by Anticoagulants, also known as blood thinners, help prevent the formation of blood clots in the veins and arteries. They are prescribed for conditions such as heart attacks, strokes, deep vein thrombosis (DVT), pulmonary embolism (PE), and atrial fibrillation. Common types of anticoagulants include warfarin, dabigatran, apixaban, rivaroxaban, edoxaban, and enoxaparin. Anticoagulants offer several advantages over other treatments for reducing the risk of blood clots as they do not require careful monitoring of dosage levels and are more convenient for patients.
The global Anticoagulant Market is estimated to be valued at US$ 36830.47 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the anticoagulant market size is the launch of novel oral anticoagulants (NOACs). NOACs such as rivaroxaban, apixaban, edoxaban, and dabigatran offer several advantages over traditional anticoagulant warfarin. They do not require frequent monitoring of dose levels using international normalized ratio (INR) and have minimal food and drug interactions. NOACs are more convenient for patients as they have fixed dosing. This is driving their increasing adoption over warfarin. Launch of improved NOACs with longer half-lives and better safety profiles is expected to further augment the market growth. Additionally, rising research activities to develop novel anticoagulant drugs for specific indications are also contributing to market expansion.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the anticoagulant industry requires high capital investment for R&D and manufacturing infrastructure. However, the availability of generic drugs poses a threat.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of generic alternatives and presence of many established players. Buyers can negotiate on price easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material supplies are concentrated among a few players. However, key ingredients are commodity chemicals limiting the supplier power.
Threat of new substitutes: Threat from new substitutes is high as new novel oral anticoagulants (NOACs) provide efficacious treatment and alternative delivery methods. Biologics are also emerging as substitutes.
Competitive rivalry: The anticoagulant market is dominated by major players. However, companies differentiate product offerings through continuous innovation to gain market share.
Key Takeaways
The global anticoagulant market is expected to witness high growth. The global Anticoagulant Market is estimated to be valued at US$ 36830.47 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
North America is expected to dominate the market during the forecast period owing to the presence of major players, high awareness about treatment and developed healthcare infrastructure in the region. Europe is anticipated to be the second largest market due to increasing healthcare spending and government support for research. Asia Pacific is expected to grow at the fastest rate during the forecast period driven by growing healthcare needs of aging population, rapidly developing healthcare infrastructure and rising medical tourism in key countries like China, India and Singapore.
Key players: Key players operating in the anticoagulant market are CURT Group, B&W Trailer Hitches, Reese, Draw-Tite, Andersen Hitches, Blue Ox, Pro Series, Equal-i-zer, Buyers Products, Husky Towing, Gen-Y Hitch, Torklift International, PopUp Towing, BulletProof Hitches, and Weigh Safe. CURT Group and B&W Trailer Hitches dominate the market
