Global Fibrate Drugs Market Report 2024: A $5.14 Billion Market by 2034, Rising from S2.95 Billion in 2023
DUBLIN, March 11, 2024 /PRNewswire/ -- The "Global Fibrate Drugs Market by Drug Type, by Product Type, by Distribution Channel, and By Region" report has been added to ResearchAndMarkets.com's offering.
The global fibrate drugs market size was estimated to be USD 2.95 billion in 2023 and is expected to reach USD 5.14 billion by 2034 with a CAGR of 5.16% during the forecast period 2024-2034. The rising burden of cardiovascular diseases, increasing awareness of the benefits of fibrates, development of new and improved fibrates, government initiatives for cardiovascular health, and strategic collaborations and partnerships will drive market growth.
Since fibrate medications are frequently given to treat cardiovascular disorders including hyperlipidemia and atherosclerosis, their increasing prevalence may be the primary driver of the market for fibrate pharmaceuticals. The demand for fibrate medications may rise as a result of government health programs designed to lessen the burden of cardiovascular illnesses by raising awareness of and treating problems like dyslipidemia.
By drug type, the fenofibrate segment accounted for the highest revenue-grossing segment in the global fibrate drugs market in 2023 owing to the compound's well-established efficacy in lowering triglycerides and increasing high-density lipoprotein (HDL) cholesterol levels, coupled with its widespread prescription for the management of dyslipidemia and cardiovascular risk factors. Additionally, the fenofibric acid derivatives segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing recognition of these derivatives for their enhanced bioavailability and improved pharmacokinetic profiles compared to traditional fenofibrate formulations.
By product type, the generics segment accounted for the highest revenue-grossing segment in the global fibrate drugs market in 2023 owing to the expiration of key patents for several branded fibrate medications, leading to an influx of cost-effective generic alternatives into the market. For instance, Mylan N.V. received FDA clearance in December 2023 for its new generic fenofibrate extended-release tablets, providing patients with an affordable option. Additionally, the branded fibrates segment is predicted to grow at the fastest CAGR during the forecast period owing to the continuous innovation and introduction of novel formulations by pharmaceutical companies, aimed at addressing specific patient needs and improving treatment outcomes.
By distribution channel, the retail pharmacies segment accounted for the highest revenue-grossing segment in the global fibrate drugs market in 2023 owing to the widespread accessibility and convenience offered to patients for obtaining prescription medications. For instance, Teva Pharmaceutical Industries Ltd. introduced a new combination medication including fenofibrate and ezetimibe in July 2023 to treat patients with excessive triglycerides and cholesterol, broadening its selection of generic fibrates. Additionally, the online pharmacies segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing trend of digital healthcare adoption, the convenience of online prescription orders, and the expanding e-commerce landscape.
The North American region is anticipated to have the highest revenue share during the forecast period owing to the well-established healthcare infrastructure, high prevalence of cardiovascular diseases, and the widespread adoption of fibrate drugs in the management of lipid disorders.
Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the increasing prevalence of cardiovascular diseases, a rising geriatric population, and the ongoing efforts to improve healthcare infrastructure.
This comprehensive research report focuses on the global and regional market size and forecasts from 2023 to 2034.
Report Scope:
Base Year: 2023
Forecast Period: 2024-2034
Study Coverage
Market Forecast by Drug Type, Product Type, and Distribution Channel
Market Forecast for 5 Regions and 17+ Countries
North America (U.S. and Canada)
Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
MEA (South Africa, GCC, Rest of MEA)
Company Profiles of the Top 10+ Major Market Players
Key Topics Covered:
1. Research Methodology
2. Introduction
2.1. Market Definition
2.2. Global Fibrate Drugs Market Overview
3. Executive Summary
4. Market Environment Analysis
4.1. Porter's 5 Forces Analysis
4.2. PESTEL Analysis
4.3. SWOT Analysis
5. Market Dynamics
6. COVID-19 Impact Analysis
7. Fibrate Drugs Market: Drug Type Estimates & Trend Analysis
7.1. Drug Type Segment Opportunity Analysis
7.2. Clofibrate
7.3. Gemfibrozil
7.4. Fenofibrate
7.5. Others
8. Fibrate Drugs Market: Product Type Estimates & Trend Analysis
8.1. Product Type Segment Opportunity Analysis
8.2. Branded
8.3. Generics
9. Fibrate Drugs Market: Distribution Channel Estimates & Trend Analysis
9.1. Distribution Channel Segment Opportunity Analysis
9.2. Hospital Pharmacy
9.3. Retail Pharmacy
9.4. Online Pharmacy
10. Regional Market Analysis
10.1. Regional Market Opportunity Analysis
11. North America Fibrate Drugs Market
12. Europe Global Fibrate Drugs Market
13. Asia Pacific Global Fibrate Drugs Market
14. Latin America Global Fibrate Drugs Market
15. MEA Global Fibrate Drugs Market
16. Competitor Analysis
16.1. Company Market Share Analysis, 2023
16.2. Major Recent Developments
17. Company Profiles
Pfizer
AbbVie
AstraZeneca
Mylan
Teva Pharmaceutical Industries
Novartis
Sanofi
GlaxoSmithKline
Sun Pharmaceutical Industries
F. Hoffmann-La Roche
Bristol Myers Squibb
Merck
Abbott Laboratories
Daiichi Sankyo
Limited
Lupin.
For more information about this report visit https://www.researchandmarkets.com/r/rtdbo3
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