DUBLIN, December 02, 2021--(BUSINESS WIRE)--The "Hypolipidemics Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
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%.
Major players in the hypolipidemic drugs market are Abbott Laboratories Ltd, Apotex Fermentation Inc., Biocon Limited, Cadila Healthcare Limited and Chunghwa Chem Syn & Biotech Co., Ltd.
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.
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.
Key Topics Covered:
1. Executive Summary
2. Hypolipidemic Drugs Market Characteristics
3. Hypolipidemic Drugs Market Trends And Strategies
4. Impact Of COVID-19 On Hypolipidemic Drugs
5. Hypolipidemic Drugs Market Size And Growth
5.1. Global Hypolipidemic Drugs Historic Market, 2015-2020, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Hypolipidemic Drugs Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Hypolipidemic Drugs Market Segmentation
6.1. Global Hypolipidemic Drugs Market, Segmentation By Product Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Cholic Acid Regulator
HMG-CoA Reductase Inhibitors
Adenylate Cyclase Inhibitors
Nicotinic Acid Drugs
6.2. Global Hypolipidemic Drugs Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Hypolipidemic Drugs Market Regional And Country Analysis
7.1. Global Hypolipidemic Drugs Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Hypolipidemic Drugs Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Abbott Laboratories Limited
Apotex Fermentation Inc.
Cadila Healthcare Limited
Chunghwa Chem Syn& Biotech Co. Ltd
Concord Biotech Limited
Croda Europe Limited Leek
Daiichi Sankyo Company Limited
Dr. Reddy's Laboratories Ltd
DSM Sinochem Pharma India
Lek Pharmaceuticals d.d.
Merck Sharp & Dohme B.V.
Nexchem Pharmaceutical Co. Ltd. CN
Sun Pharmaceutical Industries Limited
Teva Pharmaceutical Industries Ltd.
Zhejiang Jiangbei Pharma Co. Ltd CN.
Moehs Iberica S.L. ES
Recordati S.p.A. IT Milano
Kowa Company Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/rtjik0
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