The latest report by IMARC Group, titled “Statin Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global statin market exhibited moderate growth during 2015-2020. Statins are a special class of drugs that are used to lower cholesterol levels in the human body. They work by blocking HMG-CoA reductase, an enzyme that controls cholesterol production in the body. They are administered in a single dose at the evening meal or bedtime. Statins are prescribed by doctors and healthcare workers to lower low-density lipoprotein (LDL) cholesterol levels, thus decreasing mortality in patients with comorbidities. They also lower the risk of heart diseases and stroke, stabilize the plaques on blood vessel walls and reduce blood cholesterol levels.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Statin Market Trends:
The global statin market is primarily driven by the growing prevalence of a desk-bound lifestyle of individuals, along with a decline in healthy lifestyle and diets. There has also been an increase in the demand for statins as an evidence-based treatment for patients suffering from lifestyle-related diseases, such as cardiovascular disorders, diabetes, and hypercholesterolemia. In addition to this, the increasing requirement for efficient therapy to diminish LDL cholesterol is also propelling the market growth. Furthermore, factors such as rising preference for over-the-counter (OTC) drugs and the growing adoption of combination therapies of statins with cholesterol diminishing compounds like ezetimibe are fueling the demand for statins across the globe. Looking forward, the market is expected to exhibit a CAGR of 3.5% during the forecast period (2021-2026).
- Based on the type, the market has been segmented into synthetic and natural statins.
- On the basis of the therapeutic area, the market has been classified into cardiovascular disorders, obesity, inflammatory disorders, and others.
- The market has been categorized based on the drug class into atorvastatin, Fluvastatin, lovastatin, pravastatin, simvastatin, and others.
- On the basis of the application, the market has been bifurcated into dyslipidemia and others.
- Based on the distribution, the market has been segregated into hospitals, clinics, and others.
- Region-wise, the market has been divided 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 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.
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