Hypolipidemics Global Market Report 2020-30: Covid 19 Impact and Recovery
NEW YORK, Sept. 15, 2020 /PRNewswire/ --
Major players in the hypolipidemic drugs market are ABBOTT LABORATORIES LIMITED, Apotex Fermentation Inc., BIOCON LIMITED IN Bangalore, Cadila Healthcare Limited and Chunghwa Chem Syn& Biotech Co., Ltd.
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The global hypolipidemics market is expected to decline from $17.6 billion in 2019 to $15.8 billion in 2020 at a compound annual growth rate (CAGR) of -10.3%. The decline is mainly because of the lockdown measures due to the COVID-19 outbreak. The decrease in the number of cardiac surgeries due to re-scheduling of surgeries, cancellations and no-show by patients, decrease in consultations due to restrictions by government and health authorities to provide only emergency services, and less heart disease admissions contribute to this decline. However, the decline is not significant as research showed that the covid patients developed cardiovascular complications, and therefore health authorities advised covid and non-covid cardiac patients to continue the use of CVD drugs. The market is then expected to recover and grow at a CAGR of 3.2% from 2021 and reach $18.3 billion in 2023.
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 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.
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. In the year 2017, Amgens' Repatha, a hypolipidemic biologic medicine, got the FDA approval for the treatment of hypolipidemia.
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.
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. In 2016, according to Centers for Disease and Control and Prevention, 12% adults aged 20 and more in America had high cholesterol levels which accounts to nearly 29 million adults having cholesterol levels above 240 mg/dL. In 2016, 7% of the children and adolescents aged between 6 to 19 years have high cholesterol in the USA. 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.
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