Nifedipine belongs to the class of drugs known as calcium channel blockers. It works by relaxing blood vessels and reducing the workload of the heart. As a result, it helps lower blood pressure. Nifedipine is available as both a tablet that is swallowed whole and as a capsule to be taken orally. It is used to treat high blood pressure, chest pain (angina), and other conditions. The global Nifedipine Medication Market is estimated to be valued at US$ 1260.52 Bn in 2023 and is expected to exhibit a 9.4% CAGR over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Growing Prevalence of Hypertension
The growing prevalence of hypertension across the world offers significant market opportunities for nifedipine medication. Hypertension, also known as high blood pressure, increases the risk of heart disease and stroke. According to the American Heart Association, nearly half of American adults suffer from hypertension. Moreover, according to WHO, the prevalence of raised blood pressure in adults aged 18+ years is around 22% globally. Given hypertension’s high prevalence, the demand for its treatment through nifedipine medication is expected to increase significantly during the forecast period.
Threat of new entrants: The threat of new entrants in the nifedipine medication market is high due to the specialized expertise and resources required for R&D and production of these drugs.
Bargaining power of buyers: The bargaining power of buyers is moderate as nifedipine medications are medical essentials for treating high blood pressure and angina.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of substitutes and dominance of key players.
Threat of new substitutes: The threat of new substitutes is high with continuous innovation and development of new treatment options for cardiovascular conditions.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of key global players.
Strength: Nifedipine medications have proven efficacy and are prescribed medicines for hypertension. They possess a wide customer base.
Weakness: Side effects of nifedipine drugs include headaches, swelling, dizziness, fast heartbeat etc. which affect patient compliance. Development of resistant strains is also a concern.
Opportunity: Rise in cardiovascular diseases and geriatric population presents an opportunity to increase sales. Emerging markets offer scope for expansion.
Threats: Patents expiration makes drugs vulnerable to generic competition. Stringent regulatory approvals and safety standards increase R&D costs.
The Global Nifedipine Medication Market Demand is expected to witness high growth during the forecast period of 2024 to 2031 supported by a rising geriatric population and increasing prevalence of hypertension. The market size for 2024 is estimated to be US$ 1260.52 Bn.
Regional analysis reveals that North America dominates the global nifedipine medication market currently owing to developed healthcare infrastructure and awareness levels. However, Asia Pacific is anticipated to grow at the fastest pace due to growing medical needs of expanding economies like India and China.
Key players operating in the nifedipine medication market are AB Volvo, Scania AB, Continental AG, Peloton Technology, and Daimler AG among others. These companies are focusing on product innovation and market expansion strategies to strengthen their positions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it