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(Health-NewsWire.Net, April 14, 2022 ) Nifedipine Market size is estimated to reach $1.7 billion by 2027, growing at a CAGR of 4.1% during the forecast period 2022-2027. Nifedipine falls under the category of calcium channel blocker drugs which is widely used to treat complications such as chest pain (angina), Hypertension, preterm labor, Prinzmetal angina (=squeezing of blood vessels), Raynaud’s phenomenon (= numbing of several parts). There are many other dihydropyridine calcium channel blocker drugs including nitrendipine and nisoldipine for treating HBP problems. In recent years, abnormalities like premature labor are emerging and are stirring the demand for the aforementioned drugs. Tocolytics are used to suppress preterm by stopping the contraction of muscles cells. Similarly, nifedipine helps prevent preemies from health hitches that they’re susceptible to by virtue of premature births. Elevating prevalence of health issues like HBP, arrhythmia, and other chronic illnesses are factors set to drive the growth of the Nifedipine Industry for the period 2022-2027.
Nifedipine Market Segment Analysis-By Application
The Nifedipine Market based on the application type can be further segmented into HBP, heart attack, chilblain, cephalalgia, chest pain (angina), preterm labor, prinzmetal’s angina (=squeezing of blood vessels), Raynaud’s phenomenon (= numbing of several parts). The Preterm labor segment held the largest share in 2021. This growth is owing to increasing cases of premature births due to hormonal imbalance or stretching of the uterus. Other than that, various chronic illnesses such as hypertension and diabetes also have their fair share in the prevalence of such sickness.
However, the heart attack and HBP segments are estimated to be the fastest-growing segment with a CAGR of 4.7% over the forecast period 2022-2027. This growth is owing to prevailing obesity cases ascribing to poor diet ingestion, excessive junk food intake, no exercise, growing trend of smoking and alcohol consumption among the younger generation, and stress.
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Nifedipine Market Segment Analysis-By Distribution Channel
The Nifedipine Market based on Distribution Channel can be further segmented into hospital pharmacies, medical centers, retail pharmacies. The hospital pharmacy segment held the largest share in 2021. The growth is owing to high demand and rush in hospitals as chronic illnesses are elevating due to rising old-age population, and broadening pollution. Post COVID-19 there has been a precipitous ascension in maladies due to too little to no physical activity during the lockdown. On the other hand, Nifedipine drugs are not available over the counter and require a prescription from doctors which gravitate patients towards hospitals.
Moreover, the Retail pharmacy segment is estimated to be the fastest-growing segment with a CAGR of 4.8% over the forecast period 2022-2027. This growth is owing to the growing presence of retail pharmacy outlets in pastoral areas due to rising drug consumption. In the US, an increment of 12.6% was recorded in the last decade. Owing to such growth, the segment is estimated to offer lucrative growth opportunities.
Nifedipine Market Segment Analysis-By Geography
The Nifedipine Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 35% of the overall market in 2021. The growth in this segment is owing to the factors such as heightening sickness such as heart attack, angina, high blood pressure due to widescale obesity among the American public. In 2021 US-dominated every other country on the planet in terms of obesity rates. Around 36.20% of adults in the US are facing overweight problems which are leading the calcium channel blocker drugs market.
However, Asia-Pacific is expected to be the fastest-growing segment with a CAGR of 35% over the forecast period 2022-2027. This growth is owing to growing chronic maladies due to expanding old-age population especially in countries like India and China, refining healthcare infrastructure as governments are allocating innumerable funds in development.
Nifedipine Market Drivers
Enlarging long-term illnesses are Anticipated to Boost Product Demand.
Trends of using Calcium channel blockers such as Norvasc, Nicardipine, Procardia, and many more have intensified post-COVID-19 with augmentation in acute and chronic health abnormalities. In the US around 332,915,000 adults which account 36.20% face obesity problems. Poor lifestyles of people are pushing them one step closer to illnesses such as high blood pressure, chest pains, heart attacks, etc. Therefore the overall rate of drug consumption is elevating which is stimulating the demand of Nifedipine market.
Elevating demand for calcium channel blocker drugs is Expected to Boost Product Demand.
Nifedipine is an efficient drug for the treatment of various sicknesses such as HBP, heart attack, chilblain, cephalalgia, chest pain (angina), preterm labor, prinzmetal’s angina (=squeezing of blood vessels), Raynaud’s phenomenon (= numbing of several parts). Owing to its effectiveness especially in the treatment of preterm labor, overall consumption of the drug is elevating. It suppresses preterm by stopping the contraction of muscles cells and helps prevent preemies from health hitches that they’re susceptible to by virtue of premature births.
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Nifedipine Market Challenges
Health concerns linked accompanied to nifedipine are Anticipated to Hamper Market Growth.
Even though the demand for nifedipine is shooting up but one factor which is anticipated to strangle the growth of this calcium channel blocker drug is many side effects associated with its use. Nausea, rapid increase in weight, tenderness in various parts of the body, irregular beating of the heart. In addition to that, some serious side effects include liver damage, stoppage of breathing. Also, consumption of nifedipine with some antibiotics and antiviral drugs may lead to a rise in the nifedipine level in the body which can lead to serious illnesses.
Nifedipine Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Nifedipine Market. Nifedipine top 10 companies include:
Bayer
Pfizer
AstraZeneca
Shyndec
Actavis
Abbott laboratory
Honglin
Merck
Global pharm
Teva Pharmaceutical Industry Ltd
Recent Developments
On April 23, 2021, Germany-based nifedipine producer MNC announced that the supply of 30mg tablets of Adalat LA prolonged-release has been restarted to the UK. Earlier in 2019 due to shortage aforementioned tablets ran out of stock in the UK. Alliance healthcare issues were the prima-facie for production issues, which for now have been rectified. Furthermore, prolonged-release tablets to be the most effective treatment of the various nifedipine products.
On September 18, 2019, AVET announced the launch of nifedipine soft gel capsules. The products was being readily available in the potency of 10 and 20mg. This product is the AB-rated generic equivalent to the calcium blocker drug Procardia® and adds to Avet’s robust portfolio of generic oral solid products. Furthermore, the spokesperson regarded that the drug would allow them to compete in the heavily dominated market for hypertension.
Key Takeaways:
Geographically, the North America Nifedipine Market accounted for the highest revenue share in 2021. However, Asia-Pacific is poised to offer lucrative growth opportunities to marketers in the projected period of 2022-2027.
Soaring complications like HBP (=high blood pressure), and cardiovascular ailments which include coronary artery sickness are said to be preeminent drivers driving the growth of the Nifedipine Market. However, side effects accompanied by nifedipine are said to reduce the market growth.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Nifedipine Market report.
Relevant Links:
A. Blood Pressure Monitoring Devices Market
https://www.industryarc.com/Report/15706/blood-pressure-monitoring-devices-market.html
B. Obesity Management Market
https://www.industryarc.com/Report/16183/obesity-management-market.html
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