Propranolol Drugs Market
Number of pages: 100 | Report Format: PDF | Published date: May 23, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
CAGR |
5.4% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Route of Administration, Disease Indications, Distribution Channel, and Region |
|
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 propranolol drugs market is expected to register a revenue CAGR of 5.4% by 2031.
Propranolol Drugs Market Fundamentals
Propranolol is a commonly prescribed medication in a class of drugs called beta-blockers. It treats high blood pressure, heart rhythm disorders, and anxiety. Due to the increasing incidence rate of these diseases, there is a growing demand for propranolol. In 2022, the Arrhythmia Alliance reported that ventricular arrhythmias occurred in 48 out of 100,000 adults (approximately 1 in 2,100 people). In older adults, ventricular arrhythmias occur in 2-3 out of 100 people with no known risk factors and in 15-16 out of 100 people with coronary artery disease (CAD). Its mechanism of action involves blocking the effects of adrenaline, which results in lower heart rate and blood pressure. Recently, propranolol has gained traction in the field of mental health due to its off-label use for anxiety disorders, performance anxiety, and post-traumatic stress disorder (PTSD), showing promising results. Moreover, propranolol has shown potential in treating infantile hemangiomas, a vascular anomaly.
Market players in this market have adopted several different strategies to enhance their revenue. One of the approaches involves expanding the indications for using propranolol through clinical trials and research. Pharmaceutical companies are aiming to expand the market reach of propranolol by exploring its potential in new therapeutic areas such as migraines, essential tremors, and even the prevention of certain cancers.
The global propranolol drugs industry analysis report comprehensively analyzes the market, with the factors that either aid or impede the market growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the propranolol drugs market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to the propranolol drugs market growth. The research also Analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
Propranolol Drugs Market Dynamics
A key factor supporting the global propranolol drugs market is the increasing incidences of cardiovascular diseases such as hypertension, angina, and arrhythmias at an alarming rate. The World Health Organization in March 2023 stated that approximately 1.28 billion adults between the ages of 30 and 79 worldwide suffer from hypertension, with the majority residing in low- and middle-income nations. Moreover, the pharmaceutical industry is constantly improving through research and development, particularly in the area of propranolol formulations and applications. In addition, studies are being conducted to explore propranolol's potential in treating infantile hemangiomas and migraine prophylaxis, opening up new market growth opportunities.
Propranolol Drugs Market Ecosystem
Propranolol Drugs Market, by Route of Administration
Propranolol Drugs Market, by Disease Indications
Propranolol Drugs Market, by Distribution Channel
Propranolol Drugs Market by Route of Administration
The oral segment dominated the propranolol drugs market in 2022. This is attributed to the ease of administration and high patient compliance with oral medications. Additionally, oral propranolol has a longer half-life than other forms, allowing for sustained therapeutic effects. Furthermore, oral propranolol is widely available and can be easily prescribed by healthcare professionals. Oral propranolol offers advantages such as localized treatment and reduced systemic side effects.
The intravenous segment is expected to increase by 5.7% of revenue CAGR in the forecast years. This is due to the growing demand for intravenous therapy in hospitals and clinics. In addition, technological advancements in intravenous therapy equipment and increasing government initiatives to improve healthcare infrastructure are expected to drive the growth of the intravenous segment.
Propranolol Drugs Market by Region
North American region accounted majority of the propranolol drugs market share in 2022. This is due to advancements in the healthcare industry and the rising patient population with chronic cardiovascular diseases such as angina, high blood pressure, heart rhythm disorders, and anxiety. The National Center for Biotechnology Center in 2022 states that angina is a prevalent symptom of ischemic heart disease, a leading cause of morbidity and mortality across the globe. In the United States, around 9 million patients experience angina, and managing its symptoms can be quite challenging.
The propranolol drugs market in the Asia Pacific is expected to grow significantly in the coming years. The increasing prevalence of hypertension and other cardiovascular diseases in the region is a major factor driving the demand for propranolol drugs. The rising geriatric population and changing lifestyle habits also fuel the market revenue growth. The market players also focus on expanding their product portfolio and investing in research and development activities to meet the growing demand for propranolol drugs in the region.
Based on the regions, the global propranolol drugs market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of propranolol drugs industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level Propranolol Drugs market overview.
Key Components of the Report
Propranolol Drugs Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Propranolol Drugs Market Strategic Developments
Reasons To Buy This Report
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Propranolol is a medication that belongs to the class of beta blockers. It is commonly used to treat high blood pressure, angina, and irregular heartbeats. Additionally, it has been found to be effective in managing anxiety symptoms and preventing migraines.
Asia Pacific will have the largest propranolol drugs market size during the forecast period from 2023 to 2031.
The most prominent trend in the propranolol drugs industry is its ongoing research in several therapeutic areas.
The global propranolol drugs market is expected to experience significant growth due to the increasing prevalence of cardiovascular diseases and hypertension. The rising demand for propranolol drugs in treating migraines and anxiety disorders is also expected to contribute to market growth.
The key challenge in the global propranolol drugs market is increasing competition from generic drugs. With the expiration of patents for many propranolol drugs, generic drug manufacturers have entered the market, offering cheaper alternatives to consumers.
Product innovation, strategic partnerships, and mergers and acquisitions. Companies also focus on enhancing their brand image through effective marketing and advertising campaigns.
The increasing prevalence of these conditions and the rising demand for effective cardiovascular drugs are expected to drive the growth of the global propranolol drugs market in the coming years. Additionally, the growing adoption of propranolol as a prophylactic treatment for migraines and anxiety disorders is also anticipated to contribute to market expansion.
Wyeth Ayerst Laboratories, Vintage Pharmaceuticals, and Teva Pharmaceutics are key players in the global propranolol drugs market.
The oral route of administration has the highest share in the global propranolol drugs market.
*Insights on financial performance are subject to the availability of information in the public domain