London, 6 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the global statin market 2015-2019, which is expected to grow at a CAGR of 7.50% during the forecast period of 2014-2019.
An increase in the prevalence of chronic diseases is responsible for propelling the prospects for growth in the global statin market. The introduction of new over-the-counter (OTC) cost-effective drugs also augment the demand for statin in the market. Also, a rise in the prevalence of cholesterol provides ample opportunity for the development of new statin-based drugs like the proprotein convertase subtilisin/kexin type 9 inhibitor, which aids in increasing the demand for statin across the globe.
“A combination of drugs is used in the treatment of various conditions and is particularly useful in the management of lipid abnormalities. Combination therapies have advantages over monotherapies in terms of efficacy and a reduced incidence of adverse effects,” says Faisal Ghaus, Vice President of Technavio.
“Combination therapies have lower manufacturing costs compared to the costs of manufacturing monotherapies administered concurrently, simpler logistics of distribution and improved patient compliance by reducing the pill burden.”
Key Market Drivers:
- Increase in Incidence of High Cholesterol.
- Increase in Prevalence of Chronic Diseases.
- Changes in Cholesterol Treatment Guidelines.
- Increase in Aging Population.
- Expected Entry of Cost-Effective OTC Versions.
Key Market Trends:
- Switch from Statins to Non-statins.
- Increased Use of Combination Therapies.
- Extensive Generic Usage.
Key Market Vendors:
- AstraZeneca plc
- Merck & Co. Inc.
- Novartis AG
- Pfizer Inc.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
