by The global Antiplatelet Drugs Market is estimated to be valued at US$ 2321.37 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Antiplatelet drugs help prevent blood clots from forming or getting bigger. They work by blocking platelets, blood cell fragments in the bloodstream that the body uses to form blood clots. Common antiplatelet drugs include aspirin, clopidogrel, prasugrel, ticagrelor, and ticlopidine. These drugs are predominantly used for preventing heart attacks and strokes in high-risk patients by reducing the chances of blood clots forming or getting bigger in the arteries. The rising prevalence of cardiovascular diseases like heart attacks, strokes, transient ischemic attacks and peripheral artery disease has fueled the demand for antiplatelet drugs globally. For instance, according to the World Health Organization (WHO), cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year.
Market key trends:
The rising geriatric population is one of the major trends propelling the growth of the antiplatelet drugs market. Elderly persons are more prone to develop cardiovascular conditions due to age-related weakening of arteries and blood vessels. According to the United Nations, the number of persons aged 60 or above is expected to double from 12% to 22% between 2015 and 2050 globally. Developed economies with higher life expectancies like Japan, North America and Western Europe have a large geriatric population base driving the uptake of antiplatelet drugs. Another key trend is the increasing prevalence of lifestyle diseases like diabetes and obesity which are major risk factors for cardiovascular diseases. This has augmented the patient pool requiring long-term antiplatelet therapy. Furthermore, continual clinical research evaluating novel drug candidates and combinational therapies to manage cardiovascular risks more effectively is also fueling market growth. However, patent expirations of major drugs may have a short-term negative impact, though this will be offset by the sizable market potential arising from an aging global demographic.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the antiplatelet drugs market requires huge R&D investments and regulatory approvals. However, large incumbent players dominate the market making entry difficult for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of several established manufacturers. However, the buyers have limited influence due to the specialty nature of drugs.
Bargaining power of suppliers: The bargaining power of suppliers is low given the fragmented nature of suppliers and availability of substitute raw materials.
Threat of new substitutes: The threat of new substitutes is low as antiplatelet drugs have few therapeutic alternatives for indicated conditions. However, alternative treatment options can constrain market growth.
Competitive rivalry: Intense due to the presence of numerous big pharmaceutical companies competing on basis of product differentiation and pricing.
Key Takeaways
The Global Antiplatelet Drugs Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing prevalence of cardiovascular and neurological disorders.
Regionally, North America dominates the antiplatelet drugs market owing to growing geriatric population susceptible to thrombotic disorders in the US and Canada. Europe holds the second largest market share due to favorable government policies for healthcare sector in the region. Asia Pacific is anticipated to exhibit the fastest growth rate during the forecast period with expanding medical infrastructure and healthcare expenditure in emerging countries such as India and China.
Key players operating in the antiplatelet drugs market are AstraZeneca Plc, Boehringer Ingelheim GmbH, Bristol-Myers Squibb Company, Daiichi Sankyo, Inc., Eli Lilly and Company, Merck & Co., Inc., Otsuka Pharmaceutical Company, Ltd., Sanofi, and The Medicines Company. Key players are focusing on developing novel drug formulations and expanding regional presence through acquisitions and collaborations to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
