Global Fibrate Drugs Market – Industry Trends and Forecast to 2029

Fibrate Drugs Market Analysis and Size

The global fibrate drugs market is expected to witness significant growth during the forecast period. These drugs are most commonly used to treat patients with high cholesterol and triglycerides to reduce the risk of atherosclerosis. Cardiac patients are increasing; as a result, more patients are using these fibrate drugs. The fenofibrate segment is expected to account for largest market share by 2029 due to wide availability and increasing adoption in both developed as well as developing regions. COVID-19 also had a major impact on the market growth.

Data Bridge Market Research analyses a growth rate in the global fibrate drugs market in the forecast period 2022-2029. The expected CAGR of global fibrate drugs market is tend to be around 5.50% in the mentioned forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Market Definition

Fibrate drugs belong to the amphipathic carboxylic acids class, which lowers triglyceride levels in the blood by hindering hepatic extraction of free fatty acids that results in the high activity of the endothelial lipoprotein lipase. These drugs lower the triglycerides levels in blood mainly by two methods such as reducing the triglycerides production in the liver and growing the rate of removal of excess of triglycerides from the bloodstream. The most commonly prescribed fibrate drugs include gemfibrozil and fenofibrate. 

Fibrate Drugs Market Scope and Segmentation

Global Fibrate Drugs Market Dynamics

Drivers

• Increased Incidence of Cardiac Diseases

According to the World Health Organization (WHO) records, cardiac disorders account for about 17.9 million deaths worldwide every year. According to the Center for Disease Control and Prevention, around 659,000 deaths occurred because of heart diseases in 2021. This is because of the unhealthy cholesterol buildup in the coronary artery. As a result, the fibrate drugs are used widely thus, it boosts the market growth.

• Increase in Elderly Population

According to the study published by the National Institute of Health, in 2020, older adults aged 65 and older were more likely to suffer from cardiovascular disease than younger people. In addition to this, in the study "Cardiovascular disease risk factors among older people" which was published in 2020, the incidence of cardiovascular disease among older people aged 60-69 years was around 72.1% in the U.S.. Thus, the increasing elderly population will require more of the fibrate drugs to elimibate the CVD conditions among them. This boosts the market growth.

Opportunities

• Higher Obese Population

As per the records of WHO, in 2016, more than 1.9 billion people above 18 years were overweight; among these population, around 650 million were found to be obese. Thus, large obese population worldwide and increasing incidence of chronic disorders such as diabetes, obstructive sleep apnea, and sleep disordered breathing are estimated to boost the global fibrate drugs market during the forecast period. Thus, all these factors enhance the market expansion.

• Increasing Demand for Retail Pharmacies

The rise in the number of fibrate drugs delivered through retail pharmacies and the surge in the number of retail pharmacies in developed countries create opportunities for the market growth. In addition to this, patients prefer retail pharmacies for purchasing drugs, as these are easily accessible.

 Restraints/Challenges

• Side Effects of Renal Drugs

The side effects associated with these renal drugs could curb the growth of the global fibrate drugs market over a forecast period. Effects such as loss of abdominal pain, leg cramps, headaches, constipation can hamper the market growth.

• High Cost

The huge expenditure associated with these agents hamper the market growth. There are several drugs such as Clofibrate, Gemfibrozil, Fenofibrate which are of high prices that in return restrict the market expansion.

This global fibrate drugs market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global fibrate drugs market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In November 2021, Drug Firm Lupin launched generic fenofibrate capsules that are used to treat high cholesterol and triglyceride levels in the blood in the U.S.. The company launched the generic version with a dose strength of 30 mg and 90 mg in the United States.
• In September 2021, Aurobindo Pharma Limited received final approval from US FDA for its abbreviated new drug application, Fenofibrate capsules USP 67 mg, 134 mg, and 200 mg. These capsules are a generic equivalent to the reference drug, Tricor Capsules of AbbVie Inc.

Global Fibrate Drugs Market Scope

The global fibrate drugs market is segmented on the basis of drugs, indication, route of administration, distribution channel and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Drugs

• Clofibrate
•  Gemfibrozil
• Fenofibrate
• Others

Indication

• Hypercholesterolemia
• Heart Attacks
• Others

End User

• Hospitals
• Homecare
• Specialty Clinics
• Others

Distribution Channel

• Hospital Pharmacy
• Online Pharmacy
• Retail Pharmacy

Fibrate Drugs Market Regional Analysis/Insights

The global fibrate drugs market is analysed and market size insights and trends are provided by drugs, indication,  route of administration, distribution channel and end-user as referenced above.

The major countries covered in the global fibrate drugs market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific has been witnessing a highest growth for global fibrate drugs market throughout the forecasted period due to increased smoking, hypertension & diabetic population, and presence of key manufacturers of the product.

North America dominates the market due to increased smoking, hypertension & diabetic population, and presence of key manufacture of the product.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Fibrate Drugs Market Share Analysis

The global fibrate drugs market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global fibrate drugs market.

Key players operating in the global fibrate drugs market include:

• Pfizer Inc (U.S.)
• AstraZeneca (U.K.)
• Bristol-Myers Squibb Company (U.S.)
• Allergan,Inc (Ireland)
• Dr. Reddy's Laboratories Ltd (India)
• Endo International plc (Ireland)
• Teva Pharmaceutical Industries Ltd (Israel)
• Sun Pharmaceutical Industries Ltd (India)
• Mylan N.V. (U.S.)
• Novartis AG (Switzerland)
• Lupin (India)
• Cipla Inc (India)
• Aurobindo Pharma (India)
• Fresenius SE & Co. KGaA (Germany)
• Sanofi (France)
• F. Hoffmann-La Roche Ltd (Switzerland)
• NorthStar Healthcare Income, Inc (U.S.)

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