Omega 3 Prescription Drugs Market Size, Share, And Growth Rate Analysis 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s omega 3 prescription drugs market report forecasts the omega 3 prescription drugs market size to grow to $2.09 Billion by 2027, with a CAGR (compound annual growth rate) of more than 8%.
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Omega 3 Prescription Drugs Market Size Forecast
The global omega 3 prescription drugs market is expected to grow from $1.37 billion in 2022 to $1.49 billion in 2023 at a compound annual growth rate (CAGR) of 8.74%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The omega 3 prescription drugs market size is expected to reach $2.09 billion in 2027 at a CAGR of 8.84%.
North America held the largest omega 3 prescription drugs market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Omega 3 Prescription Drugs Market Driver – Rise In Cases Of Cardiovascular Diseases
For instance, according to the 2021 World Health Organization (WHO) report, an estimated 17.9 million people died from CVDs, accounting for 32% of global deaths. The causes of 85% of these fatalities were heart attacks and strokes. Therefore, rising cases of cardiovascular diseases (CVDs) drive the growth of the omega-3 prescription drug market.
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Key Omega 3 Prescription Drugs Market Trend – New Product Innovations
Major companies operating in the manufacturing of omega-3 drugs are focused on developing new product innovations to strengthen their position in the market. For instance, in October 2022, the European Commission gave the green light to plant-based omega-3 products from DSM for fish and animal substitutes throughout the EU. DSM claims that the product enhances plant-based foods’ nutritional profile and enables the development of fish products based on animals that will be similar to current fish products. This omega 3 supplement can be used to enhance the nutritional content of goods without having an adverse effect on the marine ecosystem.
Omega 3 Prescription Drugs Market Segment
1) By Drug Type: Vascepa, Lovaza, Other Type
2) By Application Type: Hypertriglyceridemia, Other Application Type
3) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Pharmacy
Omega 3 Prescription Drugs Market Major Players and Strategies
Major players in the omega 3 prescription drugs market are Abbott Laboratories, Amarin Pharmaceuticals Ireland Ltd., GSK PLC., Natrapharm Inc., Viatris Inc., Grupo Ferrer International SA, Camber Pharmaceuticals Inc., Dr. Reddy’s Laboratories Ltd., Zydus Group, Hikma Pharmaceuticals PLC, KD Pharma Group, and Woodward Pharma Services.
In August 2021, Woodward Pharma Services, a US-based pharmaceutical company, acquired Lovaza (omega-3-acid ethyl esters) capsules from GlaxoSmithKline for an undisclosed amount. With this acquisition, Woodward Pharma will now have the license/authority to use Lovaza capsules in adult patients with severe hypertriglyceridemia (a high level of a certain type of fat (triglycerides) in the blood). Lovaza is a prescription omega-3 product approved by the FDA and is a medical-grade supplement for high triglyceride management. GlaxoSmithKline is a UK-based pharmaceutical and biotechnology company.
The Omega 3 Prescription Drugs Global Market Report 2023 covers regional data on omega 3 prescription drugs market size, omega 3 prescription drugs market trends and drivers, opportunities, strategies, and omega 3 prescription drugs market competitor analysis. The countries covered in the omega 3 prescription drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The omega-3 prescription drug lowers the number of triglycerides (a fat-like substance) in the blood and raises the levels of good cholesterol (HDL) in the body. Omega-3 drugs or fatty acids are nutrients obtained from food (or supplements) that assist in developing and maintaining a healthy body and are critical in constructing every cell wall.
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