Analysis of Familial Hypercholesterolemia Treatment market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Familial hypercholesterolemia is a genetic condition caused due to increased levels to LDL i.e. low-density lipoprotein into the blood vessels. Population suffering from familial hypercholesterolemia is expected to be at higher risk of developing cardiac risk and later stage. Increasing diagnosis and treatment adoption rate is projected to grow familial hypercholesterolemia treatment market in the coming decade. According to the National Institutes of Health, for every 100 people there is 0.3% prevalence of a heterozygous form of familial hypercholesterolemia. On the other hand, a homozygous form of familial hypercholesterolemia occurs in 1 in million population.
Leading biopharmaceutical players are focused on expanding their product portfolio with increasing adoption rate for familial hypercholesterolemia treatment to cope up with the demand. For instance, in the year 2020 there were approximately 10 active clinical trials for drug involved in the familial hypercholesterolemia treatment.
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Increasing use of combination therapy with the availability of high-level manufacturing technology has boosted the familial hypercholesterolemia treatment market growth. Leading biopharmaceutical players spend the large capital amount on the research and development activities to expand its product portfolio and sustain the competition. For instance, according to the U. S. Food and Drug Administration (FDA) in 2020, 53 drugs received approval for manufacturing and commercialization out of which one Nexletol is used for treatment of familial hypercholesterolemia. Hence, the demand for more and more accurate therapeutics for familial hypercholesterolemia will have a positive impact on familial hypercholesterolemia treatment market growth. According to several studies, PCSK9 inhibitor or pure EPA fish oil with given in combination with statins can reduce cholesterol at a higher rate and by great extent as compared to statin alone.
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Statin, cholesterol-lowering drug is expected to observe the exponential rise of demand in familial hypercholesterolemia treatment market. Familial hypercholesterolemia can sometimes lead to atherosclerotic cardiovascular diseases that are caused due to build-up of high cholesterol levels. Statin being advantageous and highly effective for reducing LDL levels in familial hypercholesterolemia treatment market will lead to a high growth rate as compared to other drugs. For instance, in the February 2020 Esperion Therapeutics Inc. announced the approval of its NEXLIZET, statin therapy for heterozygous familial hypercholesterolemia treatment by U.S Food and Drug Administration (FDA). On the other hand, the low cost of statin in also one of the key factor for increasing the demand in the market.
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Generic drugs are experiencing increasing demand with time as more and more patents expire in the familial hypercholesterolemia treatment market. The generic drug is bioequivalent to the branded drug but much cheaper. A generic drug can lead to increasing adoption of familial hypercholesterolemia treatment drugs among the lower-income population. On comparison, branded Atorvastin costs between US$ 5 - US$ 6 and generic drug costs between US$ 2 – US$ 3. Thus, the emergence of generic drugs has led to a decrease in sales of branded drugs in familial hypercholesterolemia treatment market resulting in a reduction in market growth rate with patent expiry.
Familial hypercholesterolemia treatment market growth is expected to be hindered by stringent regulatory requirements for drug manufacturing and commercialization process. On the other hand, side effects associated with currently prescribed drugs is expected to challenge familial hypercholesterolemia treatment market growth. Less diagnosis rate in the region like the Middle East & Africa and Latin America also acts as a restraining factor for familial hypercholesterolemia treatment market growth.
Key players such as:
The manufacturers involved in the production of familial hypercholesterolemia treatment drugs are carrying out different product portfolio expansion strategies for increasing their market share in the global familial hypercholesterolemia treatment market. Key players are expanding their manufacturing facilities to serve the increasing demand for Familial Hypercholesterolemia Treatment. Key players are focussed towards development and launch of new products into familial hypercholesterolemia treatment market.
The emergence of online pharmacies and increasing adoption of e-commerce activities into the familial hypercholesterolemia treatment market is a key opportunity for market expansion and growth.
The rising number of drugs in the pipeline and increasing drug approval rates is expected to boost familial hypercholesterolemia treatment market growth during the forecast period. Whereas, an increasing number of mergers and acquisitions are expected to increase familial hypercholesterolemia treatment market growth opportunities.
Increasing research and development activities is a key factor attracting investments into familial hypercholesterolemia treatment market with several growth opportunities. Changing lifestyle patterns is expected to increase demand for familial hypercholesterolemia treatment market with increasing prevalence and treatment adoption rate globally.
Statins are the highest consumed drug in the U.S. making it a leading country for familial hypercholesterolemia treatment market. Whereas, the U.S. accounts for the majority of key players currently in the familial hypercholesterolemia treatment market leading to a high rate of approval and commercialization of drugs. U. S. is expected to have the highest GDP contribution towards healthcare with the availability of high level and advanced technologies. U.S. is expected to account for more three-fourth revenue share in North America familial hypercholesterolemia treatment market.
India’s population is expected to be the largest by 2030. Thus, the need for drugs to fulfil the demand of this growing population is anticipated to increase shortly. On the other hand, with several initiatives like Make in India, there has been a significant increase in domestic players in India. Hence, India becomes a key contributing country for familial hypercholesterolemia treatment market with a large pool of patient population suffering from the cholesterol-related disease.
In the case of the U. K., there is a significant increase of geriatric population which leads to increasing demand for familial hypercholesterolemia treatment market. The country has higher investments towards research and development activities with highly developed healthcare infrastructure. Availability of advanced diagnostics and treatment technology will drive the growth of familial hypercholesterolemia treatment market in the U. K.
The emergence of the COVID 19 has led to a shift of focus among leading biopharmaceutical player into developing coronavirus cure. Hence, this led to the halt on research and development activities of familial hypercholesterolemia treatment market delaying its growth. There has been observed decline of patient- hospital visits impacting the growth of familial hypercholesterolemia treatment market. Lockdown in several countries has led to the halt of manufacturing activities as well as disruption of supply chain activities having a negative impact on familial hypercholesterolemia treatment market growth.
Report on Familial Hypercholesterolemia Treatment Market highlights:
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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The familial hypercholesterolemia treatment market is likely to capture a CAGR of 2.2% during the forecast period.
The familial hypercholesterolemia treatment market has potential owing to the rising healthcare sector during the forecast period.
The North America holds most opportunities in the familial hypercholesterolemia treatment market during the forecast period.
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