Anticoagulants Market by Offering [Novel Oral Anticoagulants (NOACs), Vitamin K Antagonist, and Heparin & Low Molecular Weight Heparin (LMWH)], Application [Deep Vein Thrombosis (DVT), Pulmonary Embolism, Myocardial Infarction (MI), and Atrial Fibrillation (AF)] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global anticoagulants market was pegged at ~US$ 30.15 billion in 2020. The market is expected to witness a CAGR of ~7.3% from 2021 to 2031.
The rising geriatric population; growing prevalence of deep vein thrombosis (DVT); atrial fibrillation (AF), and stroke; growing demand for anticoagulation therapy; and the growing adoption of novel oral anticoagulants (NOACs) are some of the pivotal factors propelling the growth of the anticoagulants market. However, the high cost of NOACs and stringent regulations are likely to restrain the market growth to a certain extent.
Government bodies and numerous organizations across the globe are implementing several initiatives to fast-track the development of anticoagulants by providing the necessary funding, grants, permissions, clearances, and approvals. For instance, in December 2019, the U.S. Food and Drug Administration approved the first generic version of the powerful blood thinner Eliquis (apixaban) made by Mylan and Micro Labs. Eliquis (apixaban) is an anticoagulant used for the treatment of blood clots and prevention of stroke in people with nonvalvular atrial fibrillation, marketed by Bristol-Myers Squibb and Pfizer.
Atrial fibrillation (AF) is an abnormal heart rhythm (arrhythmia) characterized by the rapid and irregular beating of the atrial chambers of the heart. It is associated with an increased risk of heart failure, dementia, and stroke. It was projected that the prevalence of AFib in the United States will rise to 12.1 million in 2030. Likewise, Deep vein thrombosis (DVT) is the formation of a blood clot in a deep vein, most commonly in the legs or pelvis. It was estimated that 60,000-100,000 Americans die of DVT each year. Anticoagulation therapy is an effective treatment for the prevention of further complications in patients with AF and DVT. Therefore, the increasing prevalence of AF & DVT is expected to propel the growth of the market.
In an effort to maintain their position in the market, the prominent players are continuously implementing collaborative strategies to boost R&D activities and launch more effective drugs. For instance, in June 2020, Lonza announced a partnership agreement with Anthos Therapeutics, a biotech company created by Blackstone Life Sciences and Novartis, for the development and manufacturing of abelacimab, a novel factor XI and XIa antibody, which could address a range of thrombotic disorders. Mylan NV in September 2020 announced the acquisition of Aspen Pharmacare Holdings Limited’s thrombosis portfolio in Europe, thus making Mylan Europe’s second-largest provider of anticoagulants.
However, the high cost of NOACs compared to warfarin is expected to restrain the market to a certain extent. The novel oral anticoagulants (NOACs) are a new class of anticoagulant drugs. NOACs have major pharmacologic advantages over warfarin, such as rapid onset and offset of action, lesser drug interactions, and predictable pharmacokinetics. However, these novel drugs have a higher price and lead to an increase in health care costs which may limit their adoption and in turn hinder the market growth.
The Asia Pacific region is projected to be the fastest-growing anticoagulants market. The high growth of the region can mainly be attributed to the presence of a large patient pool, developing healthcare infrastructure, and the rising prevalence of cardiovascular diseases in the region. Countries such as India and China in the APAC region are projected to offer significant growth opportunities owing to high clinical unmet needs and the rising geriatric population in the region. Therefore, India, China, and Japan are the key markets for anticoagulants in the Asia Pacific. North America due to its large addressable patient pool, presence of greater awareness, and robust healthcare infrastructure dominates the global anticoagulants market. The U.S. holds the largest share in the North American market, followed by Canada.
Some of the prominent players operating in the anticoagulants market are Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd, Siemens Healthcare GmbH, Bayer AG, Daiichi Sankyo Company, Limited, Pfizer Limited., Bristol-Myers Squibb Company, Boehringer Ingelheim, Amphastar Pharmaceuticals, Inc., and Leo Pharma Inc., among others.