Atorvastatin Drug Market
Number of pages: 100 | Report Format: PDF | Published date: March 22, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 4.55 billion |
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Revenue Forecast in 2031 |
US$ 6.05 billion |
|
CAGR |
3.21% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Therapeutic Area, Distribution Channel, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global atorvastatin drug market was valued at US$ 4.55 billion in 2022 and is expected to register a revenue CAGR of 3.21% to reach US$ 6.05 billion by 2031.
Atorvastatin Drug Market Fundamentals
Atorvastatin is a prescription drug used to treat excessive blood levels of cholesterol and triglycerides. It belongs to a family of medications known as HMG-CoA reductase inhibitors, or statins. Atorvastatin acts by inhibiting an enzyme known as HMG-CoA reductase, which is responsible for cholesterol production in the liver. By lowering the quantity of cholesterol in the bloodstream, atorvastatin aids in preventing plaque buildup in the arteries, which may lead to heart diseases such as stroke and cardiac ischemia. Atorvastatin is commonly taken orally as a pill once daily. It comes in various strengths ranging from 10 mg to 80 mg.
Many studies have indicated that atorvastatin can considerably decrease LDL cholesterol levels by up to 50%. Moreover, it has been demonstrated to raise HDL cholesterol levels, also known as good cholesterol. Atorvastatin is recommended for adults with high cholesterol or triglyceride levels in their blood and who are at risk for cardiovascular events, such as heart attack and stroke. Prescription of atorvastatin for adults will be influenced by several factors, including their age, overall health, and any other medical disorders if present.
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Atorvastatin Drug Market Dynamics
An increase in the adoption of atorvastatin for treating dyslipidemia is the key factor in boosting revenue growth in the atorvastatin drug market. This is attributed to its high efficacy in treating the disorder. Atorvastatin is a highly effective medication for treating dyslipidemia, including high cholesterol and triglyceride levels. It works by inhibiting the production of cholesterol in the liver, leading to improved lipid profiles and reduced risk of cardiovascular disease. Moreover, atorvastatin is considered one of the most popular drugs in treating cholesterol diseases as it reduces the risk of heart attack and stroke and has few side effects. Additionally, it is available in a generic form, making it more affordable for patients.
As the population ages and chronic diseases, such as cardiovascular diseases, become more prevalent, the demand for atorvastatin will continue to rise. The rising prevalence of lipid disorders leading to cardiovascular diseases among adults is expected to increase the adoption of atorvastatin. For instance, according to the estimates of NIH in 2022, 53% (105.3 million) of people in the United States have lipid abnormalities, about 27% (53.5 million) have high LDL-C, around 23% (46.4 million) have low HDL-C, and about 30% (58.9 million) have high TG.
Reimbursement policies available for atorvastatin drugs are a potential factor in increasing the revenue share of the atorvastatin drug market. The atorvastatin reimbursement policies vary by country, insurance provider, and policy. In the United States, most insurance policies cover atorvastatin. Moreover, In the United Kingdom, atorvastatin is accessible on the NHS and is often given by a general practitioner or a specialist. The NHS covers the cost of the drug, although patients may be asked to pay a prescription charge depending on their eligibility for free prescriptions.
However, inadequate infrastructural facilities, unequal distribution of medical services, availability of alternative drugs, and a lack of awareness in low-income nations are projected to impede the global atorvastatin drug market revenue growth.
Atorvastatin Drug Market Ecosystem
The global atorvastatin drug market is analyzed from four perspectives: type, therapeutic area, distribution channel, and region.
Atorvastatin Drug Market by Type
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Based on type, the global atorvastatin drug market is segmented into natural statins and synthetic statins.
The synthetic segment dominates the global atorvastatin drug market. Synthetic statins are highly effective in lowering cholesterol levels and reducing the risk of heart disease. Additionally, they are well-tolerated by patients and have a lower risk of side effects than other cholesterol-lowering medications. Moreover, The ability of synthetic statins to bind with and inhibit HMG-CoA reductase, as well as their hydrophobicity, is essential. Due to the structural properties of synthetic statins, other interactions with HMG-CoA reductase are known to occur.
The natural statin segment is expected to register revenue growth during the forecast period. Natural statins have been shown to lower cholesterol levels without the side effects commonly associated with prescription statins. Additionally, natural statins may have other health benefits, such as reducing inflammation and improving blood flow.
Atorvastatin Drug Market by Therapeutic Area
Based on therapeutic area, the global atorvastatin drug market is segmented into cardiovascular diseases, obesity, and dyslipidemia.
The dyslipidemia segment will have the majority of the revenue share in the forecast period. Atorvastatin has been proven to effectively lower LDL cholesterol levels and reduce the risk of cardiovascular events. Additionally, it has a relatively low incidence of side effects compared to other lipid-lowering medications. Moreover, atorvastatin can also help increase HDL cholesterol, often called "good" cholesterol. This can help improve overall cholesterol levels and reduce the risk of heart disease. Additionally, it has a favorable safety profile and can be used with other lipid-lowering agents.
Atorvastatin Drug Market by Distribution Channel
Based on distribution channel, the global atorvastatin drug market is segmented into hospital pharmacies, retail pharmacies, and others.
The hospital pharmacies segment accounted for a major revenue share in 2022. Hospital pharmacies make it convenient for patients to fill their prescriptions before leaving the hospital or during their hospital stay. Hospital pharmacies are staffed by licensed pharmacists trained to ensure that medications are dispensed safely and accurately. This can help reduce the risk of medication errors and adverse drug reactions. Moreover, hospital pharmacists work closely with healthcare providers to ensure that medications are prescribed appropriately and that drug interactions are identified and managed. Hospital pharmacists can guide patients properly about potential side effects and drug interactions. This can help patients understand their medications and improve medication adherence.
The retail pharmacies segment is expected to register revenue growth at a notable CAGR in the forecast years. This is attributed to competitive pricing and medication discounts, which can benefit patients. Moreover, retail pharmacies can provide patients convenient access to medications and a wide range of medication choices.
Atorvastatin Drug Market by Region
Based on the region, the global atorvastatin drug market is segmented into North America, Europe, Asia Pacific, Latin America, & the Middle East & Africa.
North America dominated the atorvastatin drug market with the largest revenue share. The increasing prevalence of dyslipidemia and cardiovascular diseases and the rising patient pool are the major factors driving the atorvastatin drug market in North America. Additionally, the availability of advanced healthcare infrastructure and favorable reimbursement policies are also contributing to the growth of this market.
The Europe atorvastatin drug market is characterized by the high prevalence of cardiovascular diseases, the growing geriatric population, and increasing awareness about the benefits of cholesterol-lowering drugs. The rise in demand for generic drugs and advancements are also contributing to the revenue growth of the atorvastatin drug market. Moreover, increasing obesity incidences in Europe is another major factor leading to the high adoption of the atorvastatin drug.
Asia Pacific is predicted to be the fastest-growing geographic region in the atorvastatin drug market over the forecast period. The key factor increasing the market revenue of Asia Pacific is growing advancements in healthcare infrastructure and rising government initiatives. Additionally, the availability of generic versions of atorvastatin in Asia Pacific contributes to the region’s market revenue growth.
Atorvastatin Drug Market Competitive Landscape
The prominent companies having the largest revenue share in the global atorvastatin drug market are:
The global atorvastatin drug market was valued at US$ 4.55 billion in 2022.
The global atorvastatin drug market is expected to grow at a revenue CAGR of 3.21% in the forecast period.
Asia Pacific is expected to observe the highest global atorvastatin drug market revenue growth in the forecast period.
The dyslipidemia segment accounts for the largest revenue share in the global atorvastatin drug market.
Viatris Inc., Dr. Reddy’s Laboratories Ltd, Cipla Limited, and Mankind Pharma Ltd. are among the key players in the global atorvastatin drug market.
*Insights on financial performance are subject to the availability of information in the public domain