PUBLISHER: The Business Research Company | PRODUCT CODE: 1427809
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427809
Fibrate drugs are prescribed medications designed to lower triglyceride levels and elevate high-density lipoprotein (HDL) cholesterol levels. They are commonly employed for the treatment of hypercholesterolemia or mixed dyslipidemia.
The primary categories of fibrate drugs encompass clofibrate, fenofibrates, fenofibric acids, gemfibrozil, and others. Clofibrate, identified as a fibric acid derivative, is employed for the management of hypertriglyceridemia and elevated cholesterol levels. Its primary function is to regulate and control increased levels of cholesterol and triglycerides. Fibrate drugs are utilized in the treatment of conditions such as hypercholesterolemia and heart attacks, and they are available at hospital pharmacies, online pharmacies, and retail pharmacies. End-users of fibrate drugs include hospitals, homecare, specialty clinics, and others.
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The fibrate drugs market size has grown steadily in recent years. It will grow from $3.36 billion in 2023 to $3.53 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The increase observed in the historical period can be ascribed to the emergence of lipid management, a focus on cholesterol management, clinical research and trials, efforts in cardiovascular risk reduction, and the utilization of combination therapies.
The fibrate drugs market size is expected to see strong growth in the next few years. It will grow to $4.45 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated expansion in the forecast period can be credited to the evolution of treatment guidelines, emphasis on residual risk, advancements in precision medicine, and innovation in drug delivery. Key trends expected in the forecast period involve the development of alternative formulations, integration of telemedicine, utilization of fibrates in high-risk groups, targeting triglyceride levels, and a focus on raising HDL.
The anticipated rise in the incidence of cardiac diseases is poised to fuel the growth of the fibrate drug market in the future. Cardiac diseases encompass a spectrum of conditions affecting the heart and blood vessels, including coronary heart disease, congenital heart disease, and others. Fibrates serve as a treatment to prevent further heart attacks and strokes in individuals already affected by circulatory system conditions, thereby contributing to the expansion of the fibrate drug market. As of May 2023, according to the Centers for Disease Control and Prevention Highlights, coronary heart disease was estimated to be responsible for 375,476 deaths in 2021. Additionally, data published by the New York government in December 2022 revealed that heart disease claims the lives of approximately 697,000 people annually in the United States, accounting for 1 in every 5 fatalities. This includes around 805,000 Americans experiencing a heart attack each year, with 605,000 being first-time occurrences and 200,000 resulting from previous heart attacks. Consequently, the increased incidence of cardiac diseases is a significant driver for the growth of the fibrate drug market.
Government initiatives targeting cardiovascular diseases are expected to make a substantial contribution to the growth of the fibrate drugs market in the future. These initiatives typically involve public health campaigns aimed at increasing awareness about cardiovascular diseases, their risk factors, and preventive measures. Consequently, more individuals may receive diagnoses for conditions such as hyperlipidemia (elevated lipid levels in the blood), for which fibrates are commonly prescribed. As an illustration, in October 2023, the government of Australia allocated $220 million to the Cardiovascular Health Mission. This initiative brings together researchers, health professionals, industry stakeholders, and patients to make transformative improvements in heart and vascular health, as well as stroke prevention and treatment for all Australians. Hence, the growing government initiatives focused on cardiovascular diseases are poised to propel the fibrate drugs market.
Product innovations stand out as a prominent trend gaining traction in the fibrate drugs market, with major companies in the sector actively pursuing the development of inventive solutions to maintain their market standing. An illustrative example is Lupin Limited, an innovation-led transnational pharmaceutical company based in India, which, in November 2021, introduced an authorized generic version of Antara (Fenofibrate) Capsules in 30 mg and 90 mg. These fenofibrate capsules are recommended as adjunctive therapy for adult patients with primary hypercholesterolemia, aiming to lower elevated levels of low-density lipoprotein cholesterol (LDL-C), total cholesterol (total-C), triglycerides (TG), and apolipoprotein B (Apo B), while raising levels of high-density lipoprotein cholesterol (HDL-C).
Major players in the fibrate drugs market are directing their efforts toward the integration of digital health solutions tailored for cardiovascular diseases. The trend involves healthcare providers increasingly prescribing combinations of fibrates with other lipid-lowering agents, such as statins, to achieve synergistic effects and address multiple aspects of dyslipidemia. An instance of this is seen in August 2023 when GE Healthcare, a US-based manufacturing company, launched CardioVisio for Atrial Fibrillation (AFib), a digital tool designed to assist clinicians in visualizing longitudinal data relevant to disease progression from various sources. This tool aims to drive evidence-based clinical decision support guided by current AFib guidelines.
In February 2023, AstraZeneca PLC, a UK-based pharmaceuticals company, acquired CinCor Pharma Inc for an undisclosed amount. This strategic acquisition is intended to strengthen AstraZeneca's cardiorenal pipeline by adding baxdrostat, a novel aldosterone synthase inhibitor under development for lowering blood pressure. Baxdrostat, a candidate medication from CinCor, aligns with AstraZeneca's mission to advance the treatment of cardiorenal illnesses. Elevated aldosterone levels are associated with hypertension and various cardiorenal conditions, including coronary artery disease and chronic kidney disease. CinCor Pharma Inc., based in the US, specializes in the development of fibrate drugs.
Major companies operating in the fibrate drugs market report are Pfizer Inc., F. Hoffmann-La Roche AG, Merck & Co Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi SA, Kowa Company Ltd., Bristol-Myers Squibb Co, Abbott Laboratories, AstraZeneca PLC, GlaxoSmithKline PLC, Takeda Pharmaceutical Company, Boehringer Ingelheim International GmbH, Teva Pharmaceutical Industries Ltd., Mylan N.V., Daiichi Sankyo Co Ltd., Fresenius Kabi AG, Macleods Pharmaceuticals Ltd., Sun Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., Aurobindo Pharma Limited, Cipla Inc., Zydus Lifesciences Ltd., Lupin Limited, Glenmark Pharmaceuticals, Torrent Pharmaceuticals Ltd., Natco Pharma, Hetero Drugs Ltd
North America was the largest region in the fibrate drugs market in 2023. The regions covered in the fibrate drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the fibrate drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The fibrate drugs market consists of sales of medicines for high cholesterol, hyperlipoproteinemia, and hypertriglyceridemia. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Fibrate Drugs Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on fibrate drugs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for fibrate drugs ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The fibrate drugs market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.