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Market Research and Consulting (PRNewsFoto/Grand View Research, Inc.) (PRNewsFoto/Grand View Research, Inc.)
SAN FRANCISCO, July 27, 2016 /PRNewswire/ --
The global fondaparinux market is expected to reach USD 686.3 million by 2024, according to a new report by Grand View Research, Inc. Fondaparinux is majorly used during knee and hip replacement surgeries. Arixtra, manufactured by GSK group of companies is the branded drug of Fondaparinux. The drug witnessed patent expiry in 2002. As the active molecule is highly complex to manufacture, it faced low generic competition until 2011. Generic manufacturer companies, such as Alchemia Ltd. and Apotex, Inc., received the Abbreviated New Drug Application approval in 2011 and instantly started the production of generic drugs.
Fondaparinux is used as an anticoagulant and shows improved survival compared with low-molecular-weight heparin. It is used for the prevention of Deep Vein Thrombosis (DVT) and Pulmonary Embolism (PE) and is administered subcutaneously. Moreover, Fondaparinux lowers the risk of ischemic events
The increasing collaboration between the key players for acquiring the Intellectual Property Rights (IPRs) in order to manufacture the molecule through patented technology is expected to drive growth. For instance, in July 2016 Dr. Reddy's Laboratories Ltd. entered into an agreement with Alchemia Ltd. to purchase the IPRs of fondaparinux sodium for USD 17.5 million. In September 2014, Mylan N.V. purchased branded and generic versions of fondaparinux sodium from Aspen Global, Inc. for USD 225 million. The deal gave Mylan N.V. access to one of the two generics indicated for the treatment of PE.
Generics and authorized generics of Arixtra (fondaparinux sodium) dominated the market in 2015 with share of over 65.0%
The introduction of generic drugs in the market by Apotex, Inc., Dr. Reddy's, and Mylan N.V. is expected to drive the market growth.
Branded drug Arixtra is however anticipated to witness declining growth rate majorly owing to patent expiration, high cost, and introduction of low-cost alternatives
North America held the largest market share of the global market in 2015. Key factors attributing to the dominance include constantly increasing geriatric population, rising prevalence of thrombosis, and the introduction of low-cost generics of Fondaparinux in the U.S.
In addition, the increasing number of awareness initiatives undertaken by government and nongovernment organizations for DVT and PE is driving the growth of the market in the North American region.
China's huge population base with the rising disposable income coupled with the increased burden of chronic diseases is expected to be one of the major drivers for the Chinese market over the forecast period.
Moreover, the presence of local active pharmaceutical ingredients manufacturers and contract research organizations in China increased the number of foreign investments in the country. As a result, China is estimated to grow at CAGR of 21.2% till 2024
Major companies identified in the market include Dr. Reddy's Laboratories, Inc., GSK group of companies, Mylan N.V., and Alchemia among others.
The Fondaparinux market is a consolidated market and is marked by the presence of mergers and acquisitions
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.