Statin Market to grow by USD 2.67 billion from 2022 to 2027, North America to account for 42% of market growth- Technavio

NEW YORK, Sept. 11, 2023 /PRNewswire/ -- The statin market is expected to grow by USD 2.67 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 3.36% during the forecast period, according to Technavio Research. The market has been segmented by end-user (hospitals, clinics, and others), type (synthetic statin and natural statin), and geography (North America, Asia, Europe, and the Rest of World (ROW)). North America is estimated to contribute 42% to the growth of the global market during the forecast period. This high share is due to the presence of large pharmaceutical companies offering both branded statins and generic statins, as well as the existence of a suitable regulatory framework for approving new drugs in the region. The incidence of cardiovascular disease has increased significantly in various countries in North America. Increased government support for health insurance will allow patients to benefit from statin therapy at an affordable price. In addition, people's increasing disposable income is causing more patients to choose treatment, contributing to the growth of the market. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read PDF Sample Report

Company Profile:

Abbott Laboratories, Amgen Inc., AstraZeneca Plc, Aurobindo Pharma Ltd., Biocon Ltd., Concord Biotech Ltd., Merck and Co. Inc., Novartis AG, Pfizer Inc., and Thermo Fisher Scientific Inc.

Abbott Laboratories - The company offers statin medical drug designed to protect the heart and blood vessels from serious medical problems such as heart attack or stroke.

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Statin Market: Segmentation Analysis

The market has been segmented by end-user (hospitals, clinics, and others), type (synthetic statin and natural statin), and geography (North America, Asia, Europe, and the Rest of World (ROW)).

• The market share growth by the hospitals segment will be significant during the forecast period. The hospital is responsible for the supply, storage, and distribution of drugs to hospitalized patients. Hospitals often buy statins in bulk directly from the manufacturer or wholesaler, saving money and ensuring a steady supply of the drug.

 Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a PDF Sample Report

"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio

Statin Market: Driver:

Key Driver

• Rising prevalence of hypercholesterolemia
• Increasing risk factors for cardiovascular diseases
• Increasing consumer preference for over-the-counter (OTC) drugs

The rising prevalence of hypercholesterolemia is a key factor driving market growth. Cardiovascular disease is the leading cause of death worldwide. Hypercholesterolemia is a modifiable risk factor for cardiovascular disease, and the increasing prevalence of hypercholesterolemia increases the risk of developing cardiovascular disease of atherosclerotic origin. Abdominal atherosclerosis, which affects the blood vessels that carry blood to the heart, is a serious disease. It is the main cause of coronary artery disease and is characterized by the presence of plaque inside the walls of arteries or blood vessels. The buildup of plaque inside the artery walls causes them to narrow and reduce blood flow. Cholesterol is a fat found in the blood and is of two types: low-density lipoprotein (LDLK); higher higher-density lipoproteins (HDL). The global statin market is expected to benefit from the increasing prevalence of high cholesterol as it will lead to an increase in the incidence of atherosclerotic disease. Hence, these factors are expected to drive market growth during the forecast period.

 Identify key trends, drivers, and challenges in the market. Download to gain access to this information.

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What are the key data covered in this statin market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the statin market between 2022 and 2027.
• Precise estimation of the statin market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the statin market across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of statin market vendors.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio