Market Trends of Global Fibrate Drugs Industry
This section covers the major market trends shaping the Fibrate Drugs Market according to our research experts:
Fenofibrate Segment is Expected to Hold Major Market Share Over the Forecast Period
Fenofibrate drugs are used to reduce the amounts of fatty substances such as cholesterol and triglycerides in the blood and to increase the amount of high-density lipoprotein. The high-density lipoprotein increased with the fenofibrate is a fatty substance that decreases the risk of heart disease. The fenofibrate segment is expected to hold a majority market share in the forecast period due to the rising cardiovascular diseases and the high efficacy of the fenofibrate drugs. For instance, the MDPI Journal research article published in September 2021 reported that the worldwide prevalence of peripheral arterial disease (PAD) is estimated to be 3-12%, affecting nearly 27 million people in America and Europe in 2020. The same source also reported that in Europe, the prevalence of PAD is estimated at around 17.8% between the ages of 45 and 55 in 2021. Such a high prevalence of cardiovascular diseases is expected to contribute to the growing demand for fenofibrate drugs, fueling segment growth.
Various research studies have demonstrated that fenofibrate triggers elevated cholesterol and apolipoprotein levels. For instance, according to the United States Cardiody Review study in May 2021, fenofibrate significantly reduced cardiovascular disease events in those with low HDL cholesterol or hypertension. Also, it helped in 27% of cardiovascular disease risk reduction. The article also mentioned that fenofibrate decreases the plasma levels of lipoproteins by 7% to 23%, reduces fibrinogen, and lowers serum uric acid levels. Therefore, the increase in cardiovascular diseases leading to the demand for the fenofibrate drug due to its safety and efficacy is expected to fuel the market's growth in this segment.
North America is Expected to Hold Significant Market Share Over the Forecast Period
North America is expected to hold a major market share in the global fibrate drugs market due to the high prevalence of the cardiovascular population and rapidly aging population. The increasing presence of key market players and increasing product developments in North American countries are also expected to contribute to the growth of the market in this region. For instance, as per the 2022 Heart Disease and Stroke Statistics Update Fact Sheet, approximately every 40 seconds, a person in the United States is anticipated to have a myocardial infarction. Likewise, the CDC updated in September 2021 reported that approximately 6.5 million people aged 40 and older in the United States have the peripheral arterial disease. Also, as per the February 2022 report from the Heart and Stroke Foundation of Canada, 750,000 people are living with heart failure, and 100,000 people are diagnosed with heart failure each year in the country. Therefore, the increasing prevalence of cardiovascular diseases in this region is expected to rise the demand for fibrate drugs, thereby boosting market growth.
Moreover, an increase in product approvals by regulatory authorities in this region is also expected to fuel market growth. For instance, in September 2021, Aurobindo Pharma Limited received final approval from US Food and Drug Administration for its abbreviated new drug application, Fenofibrate capsules USP 67 mg, 134 mg, and 200 mg. These capsules are an AB-rated generic equivalent to the reference listed drug, Tricor Capsules.
Thus, the above-mentioned factors such as the growing prevalence of cardiovascular diseases, along with increasing product approvals and the presence of advanced healthcare infrastructure in this region, are expected to boost the market growth in this region.
