Pravastatin Market Size, Share, and Trends Analysis Report, Forecast Period 2024-2031.

The global pravastatin market is anticipated to grow at a considerable CAGR of 5.4% during the forecast period. Pravastatin is a drug called a statin, which is used to lower LDL (bad) cholesterol and triglycerides in the blood and increase HDL (good) cholesterol. The major factor expected to drive the market includes the rising demand for statins as an evidence-based treatment for patients suffering from lifestyle-related diseases, such as cardiovascular disorders, diabetes, and hypercholesterolemia. Furthermore, the increasing requirement for efficient drugs to diminish LDL cholesterol is also propelling market growth. Moreover, factors such as rising demand for over-the-counter (OTC) drugs and the growing adoption of combination therapies of statins with cholesterol-diminishing compounds are fueling the growth of the market during the forecast period.

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Moreover, the rising R&D activities in the pharmaceutical sector are also generating new opportunities for development in the market. For instance, the University of Camerino, Italy published a research article in April 2022 demonstrating the possibility to reformulate pravastatin tablets as a liquid pharmaceutical formulation for enteral administration to improve drug therapy in dysphagic patients.

However, there are some side effects noticed with the consumption of pravastatin, including myopathy, rhabdomyolysis, diarrhea, nausea, and liver problems, which may hamper the growth of the pravastatin market during the forecast period. This report will further analyze all the primary and secondary factors that are directly or indirectly influencing the growth of the pravastatin market during the forecast period.

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The North American Region Holds the Major Share in the Global Pravastatin Market

The North American region holds the major share in the global pravastatin market due to significantly high healthcare spending. The US and Canada are the major contributing nation in this regional market. The US spends almost 17.7% of GDP on healthcare expenditure, whereas Canada spends 15.2% of GDP on healthcare as per Organisation for Economic Co-operation and Development (OECD, 2019). Additionally, in North America, over 70% of American adults are suffering from LDL cholesterol, which increases the demand for effective treatment of LDL (bad) cholesterol and further supports the growth of the global pravastatin market.

by Dosage Type (10 mg Tablet, 20 mg Tablet, 40 mg Tablet, and 80 mg Tablet) and

by End User (Children and Adults)

Market Players Outlook

The major companies serving the global pravastatin market include Bristol-Myers Squibb, Novartis International AG, Glenmark Pharmaceuticals Ltd., Dr. Reddy's Laboratories, Cipla Inc., Lupin Ltd., Aurobindo Pharma Ltd., and Teva Pharmaceutical Industries Ltd., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market.

The Report Covers

Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global pravastatin market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.

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