Statins Market to Witness Exponential Growth by 2022
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Rise in prevalence of cholesterol owing to changing lifestyle has led to increased demand for statins worldwide. As per the WHO, Europe followed by North America has witnessed highest elevated total cholesterol level worldwide. There has been a significant rise in patients with obesity, cardiovascular diseases and diabetes which in turn is expected to drive the demand for statins worldwide. In North America, over 70% American adults are suffering from LDL cholesterol. As such, demand for effective treatment of LDL cholesterol has led to increased demand of statins globally. Furthermore, increase in healthcare expenditure in emerging regions along with technological advancement, modern healthcare amenities, and various cholesterol related healthcare campaign is expected to boost overall demand for stains worldwide.
Though the market is poised to grow at a significant rate, increasing preference for alternative medicines in emerging regions is proving a major challenge for overall growth of the stains market. Degrading socioeconomic conditions is another key restraint for this market.
The statins market is expected to witness healthy CAGR during the forecast period. With rapid technological advancement and innovation, statins market is expected to grow globally. North America and Europe are the largest market for statins while Asia Pacific is expected to be the fastest growing market during the forecast period.
The statins market is expected to register a significant CAGR during the forecast period. Depending on geographic regions, statins market is segmented into seven key regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa (MEA). The statins market is led by North America followed by Europe and Asia Pacific. North America statins market is expected to expand slowly when compared to Asia Pacific. Latin America and MEA are expected to witness moderate growth during the forecast period. Increase in incidence rate of obesity and cardiovascular related disorders in emerging regions along with changes in healthcare regulatory regimes in some of these regions is expected to boost overall demand for statins in developing regions. Many companies are focusing on strengthening their distribution networks in Asia Pacific to expand their market presence as well as increase their profit pools over the next few years.
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Some of the key market players for statins market are AstraZeneca plc, Pfizer Inc., GlaxoSmithKline plc, Novartis International AG, Merck & Co., Inc., Biocon, Concord Biotech, and Aurobindo Pharma Ltd.
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