Statins Market to Garner Brimming Revenues by 2026
Statins are lipid lowering agents or medications used in the treatment of high lipid levels. These are often referred as high cholesterol found in the blood. The major function of statins is to lower blood cholesterol and prevent atherosclerosis. These drugs help to prevent heart attacks and strokes. These lower the production of cholesterol by blocking an enzyme known as HMG-CoA reductase used by liver. According to studies, statins have reduced heart attacks and strokes by 25% to 35%. Statins recommended by health care practitioners work well for patients with balanced nutritious food and exercise. Healthy lifestyle practices are essential to improve the quality of the patient’s life.
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The global statins market is projected to grow at a rapid pace in the next few years. Sedentary lifestyle is a key driver of the market. High bad cholesterol is difficult to manage only on diet and exercise. Hence, statins are recommended to treat the condition. Increase in the patient population suffering from obesity, cardiovascular diseases, and diabetes propels demand for statins across the globe. Demand for effective treatment to reduce LDL cholesterol is also a major factor driving the global statins market. Cholesterol awareness campaigns and technologically advanced health care facilities increase demand for statins. Companies are expanding market presence across the globe by establishing strong distribution networks, especially in developing countries. However, increase in demand for effective treatment alternatives acts as a major restraint of the market. Social and economic factors also hamper the global statins market. Switching patients on statins is a major challenge in the market. Side effects of statins can act as a restrain of the market. There are long term risks associated with usage of statins including depression, Alzheimer’s, dementia, and poor cognitive function. This lowers the demand for statins in the market. Common side effects of statins which affect a large population are muscle pain, muscle damage, liver damage, type 2 diabetes, and neurological disorders.
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In terms of product class, the global statins market can be classified into atorvastatin (Lipitor & others), fluvastatin (Lescol, Canef, and Vastin), lovastatin (Mevacor & others), pravastatin (Pravachol), rosuvastatin (Crestor), simvastatin (Zocor), and pitavastatin (Livalo). Only 5 types of statins are available in the U.K., excluding lovastatin and pitavastatin. Availability of the drugs in different regions also directly impacts specific markets. Based on application, the market can be categorized into cardiovascular diseases (heart strokes & attacks), lifestyle diseases (obesity, diabetes, and inflammation), and others. In terms of end-user, the global statins market can be bifurcated into hospitals, clinics, and others.
In terms of region, the global statins market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017. The region held major market share due to increase in number of adults suffering from LDL cholesterol. Rise in health care expenditure, technological advancements, and increase in incidence of lifestyle diseases also boost the growth of the market in North America. Comparatively, Asia Pacific is an emerging market due to increase in incidence in obesity and cardiovascular diseases, and changes in health care regulatory policies.
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Major players operating in the global statins market are AstraZeneca, Merck & Co., Inc., Pfizer, Inc., Aurbindo Pharma, Amgen, GlaxoSmithKline plc, Biocon, and Concord Biotech, among others.