Fibrate Drugs Market to Witness Considerable Upsurge During 2018-2026
Added: (Wed Dec 05 2018)
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Fibrate drugs are a class of medication used to lower the levels of cholesterol and triglycerides in the blood. High levels of cholesterol and triglycerides in the blood leads to atherosclerotic arteries, which blocks or slows the oxygenated blood flow to other parts of the body. Fibrate drugs lower the triglycerides levels in blood by two methods: reducing the triglycerides production in the liver and increasing the rate of removal of excess of triglycerides from bloodstream. The most commonly prescribed fibrate drugs include gemfibrozil and fenofibrate.
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The global fibrate drugs market is projected to be driven by high prevalence and rise in incidence rate of cardiovascular diseases across the world. According to the World Health Organization (WHO), cardiac disorders account for around 17.9 million deaths (31% of all deaths) across the world each year. Moreover, large obese population in developed countries, changing demographics, and adoption of western life style are the key factors driving the global fibrate drugs market. According to the WHO, in 2016, over 1.9 billion people above 18 years were overweight; of these around 650 million were obese. Hence, large obese population across the globe and high prevalence of chronic disorders such as diabetes, obstructive sleep apnea, and sleep disordered breathing are projected to drive the global fibrate drugs market during the forecast period.
The global fibrate drugs market can be segmented based on drug type, distribution channel, and region. In terms of drug type, the global fibrate drugs market can be classified into clofibrate, fenofibrates, fenofibric acids, and gemfibrozil. Fenobirates drugs reduce the levels of triglycerides and cholesterol in the blood. These are most commonly used to treat patients with high cholesterol and triglycerides to minimize the risk of atherosclerosis. The fenofibrate segment is projected to account for largest market share by 2026 owing to easy availability and high adoption in both developed as well as developing regions. Gemfibrozil is also used to lower the risk of heart attack, stroke, and other heart complications associated with high levels of cholesterol and triglycerides. The gemfibrozil segment is projected to expand at the highest CAGR during the forecast period. In terms of end-user, the global fibrate drugs market can be divided into hospitals pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment is anticipated to account for major market share by 2026.
Geographically, the global fibrate drugs market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to account for the largest share of the global fibrate drugs market owing to high awareness about cardiac disorders, well-established health care facilities, and one of the highest rates of cardiac disorders in the region. Europe is anticipated to account for the second largest fibrate drugs market share by 2026. The fibrate drugs market in Asia Pacific is expected to expand at the highest CAGR during the forecast period. This is primarily attributed to large patient population with cardiac disorders in countries such as China and India, increase in lifestyle related disorders, and rapidly changing health care infrastructure in the region. High prevalence of obesity in GCC Countries, significant health care expenditure, and well-established health care infrastructure in the Middle East are likely to drive the fibrates drugs market in the Middle East during the forecast period.
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The global fibrate drugs market is highly fragmented, with large number of manufacturers holding significant share in respective regions. Key players operating in the global fibrate drugs market include Teva Pharmaceutical Industries, Pfizer, Inc., Mylan N.V., Sanofi SA, Novartis AG, GlaxoSmithKline plc, Sun Pharmaceutical Industries, Inc., Macleods Pharmaceuticals Limited, Aurobindo Pharma, and Abbott.
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