Global Statin Market to Reach US$ 20.0 Billion by 2032, Propelled by Expanding Prevalence of Hypercholesterolemia

April 17, 2023 | Healthcare

According to the latest report by IMARC Group, titled “­­Statin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” the global statin market size reached US$ 15.4 Billion in 2023. Statins are a class of lipid-lowering drugs that are primarily used to lower cholesterol levels and reduce the risk of heart disease and stroke. They inhibit the production of enzymes in the liver that plays a crucial role in producing cholesterol, leading to a reduction in the amount of cholesterol in the bloodstream. Some of the commonly prescribed statins include atorvastatin, rosuvastatin, lovastatin, and simvastatin. Statins are typically prescribed to prevent atherosclerosis and heart attacks and have significant anti-inflammatory and plaque-stabilizing effects. In addition to this, these drugs help minimize vascular inflammation and oxidative stress in the body.

Global Statin Market Trends:

The widespread prevalence of hypercholesterolemia across the globe, especially among the elderly and individuals with diabetes, obesity, and cardiovascular diseases, represents the key factor driving the statin market growth. Besides this, the shifting preference toward over-the-counter (OTC) drugs since they are more affordable than brand-name drugs is creating a positive outlook for the market. Moreover, the escalating health consciousness among consumers, rising awareness about the importance of cholesterol management, and the expanding adoption of self-medication are presenting remunerative growth opportunities for the market. In addition to this, the increasing adoption of combination therapies that use statins with other cholesterol-lowering compounds, such as ezetimibe, to achieve near-normal lipid profiles in patients with familial hypercholesterolemia and significantly reduce the risk of developing cardiovascular diseases is aiding in market expansion. Concurrent with this, the expanding application of statins in non-alcoholic fatty liver disease (NAFLD), chronic kidney disease (CKD), and primary biliary cirrhosis (PBC) for its potential therapeutic benefits is acting as another significant growth-inducing factor. Furthermore, the rising geriatric population, increasing health insurance coverage, significant improvements in healthcare infrastructure, a growing number of clinical trials, and extensive investments in research and development (R&D) activities to formulate new statins and delivery systems are contributing to the market growth. Looking forward, the market value is projected to reach US$ 20.0 Billion by 2032, expanding at a CAGR of 2.9% during 2024-2032.

Market Summary:

  • Based on the type, the market is bifurcated into synthetic and natural statins.
  • On the basis of the therapeutic area, the market has been segregated into cardiovascular disorders, obesity, inflammatory disorders, and others.
  • Based on the drug class, the market is categorized into atorvastatin, fluvastatin, lovastatin, pravastatin, simvastatin, and others.
  • On the basis of the application, the market has been divided into dyslipidemia and others.
  • Based on the distribution, the market is classified into hospitals, clinics, and others.
  • On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Abbott Laboratories, AstraZeneca PLC, Aurobindo Pharma Limited, Biocon Limited, GlaxoSmithKline plc, Merck & Co., Novartis AG, and Pfizer Inc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Therapeutic Area, Drug Class, Application, Distribution, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Abbott Laboratories, AstraZeneca, Aurobindo Pharma, Biocon, GlaxoSmithKline, Merck & Co., Novartis and Pfizer
Customization Scope 10% Free Customization
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Global Statin Market to Reach US$ 20.0 Billion by 2032, Propelled by Expanding Prevalence of Hypercholesterolemia
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