beings, animals and microorganisms, different from chemical drugs or chemically synthesized drugs.
The increasing preference towards hypolipidemic biologic medicines due to side effects concerns of using chemical synthesized drugs leads to decrease in the sales of traditional hypolipidemic chemical drugs and hence, hindering the hypolipidemic drug (chemical) market growth.According to Harvard Medical School, 10%-29% people who consume hypolipidemic drugs such as cholesterol-lowering statin drugs are suffering from muscle pains and aches.
For instance, PCSK9 Inhibitors have been in use since 2015, to reduce LDL cholesterol. Amgens’ Repatha, a hypolipidemic biologic medicine, got the FDA approval for the treatment of hypolipidemia.
The EU agencies take 6 to 12 months to approve the hypolipidemic drugs.Moreover it requires all parts of the registration dossier to be submitted together unlike the US-FDA which accepts phased submissions.
The US-FDA assess each technical section in 6 months which may increase to another 6 months if questions/concerns are raised.However, the technical sections’ assessment is done simultaneously and therefore the manufacturers should identify the time taking steps and plan the work accordingly and chalk out an estimated date of approval.
Also, the license validity and renewal of the application in EU region takes a toll on the manufacturer and adds to the existing regulatory burden. Therefore, the manufacturers hypolipedimic drugs should plan well, communicate effectively in order to minimize the costs and reduce timelines.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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By The Business Research Company
• Jun 2021
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