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Apixaban Global Market Analysis, Trends, Growth, Research And Forecast 2033
Apixaban Global Market Analysis
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According to The Business Research Company's, The apixaban market size has grown strongly in recent years. It will grow from $2.69 billion in 2023 to $2.92 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to increased incidence of atrial fibrillation, aging population, regulatory approvals and expansions, favorable clinical outcomes, and shift from warfarin to NOACs.
The apixaban market size is expected to see strong growth in the next few years. It will grow to $4.12 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to continued incidence of cardiovascular diseases, increasing awareness and diagnosis rates, expansion in emerging markets, aging global population, health policy and reimbursement changes. Major trends in the forecast period include advancements in drug delivery systems, increasing research and developments, innovation and collaborations, approval of apixaban by the FDA, digital health and telemedicine.
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Market Drivers and Trends:
The rising prevalence of cardiovascular disease is expected to propel the growth of the apixaban market going forward. Cardiovascular disease encompasses a range of conditions affecting the heart and blood vessels, including coronary artery disease, stroke, and heart failure. The rising prevalence of cardiovascular disease is due to sedentary lifestyles, poor dietary habits, tobacco use, obesity, high blood pressure, diabetes, and aging populations. Apixaban is utilized in the management of cardiovascular disease by reducing the risk of blood clots by preventing conditions such as stroke, deep vein thrombosis, and pulmonary embolism. For instance, in January 2024, according to the American Heart Association, a US-based nonprofit organization, the number of deaths caused by cardiovascular diseases reached 931,578, an uptick of fewer than 3,000 fatalities compared to the 928,741 in 2023. Therefore, the rising prevalence of cardiovascular disease drives the growth of the apixaban market.
Major companies operating in the apixaban market are focusing on developing innovative products, such as generic anticoagulant medicine, to increase affordability and accessibility for patients while also expanding their market reach and competitiveness. A generic anticoagulant medicine is a drug that prevents blood clot formation by inhibiting various factors in the coagulation process, reducing the risk of stroke and other cardiovascular events. For instance, in October 2022, Tiefenbacher Pharmaceuticals, a Germany-based healthcare company, launched a generic version of Apixaban in Canada. This oral anticoagulant is used for prophylaxis post-elective hip or knee replacement, stroke prevention in atrial fibrillation, and treatment of deep vein thrombosis and pulmonary embolism, catering to a broad spectrum of thrombotic disorders. The company has developed 2.5 mg and 5 mg anticoagulant tablets in their Indian laboratories, to be distributed in Canada through a partnership with generic pharmaceutical companies, followed by a subsequent launch in additional global markets. This strategic move facilitates significant cost savings for international healthcare systems and enhances accessibility to life-improving treatments for millions of patients.
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Major Key Players of the Market:
Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd, Merck & Co. Inc., Sanofi S.A., Bristol-Myers Squibb Company, Eli Lilly and Company, Amgen Inc., Viatris Inc., Teva Pharmaceutical Industries Ltd., Sandoz Group AG, Daiichi Sankyo Company Limited, Fresenius Kabi AG, Hetero Drugs Ltd, Eisai Co. Ltd, Sun Pharmaceutical Industries Ltd., Aurobindo Pharma Limited, Dr. Reddy's Laboratories Ltd., Cipla Limited, Aspen Pharmacare Holdings Limited, Lupin Limited, Glenmark Pharmaceuticals Ltd., Torrent Pharmaceuticals Ltd, Medichem S.A., Centaur Pharmaceuticals Pvt. Ltd., Simson Pharma Limited, OPOCRIN SPA, Pinnacle Life Sciences Private Limited
Apixaban Market 2024 Key Insights:
• The apixaban market size is expected to see strong growth in the next few years. It will grow to $4.12 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Impact Of Cardiovascular Disease Prevalence On Apixaban Market Growth
• Rise Of Generic Apixaban Expands Access And Affordability
• North America was the largest region in the apixaban market in 2023
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