Nifedipine medicines are calcium channel blockers that are mainly used for the treatment of hypertension and angina. Nifedipine dilates or widens blood vessels and improves blood flow, which can help lower blood pressure and reduce chest pain related to angina. It comes in both immediate-release and extended-release tablet forms. The immediate-release form acts faster but needs to be taken more frequently, usually 2-3 times per day. The extended-release form releases medication slowly over several hours and is taken just once daily.
The global nifedipine medication market is estimated to be valued at US$ 1260.52 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The nifedipine medication market is driven by rising prevalence of cardiovascular diseases worldwide. According to the World Health Organization, cardiovascular diseases are the number one cause of death globally and account for over 17.9 million deaths each year. Hypertension, also known as high blood pressure, is a major risk factor that contributes to heart attacks, strokes and heart failure. Growing geriatric population is also fueling the cardiovascular diseases burden globally. According to the United Nations, the number of people aged 60 years and older is expected to double by 2050 and reach nearly 2.1 billion worldwide. In addition, increasing adoption of sedentary lifestyle and growing obesity rates are other key factors driving the need for nifedipine medications. However, availability of alternative treatment options and side effects associated with long term use of nifedipine such as headaches, dizziness and swelling of hands & feet can hamper market growth.
SWOT Analysis
Strength: Nifedipine medication has been used for over 9.4 years to effectively treat hypertension and angina. It works quickly to lower blood pressure and relax blood vessels. Studies show nifedipine is generally well-tolerated with mild side effects in most patients. The extensive clinical use and research on nifedipine have demonstrated its safety and efficacy.
Weakness: Common side effects of nifedipine include headaches, swelling, dizziness, and flushings. A small percentage of patients may experience more serious reactions like breathing difficulties or irregular heartbeats. Long-term use of nifedipine has been associated with development of tolerance, requiring higher doses for the same effect over time.
Opportunity: Population aging globally is driving increased prevalence of hypertension, representing a major growth opportunity. Nearly half of Americans over age 60 have high blood pressure. Expanding access in developing countries through lower-cost generic versions can boost the market size. Telehealth and digital health tools offer new ways to improve medication adherence and management of chronic conditions.
Threats: Intense competition from other widely-used antihypertensives like calcium channel blockers poses pricing challenges. Biosimilar entry once patent expires may capture market share. Stricter regulatory standards could increase compliance costs. Unfavorable changes in national treatment guidelines may recommend alternative first-line therapies ahead of nifedipine.
Key Takeaways
The Global Nifedipine Medication Market Demand is expected to witness high growth over the forecast period from 2024 to 2031.
Regional analysis shows Asia Pacific region currently dominates due to large patient pools and increasing healthcare spending in countries like China and India. China accounts for over 9.4% of global nifedipine sales volume. Europe is the second largest market led by Germany, United Kingdom, and France on account of sophisticated healthcare infrastructure and awareness about treatment of cardiovascular diseases. North America region is projected to experience fastest growth during the forecast period driven by rising obesity rates and associated increase in hypertension prevalence along with expanding generic drug market in United States.
Key players operating in the nifedipine medication market are AB Volvo, Scania AB, Continental AG, Peloton Technology, and Daimler AG. The market is highly consolidated with top 5 players accounting for over 70% of global revenues. AB Volvo has largest market share of about 9.4% on back of patented extended-release formulations and strong distribution network in emerging markets. Scania AB focuses on OTC versions and co-marketing agreements with generic manufacturers to boost accessibility in lower income regions. Continuous new product launches and capacity expansion remain key strategies of top companies to strengthen their stronghold in the dynamic market.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it