Nifedipine Medication Market to Hit US$ 1,936.9 Million, Globally, by 2030 at 9.4% CAGR: Coherent Market Insights
Nifedipine is a medication belonging to a class of drugs known as calcium channel blockers. It is primarily used to treat high blood pressure (hypertension) and to control angina (chest pain). This action helps to decrease the workload on the heart and can prevent angina attacks. Nifedipine is available in various formulations, including immediate-release and extended-release tablets.
Burlingame, Nov. 07, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global nifedipine medication market is estimated to be valued at *US$ 1,094.2 million* in *2022* and is expected to exhibit a *CAGR* of *9.4%* during the forecast period *(2022-2030).*Nifedipine medication is categorized under cardiovascular drugs market, which entails medications for heart failure, hypertension, and other heart-related conditions. Basically, nifedipine medication is a calcium channel blocker that relaxes and expand blood vessels, thus increasing blood flow. It is available in different forms, such as extended-release, immediate-release, and topical preparations.
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*Market Drivers:*
*Growing prevalence of hypertension to foster market growth*
Nifedipine medication is a popular medicine prescribed as a first-line treatment for hypertension treatment. Thus, growing prevalence of hypertension is propelling growth of the nifedipne market. According to the World Health Organization, an estimated 1.28 billion adults aged 30–79 years worldwide have hypertension, most (two-thirds) living in low- and middle-income countries. An estimated 46% of adults with hypertension are unaware that they have the condition. Less than half of adults (42%) with hypertension are diagnosed and treated
*Rising awareness regarding the blood pressure management*
17^th May is celebrated as World Hypertension Day, a day dedicated to highlighting the importance of managing blood pressure and raising global awareness to the 1 billion people living with high blood pressure worldwide. Also, Since 2016, Centers for Disease Control and Prevention and global partners have worked together to create innovative strategies to prevent and control hypertension, and improve people’s overall heart health in countries across the world.
*Nifedipine medication Medication Market Report Coverage*
*Report Coverage* *Details*Forecast Period 2023 to 2030Forecast Period 2023 to 2030 CAGR 9.4% Market Size in 2023 $*1,094.2 *million 2030 Value Projection $*1,936.9 *million Base Year *2022*Historical Data for 2017 to 2021Segments covered By Dosage Form, By Indication, By Distribution ChannelGrowth Drivers • Prevalence of hypertension
• Increasing cardiovascular diseases
• Growing geriatric population
• Expansion of healthcare infrastructure
*Market Key Developments:*
*New product launches*
On April 23, 2021, a Germany-based nifedipine producer, MNC announced that the supply of 30mg tablets of Adalat LA prolonged-release has been restarted to the U.K.
In 2022, Alembic Pharmaceuticals Limited, a manufacturer and supplier of generic medicine in India, received final approval from the U.S. Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Nifedipine Extended-release Tablets USP, 30 mg, 60 mg and 90 mg.
*Acquisition and partnerships*
In 2017, Glenmark Pharmaceuticals, an Indian multinational pharmaceutical company, partnered with Sandoz to co-market nifedipine in the United States. This partnership gave Sandoz access to Glenmark's nifedipine products, while Glenmark gained access to Sandoz's sales and marketing expertise.
In 2018, Glenmark Pharmaceuticals an Indian multinational pharmaceutical company, acquired the nifedipine business of Actavis. This included the rights to the brand name Norvasc, as well as the generic nifedipine products.
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*Market Opportunities:*
*Shift towards combination therapy will open new avenues for market growth*
Shfting prefrences towards combination therapies that include nifedipine medication and other antihypertensive drugs is expected to bring bright market opportunities. For instance, nifedipine medication along with other antihypertensive agents are gaining importance in the market as they offer improved outcomes in managing hypertension.
*Market Restrain:*
*Side effects and other safety concerns *
Side effects and safety concerns associated with the long-term use of calcium channel blockers is a kye factor expected to hamper the market growth.
*Key Trends and Analysis of the Global Nifedipine medication Market: *
Increasing healthcare expenditure to improve treatment process is a recent trend in the global nifedipine medication market. According to the World Health Organization, the 2020 Report analyses global health spending for 190 countries from 2000 to 2018 and provides insights as to the health spending trajectory from the MDG era to the SDG era prior to the crisis of 2020. The report shows that global spending on health continually rose between 2000 and 2018 and reached US$ 8.3 trillion or 10% of global GDP.
*Key Market Takeaways:*
Global nifedipine medication market is expected to exhibit a CAGR of 8.5% during the forecast period, owing to growing healthcare expenditure, high prevalence of hypertension, and advent of comibation therapy for management of hypertension.
*On the basis of Dosage Form*, extended-release tablets segment is expected to hold a dominant position, as they works by relaxing the blood vessels which reduce the amont of work done by heart.
*On the basis of Indication*, Hypertension segment is expected to hold a dominant position, as nifedipine medication are commonly prescribed medicine for hypertension management.
*On the basis of Distribution Channel*, retail pharmacies segment is expected to hold a dominant position, owing to the fact that retail pharmacies have wide shelf space for prescribed medicine.
*On the basis of region*, North America is expected to hold a dominant position over the forecast period, due to increaisnf prevelanec of hypertension, increasing healthcare expenditure, and presence of well-estabalished healthcare sector.
Key players operating in the global nifedipine medication market include Pfizer Inc., Novartis AG, Merck & Co., Inc., AstraZeneca PLC, Teva Pharmaceutical Industries Ltd., Mylan N.V., Sanofi S.A., Johnson & Johnson, GlaxoSmithKline plc, Lupin Limited, Sun Pharmaceutical Industries Ltd., Sandoz International GmbH (a Novartis division), Dr. Reddy's Laboratories Ltd., Torrent Pharmaceuticals Ltd., Apotex Inc.
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*Detailed Segmentation:*
· *Global Nifedipine medication Medication Market, By Dosage Form:*
· Tablets
· Extended-Release Tablets
· Capsules
· *Global Nifedipine medication Medication Market, By Indication:*
· Hypertension
· Angina Pectoris
· Raynaud's Phenomenon
· *Global Nifedipine medication Medication Market, By Distribution Channel:*
· Hospitals and Clinics
· Retail Pharmacies
· Online Pharmacies
· *Global Nifedipine medication Medication Market, By Region:*
· North America · U.S.
· Canada
· Europe · Germany
· Italy
· U.K.
· France
· Spain
· Russia
· Rest of Europe
· Asia Pacific · China
· Japan
· Australia
· India
· ASEAN
· South Korea
· Rest of Asia Pacific
· Latin America · Brazil
· Mexico
· Argentina
· Rest of Latin America
· Middle East & Africa · GCC Countries
· Israel
· South Africa
· Rest of Middle East & Africa
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