Anticoagulants Market: Rise in Cases of Coagulation Disorders is Expected to Drive the Market
Anticoagulants Market - Snapshot
Anticoagulants prevent clot formation or enlargement of existing clots in the arteries or veins. Heparins, including unfractionated heparin (UFH) and low molecular weight heparin (LMWH); vitamin K antagonists, DTIs, and factor Xa inhibitors, are among the various anticoagulants available in the market. These are used for indications such as heart attack, stroke, deep venous thrombosis (DVT), pulmonary embolism (PE), surgery, angina, dialysis, atrial fibrillation (AF), thrombocytopenia, and myocardial infarction.
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Dwindling birth rates have led to an increase in the geriatric population. In Japan, people aged 65 years and above currently constitute 23% to 25% of the total population. The percentage is expected to reach 38% by 2050. In North America, the estimates are between 13% and 22% and between 16% and 27% in Europe. Rise in standard of health care facilities and availability of advanced treatment options boost life expectancy rates across the world, which in turn increases the geriatric population. People aged above 60 are more prone to diseases and disorders. This drives the need of anticoagulant products among the population.
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Additionally, rise in adoption of Novel Oral Anticoagulants (NOACs) boosts the growth of the global anticoagulant market. These target either factor Xa to avoid or to treat thrombosis. NOACs show rapid action and do not require constant monitoring. These also have better efficacy and safety profiles than conventional therapies such as warfarin. Therefore, adoption rate of NOACs has increased in the anticoagulants market. Furthermore, rise in the number of knee and hip replacement surgeries increases the risk of DVT. Surgeries often result in long period of immobility, which increases the chances of developing DVT due to less blood flow in the body. According to CDC 2016 report, over a million people in the U.S. undergo hip and knee replacement surgeries.
However, high cost of NOACs is expected to hamper demand for anticoagulant drugs. Customers in developing countries such as India, China, Brazil, and Singapore are reluctant to buy high cost drugs for longer duration. Moreover, expiration of patents can lead to a significant loss of revenue for the manufacturers, as generic drug makers will scramble to develop their drugs. In the next few years, patents of some of the best-selling anticoagulant products of global pharmaceutical companies will go off patent. This has induced these companies to explore new revenue streams.
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The global anticoagulants market has been segmented based on drug class, route of administration, indication, and distribution channel. In terms of drug class, the market has been classified into factor Xa inhibitors (NOAC/DOAC), heparin, direct thrombin inhibitors, and vitamin K antagonists. Based on indication, the global anticoagulants market has been categorized into deep vein thrombosis, pulmonary embolism, atrial fibrillation & heart attack, and others.
In terms of route of administration, the global market has been bifurcated into oral and injectable. Based on distribution channel, the global anticoagulants market has been divided into hospital pharmacies, retail pharmacies, and online pharmacies. In terms of region, the global anticoagulants market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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In terms of drug class, the factor Xa inhibitors (NOAC/DOAC) segment is projected to expand at a high CAGR in the next few years. The segment is anticipated to account for major share of the market by 2026. Based on indication, the atrial fibrillation & heart attack segment is expected to grow at a rapid pace from 2018 to 2026. In terms of route of administration, the oral segment is likely to expand at the highest CAGR during the forecast period. Based on distribution channel, the hospital pharmacies is projected to account for major market share by 2026. Rise in strategic collaborations and patient assistance programs are likely to boost market growth during the forecast period.
North America dominated the global anticoagulants market in 2017, followed by Europe and Asia Pacific. Rise in the number of surgical procedures such as hip and knee replacements is projected to increase the adoption of anticoagulants in North America and Europe. According to the Centers for Disease Care and Prevention (2015), around 719,000 knee replacement surgeries and 332,000 hip replacement surgeries were performed in the U.S. in 2014. Asia Pacific is expected to be the most lucrative market for anticoagulants from 2018 to 2026. Increase in disposable income, rise in population, and expansion of key players in the region are likely to boost the growth of the anticoagulants market in Asia Pacific.
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Key players operating in the global anticoagulants market include Bayer Healthcare, Boehringer Ingelheim International GmbH, Bristol-Myers Squibb Company, Daiichi Sankyo Company Limited, Johnson & Johnson Services, Inc., and Sanofi.
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