The global dyslipidemia market is anticipated to witness a decline of -10.3%. CAGR between 2015 and 2023. The negative growth rate is a result of the expiration of blockbuster drugs that have allowed the introduction of several generic drugs, available at cheaper prices than branded drugs. Owing to this reason, the global market is expected to reach a valuation of US$6.88 bn by 2023 as compared to US$17.85 bn in 2014. However, the market also has several opportunities to gain from and reach a positive growth rate in the near future. For instance, the high prevalence of obesity due to poor dietary habits, lack of exercise, and changing lifestyles are expected to present a wide range growth opportunities for the overall market in the near future.
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Europe Experiences Least Decline in the Global Market
Out of the various drug classes, the fibric acid and omega-3 fatty acid derivatives segment will exhibit the least decline, at a CAGR of -1.6% during the forecast period. Rising number of prescriptions for drugs such as Lovaza, Epanova, and Vascespa will help this segment gain slight momentum in the overall competitive landscape in the coming few years. By the end of 2023, the fibric acid and omega-3 fatty acid derivatives segment will reach a valuation of US$1,003.2 mn.
Geographically, the drop in the Europe dyslipidemia market will be comparatively lower at a -9.9% CAGR between 2015 and 2023. The factors mitigating the losses of the dyslipidemia market across Europe will be supportive norms for the pharmaceutical manufacturing sector and higher consumer spending on branded formulations.
Obesity becomes the Undercurrent for Growth of Dyslipidemia Drugs Market
The high incidence of abnormalities related to triglyceride and cholesterol are expected to encourage the global dyslipidemia market. The changing lifestyles along with increasing cases of obesity due to lack of exercise and consumption of unhealthy food items has given the overall market a fresh boost. Referred to as a serious cardiovascular condition, the growing number of diabetics is also likely to fuel this market over a period of time as high lipoprotein abnormalities such as reduced plasma HDL cholesterol and hypertriglyceridemia are common among type 2 diabetics. Treating these abnormalities requires drug therapy such as statins and other combination drug therapies.
Factors such as ongoing research and development pertaining to the enhancement of existing drug therapies along with discovering new ones have provided an incredible leverage to the overall market. A robust pipeline and commercialization of various drugs are expected to create a good scope for sales of dyslipidemia drugs in the near future. The increasing awareness about diseases amongst the overall global population due to promotional activities has also raised hopes for this market to climb back to positive growth. The relentless efforts made by the government and private organizations to raise awareness and educate the masses about dyslipidemia drugs is expected to boost the demand for drugs in the near future.