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Atorvastatin Market Overview, Competitive Analysis, Key Trends And Outlook 2024 To 2033
Atorvastatin Market Overview
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According to The Business Research Company's, The atorvastatin market size has grown rapidly in recent years. It will grow from $10.76 billion in 2023 to $11.86 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to increased healthcare expenditure, increased incidence of metabolic disorders and obesity worldwide, sedentary lifestyles and unhealthy dietary habits in many populations, lack of physical activity and exercise, increased focus on preventive healthcare and wellness globally.
The atorvastatin market size is expected to see rapid growth in the next few years. It will grow to $17.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to growing prevalence of cardiovascular diseases, high cholesterol levels, increasing aging population more susceptible to heart disease, rising awareness about cholesterol management and screening programs, availability of atorvastatin as a generic drug at competitive prices. Major trends in the forecast period include investments in research and development of innovative atorvastatin formulations, adoption of green chemistry in manufacturing, shift towards personalized medicine and pharmacogenomics-based therapy, integration of digital health technologies, new atorvastatin formulations.
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Market Drivers and Trends:
The growing prevalence of cardiovascular diseases is expected to propel the growth of the atorvastatin market going forward. Cardiovascular diseases (CVDs) encompass a range of disorders affecting the heart and blood vessels. The growing prevalence of cardiovascular diseases is attributed to a combination of lifestyle changes, demographic shifts, and environmental factors. Atorvastatin significantly lowers the risk of major cardiovascular events such as heart attacks and strokes by addressing these key factors. Its widespread use in patients with high cholesterol and other risk factors for CVDs has been instrumental in reducing the overall burden of cardiovascular diseases. For instance, in May 2023, according to the World Heart Federation, a US-based non-governmental organization, deaths from cardiovascular disease (CVD) increased to 20.5 million in 2021. Therefore, the growing prevalence of cardiovascular diseases is driving the growth of the atorvastatin market.
Major companies operating in the atorvastatin market are focused on developing innovative products, such as ready-made liquid oral suspension, to improve the treatment of high cholesterol and certain risk factors for heart disease or stroke. A ready-made liquid oral suspension is a convenient and effective pharmaceutical formulation that allows for easy administration of medications, particularly for patients who find it difficult to take solid dosage forms. For instance, in June 2023, CMP Pharma, Inc., a US-based pharmaceutical company, launched Atorvaliq (atorvastatin calcium) Oral Suspension, 20 mg/5 mL, approved by the Food and Drug Administration, a US-based government agency. Atorvaliq is designed for a specific subset of patients who require atorvastatin but experience dysphagia or difficulty swallowing tablets. Its availability offers healthcare providers and suitable patients a convenient, safe, and FDA-approved liquid formulation option.
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Major Key Players of the Market:
Zydus Lifesciences, Pfizer Inc., Viatris Inc., Teva Pharmaceutical Industries Ltd., Hetero Ltd., Sun Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., Cadila Pharmaceuticals Ltd., Apotex Pharmachem Inc., Glenmark Pharmaceuticals Ltd., Alembic Pharmaceuticals Ltd., Centrient Pharmaceuticals, Accord Healthcare Ltd., Wockhardt Ltd., Zhejiang Hisun Pharmaceutical Co. Ltd., Unichem Laboratories Ltd., Morepen, Ind-Swift Labs Ltd., Smilax Laboratories Limited, Saneca Pharmaceuticals AS, Combi-Blocks Inc., Shree HariKrishna Group, Srini Pharmaceuticals Pvt. Ltd., Suvan Lifesciences Ltd., Zenfold Sustainable Technologies
Atorvastatin Market 2024 Key Insights:
• The atorvastatin market size is expected to see rapid growth in the next few years. It will grow to $17.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
• Rising Cardiovascular Disease Rates Drive Expansion Of Atorvastatin Market
• Revolutionizing Atorvastatin Advancements In Formulation For Enhanced Cardiovascular Care
• North America was the largest region in the atorvastatin market in 2023
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