Anticoagulants, also known as blood thinners, are medications that prevent or reduce coagulation of blood and prolong the clotting time. Anticoagulant drugs are an important component of managing various medical conditions related to blood clots or clotting disorders. Heparin and warfarin are examples of anticoagulant drugs that are widely used. Heparin works immediately but must be given by intravenous injection or continuous intravenous infusion. Warfarin is a prescription drug that may be taken orally but takes a few days to be fully effective. The global anticoagulant market offers a wide range of anticoagulant drugs including low molecular weight heparin (LMWH), factor Xa inhibitors, direct thrombin inhibitors, and others.
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.
Growing prevalence of cardiovascular diseases is expected to drive growth of the anticoagulant market over the forecast period. According to World Health Organization, cardiovascular diseases are the number one cause of death globally. Globally, an estimated 17.9 million people die each year from cardiovascular diseases. Of these, 85% of people are living in low- and middle-income countries and over three quarters of cardiovascular deaths are due to heart attacks and strokes. Anticoagulation therapy plays an important role in managing and preventing thrombosis and embolism in conditions such as atrial fibrillation, deep vein thrombosis, and pulmonary embolism. Additionally, growing prevalence of conditions such as diabetes and obesity which are considered risk factors for cardiovascular diseases is also expected to propel demand for anticoagulants. Development of novel oral anticoagulants (NOACs) is another driver contributing to the market growth. Compared to conventional oral anticoagulants, NOACs have specific pharmacological properties include rapid onset and offset of action, predictable anticoagulant response, and fewer drug and food interactions. These advantages of NOACs are increasing its adoption globally.
The global anticoagulant market is divided into several segments based on drug type,route of administration, application and distribution channel. By drug type, the market is segmented into novel oral anticoagulant and heparin and low molecular weight heparin. The novel oral anticoagulant segment dominated the market in 2023 and is expected to remain dominant during the forecast period owning to its higher efficacy and safety as compared to the conventional drugs. By route of administration, the market is divided into oral and injectable. The oral segment accounted for the larger share in 2023 due to better patient compliance associated with oral drugs.
Political: Government regulations regarding drug approval and usage affect the growth of the anticoagulant market. Regulations related to reimbursement policies also impact the market.
Economic: Rising healthcare expenditure and increasing disposable income in developing countries is expected to boost market growth during the forecast period.
Social: Growing geriatric population which is more prone to cardiovascular and thrombotic disorders is a key factor driving the demand for anticoagulants.
Technological: Advancements in drug delivery systems and novel drug formulations help expand treatment options and drive market growth. Development of orally administered anticoagulants have improved patient compliance.
The Global Anticoagulant Market Size is expected to witness high growth owing to the rising geriatric population globally which is more susceptible to cardiovascular diseases requiring anticoagulant therapy. 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.
Regionally, North America dominated the market and is expected to continue its dominance during the forecast period. This can be attributed to well developed healthcare systems and higher healthcare spending in the region.
Key players operating in the anticoagulant market are CURT Group, B&W Trailer Hitches, Reese, Draw-Tite, Andersen Hitches. The market is consolidated in nature with top players accounting for majority market share. The key players focus on new product launches and expansion to strengthen their market position. For example, in 2022 B&W launched its Eco-Hitch which is a lightweight and sustainable trailer hitch made using recycled materials.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it