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.
