Market Trends of Fondaparinux Industry
This section covers the major market trends shaping the Fondaparinux Market according to our research experts:
The Generics Segment is Expected to Have the Highest CAGR over the Forecast Period
The generics segment of the fondaparinux market is expected to have the highest CAGR due to their availability at a lower cost with similar bioequivalence as innovator products. Several generic versions of fondaparinux are available, and few market players are getting new generic approvals worldwide, which helps the market's growth. For instance, in December 2021, Sihuan pharma obtained the drug registration approval document issued by the NMPA, China, which certifies that the production of generic fondaparinux had undergone consistency evaluation in China.
The rising prevalence of cardiovascular illnesses worldwide is expected to boost the sales of generic fondaparinux. For instance, according to an article published by the Journal of the American College of Cardiology in August 2022, between 2025 and 2060, there will be expected increases in the prevalence of ischemic heart disease, heart failure, myocardial infarction, and stroke of 31.1% (21.9 million to 28.7 million), 33.0% (9.7 million to 12.9 million), 30.1% (12.3 million to 16.0 million), and 34.3% (10.8 million to 14.5 million), respectively. Moreover, as per the United Nations Department of Economic and Social Affairs, Population Division, in 2022, there were 771 million people aged 65 years or over globally. The older population is projected to reach 994 million by 2030 and 1.6 billion by 2050. Thus, the rising geriatric population and increase in the incidence of cardiovascular disorders raise the risk of thrombosis, which requires effective care with fondaparinux and is anticipated to drive the market over the forecast period.
Furthermore, the new generic approvals of fondaparinux increase the scope of the market. For instance, in July 2021, Nanjing Kingfriend Biochemical Pharmaceutical obtained the NMPA, China approval for the production of fondaparinux sodium injection. Thus, the new approvals for generic fondaparinux production help to compensate for the demand for the drug over the forecast period, which is expected to boost the market for this segment. Thus, owing to the abovementioned factors, the generic segment is expected to show growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a major share of the fondaparinux market due to the growing burden of cardiovascular disorders with age and increasing product approvals and launches in the region. For instance, as per the report published by CDC on venous thromboembolism in June 2022, over 900,000 people in the United States were estimated to be affected by deep vein thrombosis (DVT) or pulmonary embolism (PE) every year. Similarly, as per the report published by Current Anesthesiology Reports in November 2021, people over the age of 65 are more at risk for deep vein thrombosis and thromboembolism, as more than 10,000 people turn 65 every day in the United States. Thus, given the growing burden of deep vein thrombosis and other cardiovascular diseases in North America, the fondaparinux market is expected to witness significant growth over the forecast period in North America.
Furthermore, the rise in research funding on heart diseases is expected to boost the fondaparinux market. For instance, as per the NIH 2022, the research funding for heart disease in the United States is estimated to be USD 1,536 million in 2021, which is expected to be USD 1,602 million by 2022. Thus, the increased funding on the research of heart disease increases the scope for the usage of fondaparinux as it is used in the management of a few heart diseases.
Moreover, the increase in interest of the market players to manufacture the drug is also adding to the growth of the market in the region. For instance, the Government of Canada in October 2022 indicated that fondaparinux had been submitted for approval under the Generic Submissions Under Review (GSUR) list. Such submission activities are likely to get approval and are expected to boost the growth of the fondaparinux market. Thus, owing to the aforementioned factors, the fondaparinux market is expected to grow significantly in the North American region over the forecast period.
