by Nifedipine medication is used to treat hypertension and chest pain. It belongs to a class of drugs known as calcium channel blockers. Nifedipine works by relaxing blood vessels so blood can flow more easily. It is available in both immediate-release and extended-release formulations and can be taken orally as capsules or tablets. These medications are commonly prescribed for the treatment of high blood pressure and angina.
The global Nifedipine Medication Market is estimated to be valued at Us$ 1094.2 Mn in 2023 and is expected to exhibit a CAGR Of 8.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Hypertension, also known as high blood pressure, is a major health problem that leads to heart disease, stroke, and kidney failure if not controlled. According to the World Health Organization (WHO), nearly half of all adults aged 25 years and above suffer from hypertension globally. Additionally, the risk of hypertension increases with age, affecting a vast majority of people aged 60 years and above. Given the rapidly growing geriatric population worldwide, the prevalence of hypertension is expected to rise significantly in the coming years. This widespread prevalence of hypertension presents a large patient pool opting for nifedipine medication, thereby driving the market growth.
Market Dynamics
Growing cardiovascular disease burden: High blood pressure significantly increases the risks of heart attacks, strokes, heart failure, and other cardiovascular diseases. These aforementioned diseases put a massive economic burden on healthcare systems globally. According to the American Heart Association, cardiovascular diseases cost the U.S. over $329 billion annually. This escalating economic burden caused by rising cardiovascular cases has led to an increased focus on effective hypertension management, thereby impelling the adoption of nifedipine medication.
Widespread availability of generics: Nifedipine has been available in generic form for several years now. This has made nifedipine medication highly affordable and accessible to a large patient base globally. The prolific availability of low-cost generic nifedipine alternatives is a key factor fueling the market growth over the forecast period. Additionally, several pharmaceutical companies manufacturing generic drugs have presence across both developed and developing regions, thereby facilitating widespread global availability and uptake.
Segment Analysis
Given the data provided, we can infer that the Nifedipine medication market can be segmented based on dosage form, distribution channel and regions. The oral solid dosage forms segment dominated the market in 2023 due to ease of administration and patient compliance. Tablets and capsules together held over 70% market share under this segment in 2023.
PEST Analysis
Political: Regulations around drug pricing and intellectual property rights impact the performance of key players. Economic: Growing geriatric population and rising healthcare spending in developing nations are major drivers. Social: Increased awareness about cardiovascular ailments leads to higher diagnosis and treatment rates. Technological: Advanced drug delivery systems help improve efficacy and patient compliance.
Key Takeaways
The Global Nifedipine Medication Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis indicates North America and Asia Pacific as the fastest growing regions. North America held the largest share in 2023 owing to developed healthcare infrastructure and presence of major players in the region. Key players operating in the Nifedipine medication market are 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., and Apotex Inc. Major players are focused on product innovation and expansion in emerging markets.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
