by The 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ticagrelor is an oral, reversibly binding P2Y12 platelet inhibitor. It is used to prevent heart attacks and strokes caused by blood clots in people who have chest pain or have had a heart attack or stroke. Ticagrelor works by inhibiting platelets in the blood from clumping together and forming clots without affecting a person’s ability to form blood clots locally at a wound site. It is used in combination with aspirin as an antiplatelet therapy in patients who have had a heart attack or stent implantation to reduce their risk of a future heart attack or stroke.
Market Dynamics:
The key drivers fueling the growth of ticagrelor market are increasing prevalence of cardiovascular diseases and rising number of angioplasty procedures worldwide. As per World Health Organization, cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. Also, there were around 16.8 million deaths due to cardiovascular diseases in 2016, representing 31% of all global deaths. The high mortality and morbidity rate associated with cardiovascular diseases has brought tremendous focus on effective treatment options such as ticagrelor, thus augmenting market growth. Furthermore, rising number of percutaneous coronary intervention (PCI) and coronary artery bypass grafting (CABG) surgeries is also supporting ticagrelor market growth. PCI procedures using stents require long-term dual antiplatelet therapy including aspirin and an P2Y12 receptor blockers such as ticagrelor or clopidogrel to prevent stent thrombosis. For instance, according to the American College of Cardiology key data of PCI procedures in the U.S. from 2018, around 1 million PCIs were performed annually. Additionally, favorable reimbursement policies for ticagrelor therapy in developed regions is also fueling its adoption. However, patent expiration of blockbuster drugs and availability of substitutes have impacted ticagrelor market negatively.
Segment Analysis
The global ticagrelor market is dominated by the oral segment which holds around 90% of the total market share. Ticagrelor is administered orally in the form of tablets with 90mg dose. The oral administration segment witnesses high demand due to convenience of use and home healthcare.
PEST Analysis
Political: The global ticagrelor market is regulated by stringent regulations pertaining to drug approval and manufacturing practices. Favorable governmental policies support the growth of the pharmaceutical sector.
Economic: Rising healthcare expenditures, growing middle class population and increasing insurance coverage are fueling the growth of the ticagrelor market globally.
Social: Growing awareness about cardiovascular ailments, changing lifestyles leading to increased risk of diseases, and increasing focus on healthcare and wellbeing propels the demand for ticagrelor drugs.
Technological: Continuous research and development activities for development of advanced drugs through progressive technologies such as nanotechnology facilitate the ticagrelor market growth.
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. The market size for 2023 is estimated to be US$ 1285.83 Mn.
Regional analysis: North America dominated the global ticagrelor market in 2022 and is expected to maintain its dominating position over the forecast period. This is attributed to growing healthcare expenditure, presence of major market players, and rising geriatric population in the region which is more prone to cardiovascular diseases.
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. AstraZeneca’s Brilinta (ticagrelor) is the largest selling ticagrelor brand globally. The company has patent exclusivity for ticagrelor till 2023 which provides it a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
