April 24, 2024
Sodium Channel Blockers Market

The Global Sodium Channel Blockers Market Is Expected To Be Fueled By Rise In Prevalence Of Cardiovascular And Neurological Disorders

Sodium channel blockers are medications used for pain management by blocking sodium channels, involved in conduction of pain signals in the nervous system. These medications are commonly used for treatment of cardiovascular diseases such as arrhythmias and seizure disorders. Some notable sodium channel blockers include lidocaine, carbamazepine, lamotrigine, topiramate, etc. The global sodium channel blockers market is growing due to increasing prevalence of cardiac arrhythmias, epilepsy, and neuropathic pain conditions. As per estimates, arrhythmia affects over 4 million Americans annually. Similarly, epilepsy has a global prevalence of over 50 million people worldwide.

The global sodium channel blockers market is estimated to be valued at US$ 5.64 billion in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

Rise in prevalence of cardiovascular and neurological disorders is one of the major drivers propelling growth of the global sodium channel blockers market. As mentioned earlier, conditions like arrhythmias, epilepsy are increasing at an alarming rate globally. This has increased reliance on effective medications like sodium channel blockers for management of these diseases. Moreover, continuous advancements in drug delivery systems and launch of new drug formulations by leading players is also fueling market growth. For instance, in 2019, Biogen received FDA approval for Vumerity, a novel fumarate formulation for relapsing-remitting multiple sclerosis (RRMS). Similarly, SK biopharmaceuticals launched Civamide, a new sodium channel blocker for treatment of postherpetic neuralgia in 2018.

Segment Analysis

The global Sodium Channel Blockers market is dominated by the antiarrhythmic segment which holds more than 35% market share. Sodium channel blockers are majorly used for the treatment of cardiac arrhythmias like atrial fibrillation, ventricular arrhythmias etc. Within antiarrhythmic drugs, Class Ic antiarrhythmic drugs which are sodium channel blockers such as flecainide and propafenone are the major revenue generators. The demand for sodium channel blockers is high from hospitals as most cardiac arrhythmia surgeries are conducted in hospitals.

Global Sodium Channel Blockers Market Segmentation:

  • By Product
    • Antiarrhythmic agents
    • Local anesthetics
    • Anticonvulsants
    • Analgesics
    • Others
  • By Therapeutic Area
    • Cardiology
    • Neurology
    • Anesthesiology
    • Pain management
    • Others
  • By Route of Administration
    • Oral
    • Parenteral
    • Topical
  • By Distribution Channel
    • Hospital Pharmacies
    • Retail Pharmacies
    • Online Pharmacies

PEST Analysis:

Political: The market is regulated by government organizations like FDA in US and EU which approve new drugs and regulate the product approval process maintaining high quality and safety standards.

Economic: Rise in healthcare spending globally and growing disposable incomes in developing regions is fueling the market growth.

Social: Increasing incidence of lifestyle diseases like diabetes, high BP leading to cardiac issues and growing geriatric population are major social drivers of this market.

Technological: Advancements in drug delivery systems, development of newer formulations like sustained release formulations are helping to improve patient compliance for chronic therapy of cardiac disorders.

Key Takeaways:

The Global Sodium Channel Blockers Market Size is estimated to be valued at US$ 5.64 Billion in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030.

Regional Analysis – North America holds nearly 40% market share currently owing to high healthcare spending and early adoption of new therapies. Europe is the second largest market.

Key Players – Key players operating in the Sodium Channel Blockers market are Biogen, Merck & Co., Parion Sciences, AlphaNavi Pharma, Vertex Pharmaceuticals, SK biopharmaceuticals, UCB Biopharma, Mylan Pharmaceuticals, Daewoong Pharmaceutical Co. Ltd., and Bio-Techne. Key players are focusing on R&D to develop new formulations and delivery mechanisms to expand indications.

*Note:
1.Source: CoherentMI, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it