The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Apixaban Global Market Report 2024, the apixaban market is expected to show significant growth in the forecast period.

Current Market Dynamics

• Market Growth: The apixaban market has experienced robust growth in recent years. From a size of $2.69 billion in 2023, it is projected to rise to $2.92 billion in 2024. This represents a compound annual growth rate (CAGR) of 8.7%.
• Historical Drivers: This growth can be attributed to several factors including increased incidence of atrial fibrillation, an aging population, regulatory approvals, favorable clinical outcomes, and a shift from warfarin to novel oral anticoagulants (NOACs).

Future Outlook

• Projected Growth: The market is expected to grow significantly in the coming years, reaching $4.12 billion by 2028, with a CAGR of 9.0%.
• Forecast Drivers: This anticipated growth is driven by the continued incidence of cardiovascular diseases, higher awareness and diagnosis rates, expansion into emerging markets, an aging global population, and changes in health policies and reimbursements. Major trends include advancements in drug delivery systems, increased research and development, innovation and collaborations, FDA approvals, and the rise of digital health and telemedicine.

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Impact of Cardiovascular Disease Prevalence

• Rising Cardiovascular Disease Rates: Cardiovascular diseases, including coronary artery disease, stroke, and heart failure, are on the rise due to factors like sedentary lifestyles, poor diet, tobacco use, obesity, high blood pressure, diabetes, and an aging population.
• Role of Apixaban: Apixaban is critical in managing cardiovascular conditions by reducing the risk of blood clots, which helps prevent strokes, deep vein thrombosis, and pulmonary embolism. The American Heart Association reported 931,578 deaths from cardiovascular diseases in January 2024, underscoring the increasing demand for effective treatments like apixaban.

Major Companies and Market Players

• Key Players: Major companies in the apixaban market include Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd, Merck & Co. Inc., Sanofi S.A., Bristol-Myers Squibb Company, Eli Lilly and Company, and others.
• Focus Areas: These companies are advancing the market through innovation in drug development, including the introduction of generic versions of apixaban to increase affordability and access.

Rise of Generic Apixaban

• Increased Accessibility: The launch of generic apixaban versions is expanding access and affordability for patients. For instance, Tiefenbacher Pharmaceuticals introduced a generic form in Canada in October 2022. This move is set to enhance accessibility and provide cost savings in global healthcare systems.
• Product Availability: The generic versions include 2.5 mg and 5 mg tablets and are used for a range of thrombotic disorders including stroke prevention in atrial fibrillation and treatment of deep vein thrombosis and pulmonary embolism.

Strategic Acquisitions and Market Expansion

• SK Capital Partners Acquisition: In September 2022, SK Capital Partners acquired Apotex Pharmaceutical Holdings Inc., a Canadian company specializing in apixaban. This acquisition is expected to significantly impact drug manufacturing, distribution, and research.
• Pharmaceutical Segmentation: The apixaban market is segmented by dosage form (capsules, tablets), application (deep vein thrombosis, pulmonary embolism), and end-users (hospitals, homecare, specialty clinics).

Regional Insights

• Regional Market: North America was the largest market for apixaban in 2023. Looking ahead, the Asia-Pacific region is anticipated to be the fastest-growing area due to increasing healthcare investments and rising awareness.

The apixaban market is set for considerable growth, driven by a combination of rising cardiovascular disease prevalence, regulatory advancements, and market expansions. With innovations in drug delivery and the rise of generics, the landscape for apixaban continues to evolve, offering promising prospects for patients and healthcare systems alike.

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