Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
"Overview of Atorvastatin market"
The Atorvastatin market registered US$ 178.2 Mn in 2019 and it is estimated to reach more than US$ 303.7 Mn by 2028, likely to grow with a CAGR of 6.1 % during the forecast period
Cholesterol is one of the leading causes of heart disease. People with high levels of cholesterol are at a high risk of heart attack then when compared with people having low cholesterol levels. Statins are one of the types of medication that helps to reduce the cholesterol level. Statins are a drug type that lowers the cholesterol level by reabsorbing the cholesterol level and by blocking a substance that creates the cholesterol. There are several statins available that are used for lowering blood cholesterol. Atorvastatin API is one of the popular statins which is also known by its brand name Lipitor.
High Levels of Cholesterol among the Youth Is Steering the Growth of the Atorvastatin Market
According to the World Health Organisation (W.H.O), more than 40% of the population is affected by increased cholesterol levels across the globe. Increased cholesterol increases the risk of heart disease and stroke. Atorvastatin medication is one of the common medications preferred by the doctors if the patient is not able to lower the cholesterol through the low-fat diet. The factors such as a sedentary lifestyle, intake of high cholesterol diet and alcohol are on the rise in both developed and developing economies. These factors are ultimately promoting cholesterol levels which are ultimately driving the growth of the atorvastatin market. Apart from its benefits in treating cardiovascular disease, it is also used for treating kidney disease. However, side effects associated with respect to atorvastatin medication is the only restraint resulting in the use of another alternative for treating high cholesterol levels.
High-Intensity Therapy and Hypercholesterolemia Have the Highest Market Share among Their Respective Segments
In terms of the therapy type market, the high-intensity therapy type is estimated to hold a key share in the global market. Usually, a dosage between 40 mg to 80 mg per day is considered as high-intensity therapy. Doctors strictly prefer medications of these tablets when the patient is suffering from high cholesterol levels and when the patient is unable to remove the bad cholesterol from the blood.
Hypercholesterolemia is a condition wherein an individual suffers from high cholesterol levels. In this stage, the person is at risk of suffering from a stroke or a heart attack. Doctors commonly prescribe atorvastatin between 40mg to 80mg depending upon the medical condition of the patient.
Asia Pacific market is expected to surpass the North America region in terms of Revenue towards the forecast period.
North America held the key share in the Global Atorvastatin Market in 2018. The U.S is the major contributor towards the growth of the North America region. In the U.S, Atorvastatin is the third most commonly prescribed drug by doctors. High cholesterol levels and sedentary lifestyle, alcoholism, intake of meat and alcohol are the factors leading to increased cholesterol among the population. Doctors preferred choice of medicine for treating high cholesterol and the availability of reimbursement policy for atorvastatin medicine are also the key factors leading to the growth of the atorvastatin market. Asia Pacific region is expected to grow at the highest CAGR and is expected to overtake the North America Atorvastatin market owing to increasing awareness among the people with respect to treating cholesterol. Earlier, people in the developing countries were not having a pro-active approach in dealing with cholesterol. With increased health checkups centers and rising awareness concerning the side effects of cholesterol, many people within this region are looking forward to lowering cholesterol levels. Countries like India, China, Japan, and Southeast Asian countries are steering the growth in the APAC region. Besides this, the presence of API manufacturing companies in this region is helping to reduce the drug cost in this region which is ultimately helping to grow the market size in this region. Several pharmaceutical giants are having their presence in North America and Europe. However, to reduce the overall cost, these companies are outsourcing contracts mostly in countries like China and India. Besides this, a high population base and alarming cholesterol levels among the millennial population would be the key factors that will help to surpass the North America Atorvastatin market numbers.
Patent Expiry Has Attracted Several Pharma Players in This Market
Pfizer was having the patent of atorvastatin formulations which expired in the year 2011. After the expiry, the formulations were generic and have created lucrative opportunities for a large number of pharma players.
Some of the common manufacturers of the atorvastatin API tablets include Teva Pharmaceuticals, Dr. Reddy’s, Pfizer, DSM Sinochem Pharmaceuticals, Cadila Pharmaceuticals, Sun Pharmaceutical Industries, Ningbo Menovo Pharmaceuticals Group, ScieGen Pharmaceuticals, Inc., Sandoz Inc, Mylan Pharmaceuticals Inc and several among others.
Atorvastatin is a generic tablet that has different shapes, sizes, and colors. Apart from these giants, there is also a significant presence of several small manufacturers. This market has now become easy for the pharmaceutical companies to enter as the market is quite large owing to the high number of people affected with cholesterols levels. Going further, companies present in this market are projected to focus on developing formulations with fewer side effects compared to current atorvastatin tablets
By Therapy Type
- Moderate intensity (10mg to 20 mg )
- High Intensity (50 % or greater)
- North America
- Asia Pacific
- Middle East and Africa
- South America