The global fibrate drugs market is expected to witness significant growth during the forecast period. These drugs are most commonly used to treat patients with high cholesterol and triglycerides to reduce the risk of atherosclerosis. Cardiac patients are increasing; as a result, more patients are using these fibrate drugs. The fenofibrate segment is expected to account for largest market share by 2029 due to wide availability and increasing adoption in both developed as well as developing regions. COVID-19 also had a major impact on the market growth.
Key Growth Drivers:
- Increased Incidence of Cardiac Diseases
According to the World Health Organization (WHO) records, cardiac disorders account for about 17.9 million deaths worldwide every year. According to the Center for Disease Control and Prevention, around 659,000 deaths occurred because of heart diseases in 2021. This is because of the unhealthy cholesterol buildup in the coronary artery. As a result, the fibrate drugs are used widely thus, it boosts the market growth.
- Increase in Elderly Population
According to the study published by the National Institute of Health, in 2020, older adults aged 65 and older were more likely to suffer from cardiovascular disease than younger people. In addition to this, in the study "Cardiovascular disease risk factors among older people" which was published in 2020, the incidence of cardiovascular disease among older people aged 60-69 years was around 72.1% in the U.S.. Thus, the increasing elderly population will require more of the fibrate drugs to elimibate the CVD conditions among them. This boosts the market growth.
The report outlines the involvement of key players, including:
Pfizer Inc (U.S.), AstraZeneca (U.K.), Bristol-Myers Squibb Company (U.S.), AbbVie.Inc (Ireland), Dr. Reddy's Laboratories Ltd (India), Endo International plc (Ireland), Teva Pharmaceutical Industries Ltd (Israel), Sun Pharmaceutical Industries Ltd (India), Mylan N.V. (U.S.), Novartis AG (Switzerland), Lupin (India), Cipla Inc (India), Aurobindo Pharma (India), Fresenius SE Co. KGaA (Germany), F. Hoffmann-La Roche Ltd (Switzerland), NorthStar Healthcare Income, Inc (U.S.)
Key Market Segmentation
Drugs (Clofibrate, Gemfibrozil, Fenofibrate, Others), Indication (Hypercholesterolemia, Heart Attacks, Others), End-Users (Hospitals, Homecare, Specialty Clinics, Others), Distribution Channel (Hospital Pharmacy, Online Pharmacy, Retail Pharmacy)
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