Atorvastatin is a class of drugs known for inhibiting the production of cholesterol in the body for lowering lipid and cholesterol levels and minimize the probability of cardiovascular disease. It also goes by the name of Lipitor. Its minimal side-effects on consumption has led to its wide prescription for controlling type 2 diabetes. The global atorvastatin API market research report by Market Research Future (MRFR) highlights drivers, opportunities, and trends encompassing the market.
Atorvastatin API Market Outlook
The global atorvastatin API market is predicted to enjoy 3.34% CAGR from 2018 to 2023 (forecast period) to touch a size of USD 425 million. High prevalence of cardiovascular diseases is expected to be the primary driver of the market during the forecast period. Rising cases of dyslipidemia in China can open up new avenues of growth for the market. High triglyceride levels and LDL cholesterol caused by obesity and sedentary lifestyles of patients can lend a helping hand to the atorvastatin API market.
High volume of kidney disorders combined with high dosage of the drug in the elderly populace to control their cholesterol levels can bode well for the market. Approval of mass production of drugs from federal agencies can drive the atorvastatin API market growth. Recently, the U.S. FDA granted license to Morepen Laboratories for the production of atorvastatin calcium for export to the U.S. Strict regulation outlined by federal agencies as well as compliance for switching to green methods of production can bode well for the market. But adverse effects of the drug can hamper the market growth.
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Atorvastatin API Market Segmentation Analysis
The global atorvastatin API market is segmented by application.
By application, it is segmented into dyslipidemia, hypertriglyceridemia, hypercholesterolemia, and others. The hypercholesterolemia segment is bound to generate close to USD 210.7 million by 2023. High prevalence of the disease can ensure the segment to display a strong CAGR of 4.09% during the forecast period. On the other hand, dyslipidemia segment is bound to have a high growth potential till 2023.
Atorvastatin API Market Regional Analysis
The Middle East & Africa, North America, Latin America, Asia Pacific (APAC), and Europe are regions taken into consideration in the compilation of the global atorvastatin API market report.
North America accounted for 40.64% market share in 2017 due to the U.S. being one of the biggest contributors of the market. It can register 3.10% CAGR during the forecast period to gain high dividends for the global atorvastatin API market.
The APAC region is expected to exhibit one of the strongest growth rates during the forecast period due to large approval of drugs in the region. Contract manufacturing and outsourcing companies which take up research and development of large pharmaceutical companies have widened the potential of the market. China, in particular, is touted to exhibit 5.86% CAGR during the forecast period.
The Europe atorvastatin API market is touted to exceed a valuation of USD 131 million by 2023. Rising cases of dyslipidemia and hypercholesterolemia are primarily fueling the market demand. France and the U.K. are major contributors in the region. Expansions of production facilities to create generic versions of the Lipitor drug is likely to culminate in higher bottomline margins for players. Recently, DSP Sinochem Pharmaceuticals has launched Rosuvastatin for its clients as well as producing them in large quantities for third-party customers.
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Atorvastatin API Market Competitive Analysis
Major industry participants in the global atorvastatin API market include Ind-Swift Labs Ltd, Teva Pharmaceutical Industries Ltd, Zhejiang Hisun Pharmaceutical Co Ltd, Anuh Pharma Ltd, Morepen Laboratories Ltd, Jubilant Life Sciences Ltd, Cadila Pharmaceuticals, Centrient Pharmaceuticals, Sun Pharmaceutical Industries Ltd, and Dr. Reddy’s Laboratories Ltd. Scaling of efforts to expedite research and development for mass production of the drug as well as compliance to latest standards are strategies employed by players to gain leverage over the competition.