Global Statin Market 2019-2023 | Rising in Prevalence of Hypercholesterolemia Impacting the Market Growth | Technavio
The global statin market 2019-2023 is expected to have an incremental growth of around $1647 million during the forecast period, according to the latest market research report by Technavio.
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Technavio predicts the global statin market to post an incremental growth of around $1647 million by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is rising in the prevalence of hypercholesteremia. The major risk factor for heart diseases such as coronary heart disease, heart attack, and stroke are hypercholesteremia. The major regions affected are the US, Europe, and Asia. According to CDC, in 2012, CVDs such as heart attack and stroke were the leading causes of death in the US. Also, as per Eurostat, in 2014, over 1.8 million deaths in European regions were due to CVDs. As per an article published in NCBI, by 2030, coronary heart disease and stroke would be two leading causes of death in Asia.
This market research report on the global statin market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing statin use as one of the key emerging trends in the global statin market:
Global statin market: Increasing statin use
In the US and the UK, people aged 40 years and above are recommended to monitor their cholesterol levels. Statins are considered an evidence-based treatment for high-risk patients with elevated cardiovascular risk or with a cardiovascular disorder. Prescriptions of statin have been increasing owing to the availability of low-cost generics, revise cholesterol treatment guidelines and high patient awareness of CVD.
“Globally, several awareness initiatives are underway such as the Million Hearts initiative, co-led by the CDC and the CMS, is aimed at preventing one million heart attacks and strokes in a span of five years. Such initiatives are expected to increase the patient base for statins during the forecast period.” says a senior analyst at Technavio for research on pharmaceuticals, biotechnology & life sciences.
Global statin market: Segmentation analysis
This market research report segments the global statin market by type (synthetic statins and natural statins) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of close to 55%, followed by EMEA and APAC respectively. The dominance of the Americas can be attributed to the growing aging population that is at high risk of lipid metabolism disorders and the increase in the incidence of chronic disorders such as diabetes and hypertension.
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Five Forces Analysis
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