Dyslipidemia Drugs Market Expected to Reach USD 6.9 Billion Globally in 2023
Global Dyslipidemia Drugs Market was valued at USD 17.9 billion in 2014 and is estimated to reach a market worth of USD 6.9 billion in 2023 growing at a CAGR of -10.3% from 2015 to 2023.
The occurrence of cholesterol abnormalities has been on the rise for the past few year. The occurrence of dyslipidemia, a chronic metabolic syndrome, characterized by an increase in the level of plasma triglycerides, a dip in levels of lipoproteins as well as low-density lipoprotein composition. Given the progressive rise in the burden of dyslipidemia on healthcare agencies because of its high mortality and morbidity rate, healthcare agencies are relying on drugs to bring dyslipidemia under control. This factor will stimulate growth in an otherwise dull outlook for the global dyslipidemia market. According to the findings of a recent research report published by Transparency Market Research, the global dyslipidemia market will post a negative CAGR of -10.3% between 2015 and 2023. Contracting at this rate, the market, which was worth US$17,858.3 million will slide down to an estimated USD 6,888.9 million by the end of 2023.
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Statins are Leading Drug Class in Global Dyslipidemia Market but Decline of Niacins Market to Hamper Overall Growth
If the global dyslipidemia market were to be segmented on the basis of drug type, it is possible to create the following segments: Statins, fibric acid and omega-3 fatty acid derivatives, bile acid resins, niacins, and others. As evidenced by various market research reports, the high efficacy of statins makes them the leading drug type within the global dyslipidemia market. In 2014, the statins market held over 59.3% of the overall dyslipidemia market globally.
However, the dyslipidemia market’s growth will be severely curtailed by the steep decline in the sales of Niaspin from Abbott Laboratories. It is easy to see thus, that the severe downward trend in the niacins market will have a detrimental impact on the overall dyslipidemia market as well.
Germany Shines in Global Dyslipidemia Drugs Market Even as North America and Europe Lead Globally
The outlook of the dyslipidemia market in Germany remains positive, despite the fact that the global market’s scenario looks uninspiring. From the regional markets perspective, North America was the leader in the global dyslipidemia market as of 2014, with Europe in second place. Germany was the largest national market, contributing substantially to Europe’s dominant position.
In Germany, the prevalence rate of dyslipidemia remains high. At the same time, the demand for drug therapies to treat dyslipidemia is Europe held a share of 25% of the total dyslipidemia market in 2014.
Factors driving the North American and European dyslipidemia drugs market are similar – more consumers here can afford branded drug formulations (as compared to their counterparts in other developing regions) and drug approval policies remain positive in the overall dyslipidemia market.
Opportunity Alert: Biological Therapies for Treating Dyslipidemia
Although growth in the dyslipidemia market is expected to remain lackluster, there are a few opportunities that can potentially open up hitherto untapped growth opportunities for regional and global players. With a growing interest in biological therapies, thanks to their proven efficiency, there is considerable scope for R&D pertaining to novel molecules, especially from a newer class of dyslipidemia drugs. The other opportunity lies in collaborative drug development projects in order to create a new avenues for growth, especially in the developing dyslipidemia drugs markets.
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