The anticoagulant market comprises oral anticoagulants and injectable anticoagulants that prevent blood clots from forming or growing larger in the body. Anticoagulants play a crucial role in the treatment of conditions like heart attack, stroke, deep vein thrombosis and pulmonary embolism by thinning the blood and reducing risk of clots.
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:
Rising prevalence of cardiovascular diseases is one of the major drivers of the global anticoagulant market. Cardiovascular diseases are the leading cause of deaths globally. Conditions like coronary heart disease, heart attack and stroke account for a significant number of deaths worldwide each year. Growing geriatric population is also fueling the incidence of cardiovascular disorders as risk of developing heart conditions increase with age. According to the World Health Organization, cardiovascular diseases are estimated to remain the single leading cause of death globally by 2030. Increased focus on the approval of novel oral anticoagulants with improved safety profiles is also expected to propel the anticoagulant market growth over the forecast period.
SWOT Analysis
Strength: The given market provides critical drugs and treatment for issues related to blood clotting and thrombotic disorders. These play a vital role in saving lives.
Weakness: Stringent regulations and long approval times for new drugs can delay product launches. Adverse side effects of certain anticoagulants is also a concern.
Opportunity: Rising cases of cardiovascular diseases and growing geriatric population suffering from such issues presents new opportunities. Greater research can help develop improved and more target-specific drugs.
Threats: Patent expiries of popular drugs allows cheaper generics to capture market share. Economic slowdowns can impact growth of elective procedures where these drugs are used.
Key Takeaways
The global anticoagulant market size is expected to witness high growth over the forecast period. The market was valued at US$ 36830.47 Mn in 2023 and is projected to reach US$ 54327.11 Mn by 2030, exhibiting a CAGR of 5.9% during the forecast period.
Regional analysis: North America currently dominates the market and is expected to continue dominating over the forecast period. This is attributed to growing prevalence of cardiovascular diseases in the region along with rising healthcare expenditure. Asia Pacific is projected to witness the fastest growth owing to increasing disposable incomes, rising medical insurance penetration and growing awareness about treatment of blood disorders in developing countries of the region.
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. These players are engaged in developing and launching innovative drugs to expand their product portfolios. They are also focusing on partnerships, acquisitions and mergers for geographical expansion