Polypill Products Market: Demand for Polypill Products to Scale New Heights as Studies Focus on Reducing Side Effects
Polypill Products Market: Introduction
According to the report, the global polypill products market was valued at US$ 29.7 Bn in 2018 and is projected to expand at a CAGR of ~2% from 2019 to 2027. Polypill is a fixed dose drug combination used in the treatment of various chronic diseases. This combination pharmacotherapy offers the potential to decrease the incidence and prevalence of cardiovascular and other diseases. Polypill improves patient compliance, thereby increasing the adoption of these products. This is likely to boost the growth of the global polypill products market. Moreover, ease of dosage understanding for elderly patients and increase in usage of polypill products are the major advantages offered by polypill products over other formulations. Combination therapy is more effective than a single substance with an acceptable safety profile. North America dominated the global polypill products market in 2018 and the trend is anticipated to continue during the forecast period. Strategies adopted by key players such as product approval & launch and merger & acquisition, well-established health care infrastructure, and early adoption of advanced therapeutics boost the growth of the polypill products market in the region.
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Asia Pacific is likely to be a highly lucrative market for polypill products. The market in the region is expected to expand at a high CAGR during the forecast period. Government initiatives in developing countries toward modernization of health care infrastructure, rise in awareness about advanced therapeutics, and increase in patients with chronic diseases are anticipated to fuel the growth of the polypill products market in Asia Pacific.
Surge in Number of Chronic Disease Patients to Drive Polypill Products Market
Sedentary lifestyle and unhealthy diet lead to chronic diseases. Diabetes mellitus and cardiovascular & infectious diseases are the leading causes of death globally. According to the European Society of Cardiology, 424.9 million people had diabetes across the world in 2017 and the number is expected to increase to 628.6 million by 2045. According to the World Health Organization, tuberculosis is among the top 10 causes of death globally. In 2018, an estimated 10 million people fell ill with tuberculosis across the globe. The application of polypill products in various chronic conditions has opened a promising avenue for the growth of the global polypill products market. Moreover, rise in availability of advanced treatment options and specialty care services boost the life expectancy rates across the world. This, in turn, increases the geriatric population. Surge in the geriatric population is anticipated to drive the global market.
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Anti-infective to be Dominant Application of Polypill Products
In terms of application, the global polypill products market has been classified into cardiovascular, diabetes mellitus, anti-infective, and others. The anti-infective segment dominated the global polypill products market in 2018 and the trend is projected to continue during the forecast period. Increase in patients with HIV, tuberculosis, and other infectious diseases drives demand for new therapeutics. This in turn boosts the growth of the segment.
Hospital Pharmacies to be Major Distribution Channel
In terms of distribution channel, the global polypill products market has been divided into hospital pharmacies, retail pharmacies, and online pharmacies. The hospital pharmacies segment accounted for a major share of the market in 2018. The segment is anticipated to grow at a rapid pace during the forecast period. Growth of the segment is attributed to large base of hospitals and hospital pharmacies, rise in number of fixed dose combination approved drugs, and surge in the geriatric population.
North America to Lead Polypill Products Market
In terms of region, the global polypill products market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global polypill products market in 2018, followed by Europe. North America accounted for major share of the global polypill products market in 2018. Presence of key players, adoption of advanced therapeutics, and high disease prevalence are the factors driving the polypill products market in the region. The polypill products market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. Rise in prevalence of chronic diseases and increase in adoption of cost-effective treatments propel the market in the region.
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The global polypill products market is fragmented in terms of number of players. Key players in the global polypill products market include Pfizer, Inc., AstraZeneca, Merck & Co., Inc. (Merck Sharp & Dohme Corp.), Janssen Pharmaceuticals, Inc. (Johnson & Johnson), Dr. Reddy’s Laboratories Ltd., Cipla, Inc., Cadila Pharmaceuticals, Grupo Ferrer International, S.A., Gebro Pharma GmbH, Gilead Sciences, Inc., and Takeda Pharmaceutical Company Limited.
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