Fibrate Drugs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Fibrate Drugs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

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.

Fenofibrate drugs are used to reduce the amounts of fatty substances such as cholesterol and triglycerides in the blood and to increase the amount of high-density lipoprotein. The high-density lipoprotein increased with the fenofibrate is a fatty substance that decreases the risk of heart disease. The fenofibrate segment is expected to hold a majority market share in the forecast period due to the rising cardiovascular diseases and the high efficacy of the fenofibrate drugs. For instance, the MDPI Journal research article published in September 2021 reported that the worldwide prevalence of peripheral arterial disease (PAD) is estimated to be 3–12%, affecting nearly 27 million people in America and Europe in 2020. The same source also reported that in Europe, the prevalence of PAD is estimated at around 17.8% between the ages of 45 and 55 in 2021. Such a high prevalence of cardiovascular diseases is expected to contribute to the growing demand for fenofibrate drugs, fueling segment growth.

Various research studies have demonstrated that fenofibrate triggers elevated cholesterol and apolipoprotein levels. For instance, according to the United States Cardiody Review study in May 2021, fenofibrate significantly reduced cardiovascular disease events in those with low HDL cholesterol or hypertension. Also, it helped in 27% of cardiovascular disease risk reduction. The article also mentioned that fenofibrate decreases the plasma levels of lipoproteins by 7% to 23%, reduces fibrinogen, and lowers serum uric acid levels. Therefore, the increase in cardiovascular diseases leading to the demand for the fenofibrate drug due to its safety and efficacy is expected to fuel the market's growth in this segment.

North America is expected to hold a major market share in the global fibrate drugs market due to the high prevalence of the cardiovascular population and rapidly aging population. The increasing presence of key market players and increasing product developments in North American countries are also expected to contribute to the growth of the market in this region. For instance, as per the 2022 Heart Disease and Stroke Statistics Update Fact Sheet, approximately every 40 seconds, a person in the United States is anticipated to have a myocardial infarction. Likewise, the CDC updated in September 2021 reported that approximately 6.5 million people aged 40 and older in the United States have the peripheral arterial disease. Also, as per the February 2022 report from the Heart and Stroke Foundation of Canada, 750,000 people are living with heart failure, and 100,000 people are diagnosed with heart failure each year in the country. Therefore, the increasing prevalence of cardiovascular diseases in this region is expected to rise the demand for fibrate drugs, thereby boosting market growth.

Moreover, an increase in product approvals by regulatory authorities in this region is also expected to fuel market growth. For instance, in September 2021, Aurobindo Pharma Limited received final approval from US Food and Drug Administration for its abbreviated new drug application, Fenofibrate capsules USP 67 mg, 134 mg, and 200 mg. These capsules are an AB-rated generic equivalent to the reference listed drug, Tricor Capsules.

Thus, the above-mentioned factors such as the growing prevalence of cardiovascular diseases, along with increasing product approvals and the presence of advanced healthcare infrastructure in this region, are expected to boost the market growth in this region.

The Fibrate Drugs market is fragmented and competitive and consists of several major players. Regarding market share, a few major players are currently dominating the market. Some companies currently dominating the market include MacleodsPharmaceuticals Ltd, Sun Pharmaceutical Industries Ltd, Aurobindo Pharma USA, Sanofi, Zydus Cadila, Lupin, Abbott, Unnati Pharmaceuticals Ltd, Mylan Inc., Cipla Inc., and Socosurchem.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support