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In-depth Analysis and Forecast of the Statins Market on the Global as well as Regional Level
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The global statins market is projected to grow at a rapid pace in the next few years. Sedentary lifestyle is a key driver of the market. High bad cholesterol is difficult to manage only on diet and exercise. Hence, statins are recommended to treat the condition. Increase in the patient population suffering from obesity, cardiovascular diseases, and diabetes propels demand for statins across the globe. Demand for effective treatment to reduce LDL cholesterol is also a major factor driving the global statins market. Cholesterol awareness campaigns and technologically advanced health care facilities increase demand for statins. Companies are expanding market presence across the globe by establishing strong distribution networks, especially in developing countries. However, increase in demand for effective treatment alternatives acts as a major restraint of the market. Social and economic factors also hamper the global statins market. Switching patients on statins is a major challenge in the market. Side effects of statins can act as a restrain of the market. There are long term risks associated with usage of statins including depression, Alzheimer’s, dementia, and poor cognitive function. This lowers the demand for statins in the market. Common side effects of statins which affect a large population are muscle pain, muscle damage, liver damage, type 2 diabetes, and neurological disorders.
In terms of product class, the global statins market can be classified into atorvastatin (Lipitor & others), fluvastatin (Lescol, Canef, and Vastin), lovastatin (Mevacor & others), pravastatin (Pravachol), rosuvastatin (Crestor), simvastatin (Zocor), and pitavastatin (Livalo). Only 5 types of statins are available in the U.K., excluding lovastatin and pitavastatin. Availability of the drugs in different regions also directly impacts specific markets. Based on application, the market can be categorized into cardiovascular diseases (heart strokes & attacks), lifestyle diseases (obesity, diabetes, and inflammation), and others. In terms of end-user, the global statins market can be bifurcated into hospitals, clinics, and others.
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In terms of region, the global statins market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017. The region held major market share due to increase in number of adults suffering from LDL cholesterol. Rise in health care expenditure, technological advancements, and increase in incidence of lifestyle diseases also boost the growth of the market in North America. Comparatively, Asia Pacific is an emerging market due to increase in incidence in obesity and cardiovascular diseases, and changes in health care regulatory policies.
Major players operating in the global statins market are AstraZeneca, Merck & Co., Inc., Pfizer, Inc., Aurbindo Pharma, Amgen, GlaxoSmithKline plc, Biocon, and Concord Biotech, among others.
MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
The report provides the following information:
Tailwinds and headwinds molding the market’s trajectory
Market segments based on products, technology, and applications
Prospects of each segment
Overall current and possible future size of the market
Growth pace of the market
Competitive landscape and key players’ strategies
The main aim of the report is to:
Enable key stakeholder’s in the market bet right on it
Understand the opportunities and pitfalls awaiting them
Assess the overall growth scope in the near term
Strategize effectively with respect to production and distribution
MRR.BIZ is a leading provider of strategic market research. Our vast repository consists research reports, data books, company profiles, and regional market data sheets. We regularly update the data and analysis of a wide-ranging products and services around the world. As readers, you will have access to the latest information on almost 300 industries and their sub-segments. Both large Fortune 500 companies and SMEs have found those useful. This is because we customize our offerings keeping in mind the specific requirements of our clients.
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