by The Global Ticagrelor Market is estimated to be valued at US$ 1285.83 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ticagrelor is an antiplatelet medication primarily used for the prevention of cardiovascular events in people with acute coronary syndrome or a history of myocardial infarction. Ticagrelor works by reversibly inhibiting the P2Y12 platelet inhibitor. It reduces the chance of blood clots (thrombus) forming and prevents events like heart attacks and strokes. Ticagrelor offers advantages like rapid onset of action within 30 minutes of administration, reliable platelet inhibition with twice-daily dosing, and reversibility on discontinuation. Due to its effectiveness in preventing cardiovascular events, ticagrelor has emerged as a preferred treatment option over clopidogrel and is increasingly being used for treatment of acute coronary syndrome and prevention of stroke.
Market key trends:
Growing geriatric population: The risk of cardiovascular diseases increases with age. With rise in life expectancy across the world, the elderly population aged above 65 years is growing rapidly. This is expected to significantly drive the demand for antiplatelet drugs like ticagrelor for prevention of heart attacks and strokes in the elderly.
Increasing incidence of myocardial infarction: Myocardial infarction or heart attack is a major cause of death and disability worldwide. The prevalence of myocardial infarction has been rising globally due to sedentary lifestyle and increasing prevalence of diabetes, hypertension, and obesity. This is propelling the uptake of ticagrelor for treatment of acute coronary syndrome and prevention of recurrent cardiovascular events post-myocardial infarction.
Favorable reimbursement for ticagrelor: Established reimbursement policies for ticagrelor in developed markets ensure steady revenue flow for manufacturers. For instance, in the U.S., ticagrelor is covered under Medicare Part D for treatment of acute coronary syndrome. Remimbursement support is driving its preference over alternate antiplatelet drugs.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as a high capital investment is required to enter into this industry. Additionally, the established players have a strong foothold in the market.
Bargaining power of buyers: The bargaining power of buyers is high given the large number of existing products available and potential threat of substitutes. Buyers can negotiate on price easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials for ticagrelor are commoditized in nature and can be substituted.
Threat of new substitutes: The threat of new substitutes is high as new products are regularly introduced offering added advantages over ticagrelor.
Competitive rivalry: Competition in the market is high among existing players.
Key Takeaways
The Global Ticagrelor Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing prevalence of cardiovascular diseases and rising demand for antiplatelet drugs.
On a regional basis, North America is expected to dominate the global ticagrelor market over the forecast period. This is attributed to the presence of major manufacturers in the region and growing awareness about ticagrelor among physicians. However, Asia Pacific is anticipated to exhibit the fastest growth over 2023-2030. This is owing to rapid development of healthcare infrastructure and rising healthcare expenditure in emerging countries of Asia Pacific.
Key players operating in the ticagrelor market are C.H. Boehringer Sohn AG & Ko. KG, Pfizer Inc., Eli Lilly and Company, AstraZeneca plc, Natco Pharma Limited, Anhui Haikang Pharmaceutical Co., Ltd., Avra Laboratories Pvt. Ltd., and Sun Pharmaceutical Industries Ltd. These players are focused on developing innovative therapeutic options and expanding geographically to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
