The ticagrelor market has witnessed significant growth over recent years due to rising prevalence of cardiovascular diseases globally. Ticagrelor is an oral antiplatelet medication used to prevent heart attacks and other cardiovascular events in patients who have experienced a heart attack or those experiencing acute coronary syndrome. It works by inhibiting platelets from clumping together and forming blood clots inside arteries. ticagrelor market offers advantages over other antiplatelet drugs such as clopidogrel as it reduces the risk of heart attacks, stroke and cardiovascular death to a greater extent without increasing major bleeding risks. The increasing burden of ischemic heart diseases along with growing geriatric population that are more prone to heart disease has boosted the demand for ticagrelor.
The Global ticagrelor Market is estimated to be valued at US$ 1481.28 Mn in 2024 and is expected to exhibit a CAGR of 3.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the ticagrelor market are Atlas Roofing Corporation, BASF SE, Johns Manville, Duro-Last, Inc., E. I. Du Pont De Nemours, Inc., Owens Corning, Sika AG, Standard Industries Inc., and The Dow Chemical Company. Major opportunities in the Ticagrelor Market Size lie in expanding the indications for ticagrelor and developing more combinational drugs. Technological advancements include developing novel formulations such as subcutaneous injections that improve patient compliance by reducing dosage frequency.
Market drivers: The primary driver for the ticagrelor market is the growing geriatric population globally that are at high risk of heart disease. As per WHO, cardiovascular diseases are the number one cause of death worldwide. Moreover, increasing prevalence of lifestyle diseases such as diabetes and obesity that are contributing risk factors for heart diseases will further propel the demand. Rising healthcare expenditures of governments and individuals are also driving the market growth.
Current challenges in the Ticagrelor Market
The ticagrelor market is currently facing challenges due to the availability of alternative treatment options and patent expiration of blockbuster drugs. Drugs like prasugrel and ticlopidine are substituting Ticagrelor Market to some extent. Moreover, the patent of the blockbuster drug Brilinta is set to expire in few years in the United States, which will increase competition and negatively impact the market. However, manufacturers are involved in developing new formulations and filing for additional patent to sustain in the market.
SWOT Analysis
Strength: High efficacy and safety profile of ticagrelor for treatment of acute coronary syndrome. Several clinical trials have demonstrated its effectiveness.
Weakness: Bleeding risks associated with ticagrelor therapy. It slightly increases the risk of fatal bleeding and intracranial hemorrhage.
Opportunity: Significant market potential in developing countries owing to rising incidence of cardiovascular diseases. Emergence of biosimilars also creates opportunities.
Threats: Availability of cheaper generic alternatives once blockbuster drug loses exclusivity poses strong threat. Stringent regulatory framework also restricts smooth growth.
Geographical regions analysis
North America region currently dominates the ticagrelor market and holds around 35% share in terms of value. Higher healthcare spending and major market players’ presence in this region drive its growth. However, Asia Pacific region is emerging as the fastest growing market for ticagrelor owing to large patient population, increasing healthcare awareness and healthcare infrastructure development in many APAC countries.
The ticagrelor market witnesses high concentration in European and North American countries regarding value owing to well-established healthcare systems and reimbursements. However, China, India, Japan and South Korea are gradually becoming hotspots for market growth due to massive patient population and economic development.
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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.