Global Statin Market to grow with a CAGR of 2.90%

Increasing healthcare infrastructure and a supportive regulatory environment are the major drivers for the Global Statin Market.

According to TechSci Research report, “Global Statin Market Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global Statin Market has valued at USD 2668.20 Million in 2022 and is anticipated to witness an impressive growth in the forecast period with a CAGR of 2.90% through 2028. This can be due to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market.

The aging population is a significant driver of the demand for statins and cholesterol-lowering medications. As individuals age, they are at a higher risk of developing cardiovascular diseases, including heart disease and strokes. Elevated cholesterol levels are a common risk factor for these conditions. Statins are prescribed to manage cholesterol levels and reduce the risk of heart-related events, making them a crucial component of cardiovascular health management for the elderly. Cholesterol metabolism can change with age, often resulting in higher LDL cholesterol levels. As a result, older individuals are more likely to have elevated cholesterol that may require treatment with statins. Aging individuals often focus more on preventive health measures. Recognizing the potential risks associated with high cholesterol, they are more likely to seek medical advice and adhere to statin therapy to maintain heart health. With advancing age, individuals are more likely to have multiple chronic health conditions, which can include cardiovascular diseases. Statins may be prescribed alongside other medications to manage these coexisting health issues. Improved healthcare and medical advancements have extended the lifespan of the elderly population. As individuals live longer, they are more likely to face age-related health challenges, including cardiovascular issues that require cholesterol management.

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In December 2021, Novartis announced the approval of Leqvio (inclisiran) by the US Food and Drug Administration (FDA). Leqvio is the first small interfering RNA (siRNA) therapy designed to lower low-density lipoprotein cholesterol (LDL-C or "bad cholesterol") with just two doses per year. This regimen consists of an initial dose and a follow-up at three months. In the United States, Leqvio is indicated as an adjunct to diet and maximally tolerated statin therapy for the treatment of adults with clinical atherosclerotic cardiovascular disease (ASCVD) or heterozygous familial hypercholesterolemia (HeFH) who require further reduction in LDL-C. Clinical trials are currently underway to investigate Leqvio's impact on cardiovascular morbidity and mortality. The mechanism of action involves reducing LDL-C levels by enhancing the liver's natural ability to inhibit the production of a protein that contributes to elevated cholesterol levels in the bloodstream. Leqvio is administered via subcutaneous injections by healthcare providers, initially with a three-month follow-up and subsequent injections every six months. This dosing schedule may offer an advantage for individuals who find it challenging to adhere to self-administered medications with more frequent doses.

Competition from non-pharmacological interventions is indeed a challenge in the global statin market. Non-pharmacological interventions, such as dietary changes and increased physical activity, are often recommended as the first line of treatment for high cholesterol. These lifestyle modifications can compete with statins in managing cholesterol levels. Many patients prefer non-pharmacological approaches, such as adopting a heart-healthy diet and exercise, to medication due to concerns about side effects and a desire for a more holistic and natural approach to health. Non-pharmacological interventions are generally perceived as safer than medications. Concerns about the safety and side effects of statins can lead individuals to favor lifestyle changes. Public awareness campaigns and education on the benefits of a heart-healthy lifestyle can lead to greater adoption of non-pharmacological interventions. Non-pharmacological interventions are often promoted as part of a comprehensive cardiovascular risk management strategy. They are recommended not only for cholesterol management but also for overall heart health.

Global Statin Market is segmented based on Type, End-user, and by region.

Based on the Type, Global Statin Market is segmented into Synthetic statin, Natural statin.

Based on Region, North America held the largest share in the Global Statin Market. Awareness campaigns and educational efforts on the importance of cholesterol management and the use of statins are widespread in North America. This contributes to more patients seeking statin therapy. Pharmaceutical companies often invest heavily in marketing and promotion of their products in the North American market. This can influence healthcare provider prescribing practices. Clinical guidelines in North America, such as those from the American College of Cardiology and the American Heart Association, have recommended the use of statins for specific patient groups, further driving their adoption. Governments and healthcare organizations in North America often have policies and initiatives aimed at reducing the burden of cardiovascular diseases. Statins are a key component of such efforts.

Some of the major companies operating in the Global Statin Market include:

• Abbott Laboratories Ltd.
• Amgen Inc.
• AstraZeneca Plc
• Aurobindo Pharma Ltd.
• Biocon Ltd.
• Concord Biotech Ltd.
• Merck and Co. Inc.
• Novartis AG
• Pfizer Inc.
• Thermo Fisher Scientific Inc.

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“Certain areas, particularly in North America, are projected to exert significant demand for Statin. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhance the overall wellbeing of people each year, are expected to contribute to a remarkable growth of the Global Statin Market in the forecast period," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.

Global Statin Market by Type (Synthetic statin, Natural statin), By End-user (Hospitals & Clinics, Ambulatory Surgical Centers, others), By Region, By Competition Forecast & Opportunities, 2018-2028F has evaluated the future growth potential of Global Statin Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Statin Market.

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