by Anticoagulant drugs, also known as blood thinners, are widely used for the prevention and treatment of thrombotic disorders. These drugs work by interfering with the blood coagulation system and preventing the formation of blood clots. The growing prevalence of cardiovascular diseases and venous thromboembolism has increased the demand for anticoagulant drugs across the world. Cardiovascular diseases remain the leading cause of morbidity and mortality globally and anticoagulant drugs play a vital role in reducing the risks of complications associated with these conditions.
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:
The increasing incidence of cardiovascular diseases is one of the major factors driving the growth of the anticoagulant market. As per the World Health Organization, cardiovascular diseases accounted for over 17.9 million deaths in 2016, representing 31% of all global deaths. Anticoagulant drugs lower the risks of heart attacks, strokes, deep vein thrombosis, pulmonary embolism and various other cardiovascular complications. With rising geriatric population worldwide and growing prevalence of risk factors like obesity, diabetes and hypertension, the burden of cardiovascular diseases is expected to further increase in the coming years. This will subsequently propel the demand for anticoagulant drugs for both therapeutic and prophylactic purposes. Innovation of novel oral anticoagulants with fewer drug-drug interactions and fewer monitoring requirements compared to warfarin has also boosted the anticoagulant market growth in recent years.
SWOT Analysis
Strength: Anticoagulant drugs have well established clinical efficacy for preventing thromboembolism. Growing awareness about cardiovascular and thrombosis diseases is driving the demand.
Weakness: Stringent regulations for drug approval delays market entry of new drugs. Adverse effects associated with long term usage of anticoagulants such as risk of bleeding.
Opportunity: Emerging economies offer high growth potential due to rising healthcare expenditures. Novel oral anticoagulants having fewer drug-drug interactions and fewer monitoring requirements compared to warfarin provides opportunities.
Threats: Patent expiries of blockbuster drugs increases competition resulting in price erosion. Alternative treatment methods pose threats.
Key Takeaways
The Global Anticoagulant Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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.
The North America region currently dominates the global anticoagulant market due to high incidence of cardiovascular diseases and growing aging population. Asia Pacific is expected to witness fastest growth owing to rising healthcare spending, large patient pool, and increasing focus of international players.
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, Weigh Safe. The market leaders are focusing on new product approvals and launches to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
