Increasing prevalence of cardiovascular diseases and venous thromboembolism (VTE) followed by rising geriatric population, along with increase in the prevalence of obesity are the prominent factors driving the growth of anticoagulant market. The Global Anticoagulants Market was valued at USD 28.8 Bn in 2020 and is expected to reach USD 41.89 Bn by 2027 growing at a CAGR of 7.8% during the forecast period.
Increasing adoption of unhealthy life-styles by individuals globally has resulted in rising cases of cardiovascular diseases (CVDs), that further fosters the anticoagulants market demand. Individuals at risk of CVD may demonstrate conditions like high blood pressure, raised glucose and lipids as well as overweight and obesity and thereby are more prone to heart attacks and strokes. According to the World Health Organization (WHO), CVDs are the most important cause of death globally. Moreover, four out of 5 cardiovascular deaths are due to strokes and heart attacks. Therefore, identifying individuals at highest risk of CVDs and ensuring they receive appropriate treatment can prevent premature deaths. Anticoagulants, also known as blood thinners are used to reduce the severity of several cardiovascular diseases like strokes, venous thromboembolism (VTE) and heart attacks by preventing blood clots in the body. In addition, rising geriatric population is also positively driving the need anticoagulants globally. This is because older people with age 65 or above are more prone to getting blood clots as they commonly likely require knee and hip replacement surgeries. According to the reports from European Heart Network, 85 Billion population in the European nations are living with cardiovascular disorders. Owing to this, there is a rise in the demand for anticoagulants globally.
Furthermore, the demand for anticoagulants has also recorded a notable growth from developing countries, given the financial support offered by central authorities and some key players to revamp healthcare facilities and upgrade the service quality. Players in the anticoagulants market are coming forward to shoulder the financial burden of individuals through patient-assistance programs, as an instrument to boost the exposure of anticoagulants. For instance, Bristol-Myers Squibb, one of the world’s largest pharmaceutical company offers financial aid to patients to purchase medicines through the company’s foundation. Besides this, Boehringer Ingelheim, largest privately owned pharmaceutical company offers individuals with PRADAXA savings card to purchase medicines at minimum rates. Therefore, increase in the number of manufacturers taking financial initiatives is further projected to boost the adoption of anticoagulant drugs during the forecast period.
Global Anticoagulant Market by Region Outlook (Revenue, USD Billion, 2021-2027)
Based on region, North America held the largest share in the anticoagulant market globally. This was attributed to the higher demand for novel therapeutics, early diagnosis, developed healthcare infrastructure, strong presence of key players, presence of trained medical professionals, and larger target population in the region. According to the American Heart Association Research 2018, approximately 2,300 Americans die due to cardiovascular diseases each day, which is an average of one death every 38 seconds. In addition, according to the Centers for Disease Control and Prevention (CDC), every year in the United States approximately 900,000 could be affected with deep vein thrombosis. Moreover, about 60,000-100,000 Americans die of deep vein thrombosis. Therefore, the increasing cases of venous thromboembolism (VTE), cardiovascular disorders and technological advancements in the development of novel products are the key driving factors responsible for growth of anticoagulants in this region.
The Global Anticoagulant Industry Segmentation:
Global Anticoagulant Market by Drug Class Outlook (Revenue, USD Billion, 2021-2027)
Global Anticoagulant Market by Route of Administration Outlook (Revenue, USD Billion, 2021-2027)
Global Anticoagulant Market by Application Outlook (Revenue, USD Billion, 2021-2027)
Global Anticoagulant Market by Distribution Channel Outlook (Revenue, USD Billion, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the market are: