Market Size of Global Fibrate Drugs Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 5.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Fibrate Drugs Market Analysis
The fibrate drugs market is projected to register a CAGR of 5.2% during the forecast period.
The sudden outbreak of COVID-19 had a notable impact on the fibrate drug market during the pandemic period. The COVID-19 infection increased the risk of developing cardiovascular diseases, impacting the demand for fibrate drugs. For instance, according to a Nature study published in 2021, physical inactivity due to restrictions may have hampered physical activity prophylaxis effects of cardiovascular diseases. These factors increased the risk of cardiovascular diseases among people, raising the demand for fibrate drugs to treat them, notably impacting the market growth during the pandemic period. In addition, the demand for fibrate drugs is expected to remain intact due to the rising focus on treating cardiovascular diseases, thereby contributing to the market's growth over the forecast period.
The factors such as the rise in the prevalence and increased incidence rate of cardiovascular diseases worldwide are expected to drive the growth of the fibrate drugs market. For instance, the British Heart Foundation (BHF) data published in January 2022 reported that in 2021, the most common heart conditions affected globally were coronary (ischemic) heart disease (global prevalence estimated at 200 million), peripheral arterial (vascular) disease (110 million), stroke (100 million) and atrial fibrillation (60 million). The report also mentioned that the prevalence of heart and circulatory diseases in North America was 46 million, in Europe 99 million, in Africa 58 million, in South America 32 million, Asia and Australia 310 million. Thus, the high incidence of cardiovascular diseases among the global population is expected to drive the demand for fibrate drugs, contributing to the market's growth.
Moreover, the launch of various effective fibrate drugs by key market players is also expected to contribute to the market's growth. For instance, in November 2021, Drug Firm Lupin launched generic fenofibrate capsules used to treat high cholesterol and triglyceride levels in the blood in the United States. The company launched the generic version with 30 and 90 mg in the United States.
Thus, the increasing prevalence of cardiovascular diseases among the global population leads to the demand for fibrate drugs, and product launches are expected to drive market growth. However, frequent product recalls/ discontinuation and stringent regulatory framework are expected to hinder the market's growth over the forecast period.
Fibrate Drugs Industry Segmentation
As per the scope of this report, fibrate drugs are the therapeutics that belong to the class of amphipathic carboxylic acids that lower triglyceride levels in the blood by inhibiting hepatic extraction of free fatty acids, which results in increased activity of endothelial lipoprotein lipase. The Fibrate Drugs market is segmented by Drug Type (Clofibrate, Gemfibrozil, Fenofibrate, and Other Drug Types), Product Type (Branded and Generic), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Distribution Channel), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends of 17 countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Drug | |
| Clofibrate | |
| Gemfibrozil | |
| Fenofibrate | |
| Other Drugs |
| By Product type | |
| Branded | |
| Generic |
| By Distribution channel | |
| Hospital and Retail Pharmacy | |
| Online pharmacy |
| Geography | ||||||||
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Global Fibrate Drugs Market Size Summary
The fibrate drugs market is anticipated to experience steady growth over the forecast period, driven by the increasing prevalence of cardiovascular diseases globally. The demand for fibrate drugs, which are used to manage cholesterol and triglyceride levels, has been bolstered by the rising incidence of heart conditions such as coronary heart disease, peripheral arterial disease, and stroke. The COVID-19 pandemic further accentuated this demand, as the virus heightened the risk of cardiovascular issues, leading to a surge in the need for effective treatments. The market is characterized by the introduction of new and generic fibrate drugs by key players, which is expected to sustain its growth trajectory. However, challenges such as product recalls and a stringent regulatory environment may pose obstacles to market expansion.
North America is projected to hold a significant share of the global fibrate drugs market, attributed to the high prevalence of cardiovascular diseases and an aging population in the region. The presence of major pharmaceutical companies and ongoing product developments are expected to further enhance market growth in North America. The region's advanced healthcare infrastructure and increased regulatory approvals for new drug formulations also contribute to this positive outlook. The market remains competitive and fragmented, with several key players like Macleods Pharmaceuticals, Sun Pharmaceutical Industries, and Aurobindo Pharma leading the charge. Despite the competitive landscape, the market's growth is underpinned by the ongoing demand for effective cardiovascular disease treatments and the continuous introduction of innovative drug solutions.
Global Fibrate Drugs Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Prevalence of Cardiovascular Diseases Cases
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1.2.2 High Investment in the Research and Development of Drugs
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1.3 Market Restraints
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1.3.1 Frequent Product Recalls/Discontinuation
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1.3.2 Stringent Regulatory Framework
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Drug
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2.1.1 Clofibrate
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2.1.2 Gemfibrozil
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2.1.3 Fenofibrate
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2.1.4 Other Drugs
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2.2 By Product type
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2.2.1 Branded
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2.2.2 Generic
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2.3 By Distribution channel
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2.3.1 Hospital and Retail Pharmacy
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2.3.2 Online pharmacy
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Global Fibrate Drugs Market Size FAQs
What is the current Global Fibrate Drugs Market size?
The Global Fibrate Drugs Market is projected to register a CAGR of 5.20% during the forecast period (2024-2029)
Who are the key players in Global Fibrate Drugs Market?
Abbott, Sanofi , Mylan Inc, Lupin and Aurobindo Pharma are the major companies operating in the Global Fibrate Drugs Market.
