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Calcium Channel Blocker Market 2024: Industry Insights and Growth Prospects
Calcium Channel Blocker Market 2024
According to The Business Research Company's, The calcium channel blocker market size has grown strongly in recent years. It will grow from $14.72 billion in 2023 to $15.75 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increased incidence of cardiovascular diseases, aging population, advancements in medical research, changing lifestyles, increased awareness.
The calcium channel blocker market size is expected to see strong growth in the next few years. It will grow to $20.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to rising global burden of cardiovascular diseases, personalized medicine trends, increased access to healthcare, expansion of indications, regulatory approvals and market expansions. Major trends in the forecast period include market growth, technological advancements, regulatory landscape, competitive analysis, patient preferences and awareness.
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Market Drivers and Trends:
The increasing prevalence rate of cardiovascular diseases is expected to boost the growth of the calcium channel blocker market going forward. Cardiovascular disease refers to a type of condition that affects the heart or blood vessels. Calcium channel blockers (CCBs) are used to lower the risk of heart failure and stroke. Hence, the increasing prevalence rate of cardiovascular diseases will result in a rise in demand for the calcium channel blockers. For instance, in August 2022, according to a report published by the American College of Cardiology, a US-based non-profit medical association, In the United States, it is anticipated that all four cardiovascular risk factors will increase between 2025 and 2060. The largest percentage rise is expected in diabetes, with a 39.3% increase to 55 million individuals, followed by dyslipidemia (27.6% to 126 million), hypertension (25.1% to 162 million), and obesity (18.3% to 126 million). The researchers also observed that the most substantial projected increases in cardiovascular disease rates were for stroke (33.8% to 15 million) and heart failure (33.4% to 13 million), followed by ischemic heart disease (30.7% to 29 million) and heart attack (16.9% to 16 million). Therefore, the increasing prevalence rate of cardiovascular diseases is driving the growth of the calcium channel blocker market.
Product innovation is the key trend gaining popularity in the calcium channel blocker market. Major companies operating in the calcium channel blockers market are focusing on developing innovative products to sustain their market position. For instance, in June 2022, CMP Pharma, a US-based pharmaceutical manufacturing company, launched Norliqva, the first and only oral liquid solution of the besylate salt of amlodipine, a long-acting calcium channel blocker. The unique feature of Norliqva is that it is an amlodipine liquid solution used to treat hypertension in people 6 years of age and older. Norliqva prevents the difficulties and irregularities of crushing or synthesizing amlodipine tablets and guarantees uniform dosing and bioequivalence. Norliqva is meant for a subset of patients who require amlodipine but have swallowing issues or are unable to swallow.
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Major Key Players of the Market:
Pfizer Inc.; GlaxoSmithKline plc; Novartis AG; Bausch Health Companies Inc.; Lupin Pharmaceuticals Inc.; Cadila Healthcare Limited; Covis Pharma BV; Mylan N.V.; Glenmark Pharmaceuticals Inc.; Amneal Pharmaceuticals LLC; Sofgen Pharmaceuticals; Teva Pharmaceutical Industries Ltd.; Knoll Healthcare Private Limited; Sanofi S.A.; Clearsynth Labs Ltd.; Searle LLC; Bayer AG; AstraZeneca plc; Wyeth-Ayerst Lederle Inc.; GlaxoSmithKline Plc.; AbbVie Inc.; Silvergate Pharmaceuticals Inc.; Exela Pharma Sciences LLC; Arbor Pharmaceuticals LLC; Sun Pharmaceutical Industries Ltd.; Drägerwerk AG & Co. KGaA; Fresenius Kabi AG; General Electric Company; Koninklijke Philips N.V.; MAQUET Holding B.V. & Co. KG; Medtronic plc; AKAS Medical; Smiths Medical International Limited
Calcium Channel Blocker Market 2024 Key Insights:
• The calcium channel blocker market will grow to $20.64 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Rising Prevalence Of Cardiovascular Diseases Propels Growth In The Calcium Channel Blocker Market
• Innovative Advancements In The Calcium Channel Blocker Market
• North America was the largest region in the calcium channel blocker market in 2023
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