Number of pages: 100 | Report Format: PDF | Published date: May 23, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global anticoagulants market was valued at US$ 33.31 billion in 2022 and is expected to register a revenue CAGR of 8.20% to reach US$ 67.71 billion by 2031.
Anticoagulants Market Fundamentals
Anticoagulants, also known as blood thinners, are drugs that help prevent blood clot formation. They also keep existing blood clots from getting larger. A blood clot is a seal the blood creates to stop wound bleeding. While they are useful in stopping bleeding, they can block blood vessels and stop blood flowing to organs such as the brain, heart, or lungs if they form in the wrong place. Anticoagulants are given to people at a high risk of getting clots to reduce the chances of developing serious conditions such as strokes and heart attacks.
Anticoagulants Market Dynamics
The rising geriatric population; growing prevalence of deep vein thrombosis (DVT); atrial fibrillation (AF), and stroke; growing demand for anticoagulation therapy; and the growing adoption of novel oral anticoagulants (NOACs) are some of the pivotal factors propelling the growth of the anticoagulants market. Government bodies and numerous organizations across the globe are implementing several initiatives to fast-track the development of anticoagulants by providing the necessary funding, grants, permissions, clearances, and approvals. For instance, in December 2019, the U.S. Food and Drug Administration approved the first generic version of the powerful blood thinner Eliquis (apixaban) made by Mylan and Micro Labs. Eliquis (apixaban) is an anticoagulant used to treat blood clots and prevent stroke in people with nonvalvular atrial fibrillation, marketed by Bristol-Myers Squibb and Pfizer. Atrial fibrillation (AF) is an abnormal heart rhythm (arrhythmia) characterized by the rapid and irregular beating of the heart's atrial chambers. It is associated with an increased risk of heart failure, dementia, and stroke. According to a CDC report, the prevalence of AFib in the United States was projected to rise to 12.1 million in 2030. Likewise, according to the ‘Cardiovascular Diagnosis & Therapy’ article, Deep vein thrombosis (DVT) is the formation of a blood clot in a deep vein, most commonly in the legs or pelvis. It was estimated that 60,000-100,000 Americans die of DVT each year. Anticoagulation therapy is an effective treatment for preventing further complications in patients with AF and DVT. Therefore, the increasing prevalence of AF & DVT will propel the market's growth.
Furthermore, to maintain their position in the market, the prominent players are continuously implementing collaborative strategies to boost R&D activities and launch more effective drugs. For instance, in June 2020, Lonza signed a partnership agreement with Anthos Therapeutics, a biotech company created by Blackstone Life Sciences and Novartis, for the development and manufacturing of Abelacimab, a novel factor XI and XIa antibody, which could address a range of thrombotic disorders. In September 2020, Mylan NV acquired Aspen Pharmacare Holdings Limited’s thrombosis portfolio in Europe, thus making Mylan Europe’s second-largest provider of anticoagulants.
However, the high cost of NOACs compared to warfarin is expected to restrain the market to a certain extent. The novel oral anticoagulants (NOACs) are a new class of anticoagulant drugs. NOACs have major pharmacologic advantages over warfarin, such as rapid onset and offset of action, lesser drug interactions, and predictable pharmacokinetics. However, these novel drugs have a higher price, leading to increased healthcare costs, which may limit their adoption and hinder market growth.
Anticoagulants Market Ecosystem
The global anticoagulants market has been analyzed from the following perspectives: by drug class, application, route of administration, and region.
Anticoagulants Market by Drug Class
Based on the drug class, the global anticoagulants market is segmented into novel oral anticoagulants (NOACs), vitamin K antagonist, heparin & low molecular weight heparin (LMWH), and others.
The novel oral anticoagulants segment dominates the global market with more than 51.58% of the revenue share. NOACs, also known as direct oral anticoagulants (DOACs), offer a favorable safety profile compared to traditional anticoagulants like warfarin. Warfarin requires frequent monitoring of blood levels and dose adjustments, while NOACs have a predictable anticoagulant effect and do not require routine monitoring. This ease of use and reduced risk of complications have contributed to the popularity of NOACs among patients and healthcare providers. NOACs are administered orally in fixed doses, eliminating the need for injections or regular laboratory monitoring. This convenience factor increases patient compliance, simplifying the treatment regimen and reducing the burden associated with frequent visits to healthcare facilities. NOACs have demonstrated comparable or superior efficacy to traditional anticoagulants in preventing and treating various conditions, such as venous thromboembolism (VTE), atrial fibrillation (AF), and stroke prevention. Clinical studies have shown that NOACs effectively reduce the risk of thromboembolic events while maintaining a lower risk of bleeding complications than traditional anticoagulants. Initially, NOACs were primarily indicated for stroke prevention in patients with non-valvular atrial fibrillation. However, their usage has expanded to include the prevention and treatment of VTE, including deep vein thrombosis (DVT) and pulmonary embolism (PE). The widening range of indications has contributed to the growth and dominance of the NOAC segment in the anticoagulant market. Over time, NOACs have gained acceptance among physicians, specialists, and patients worldwide. Guidelines from medical societies and regulatory agencies have recognized the effectiveness and safety of NOACs, leading to increased prescribing practices. The broader acceptance and positive recommendations have fueled the dominance of the NOAC segment in the global anticoagulant market.
Anticoagulants Market by Application
Based on the application, the global anticoagulants market is segmented into deep vein thrombosis (DVT), pulmonary embolism, myocardial infarction (MI), atrial fibrillation (AF), and others.
The pulmonary embolism segment dominates the global market with nearly 64.70% of the revenue share. A pulmonary embolism is a blood clot that forms in the lungs' pulmonary arteries and prevents blood flow. This illness can potentially be fatal and develop into another deadly condition known as deep vein thrombosis (DVT). The rising prevalence of pulmonary embolism due to various causes such as obesity, heart disease, and cancer is expected to fuel market expansion.
Similarly, atrial fibrillation also accounts for a nota le revenue shares in the global market. Atrial fibrillation is the most common sustained cardiac arrhythmia and is associated with an increased risk of stroke and systemic embolism. The high prevalence of AF translates into a significant patient population requiring anticoagulation therapy, thus driving the demand for anticoagulant drugs. Anticoagulant therapy is crucial in preventing stroke in AF patients by reducing the risk of blood clot formation. Additionally, growing awareness about the potential complications of atrial fibrillation, including stroke, has led to increased diagnosis and detection of AF cases. As more patients are diagnosed with AF, there is a corresponding increase in the need for anticoagulant therapy, driving the demand in the market. The introduction of novel oral anticoagulants (NOACs), also known as direct oral anticoagulants (DOACs), has revolutionized anticoagulation therapy for atrial fibrillation. These medications, such as apixaban, rivaroxaban, dabigatran, and edoxaban, offer advantages over traditional anticoagulants like warfarin. Thus, all these factors play a significant role in the growth of the global market.
Anticoagulants Market by Route of Administration
Based on the route of administration, the global anticoagulants market is bifurcated into oral and injectable.
The oral route of administration leads the global market with the largest revenue share. Oral anticoagulants offer the advantage of being administered orally, typically in the form of tablets or capsules. The oral route of administration is more convenient for patients than injectable anticoagulants, as it eliminates the need for injections and reduces the associated discomfort. The convenience of oral administration improves patient compliance and adherence to the prescribed treatment regimen, contributing to the dominance of the oral segment in the market. Historically, anticoagulant therapy relied on traditional agents like warfarin, which required frequent monitoring and dose adjustments. However, introducing novel oral anticoagulants (NOACs), also known as direct oral anticoagulants (DOACs), has revolutionized the landscape. NOACs offer several advantages over traditional anticoagulants, including predictable anticoagulant effects, fewer drug interactions, and a reduced need for routine monitoring. The widespread adoption of NOACs has significantly contributed to the dominance of the oral segment in the global anticoagulant market. Oral anticoagulants, particularly NOACs, have demonstrated comparable or superior efficacy to traditional anticoagulants like warfarin in various indications, such as stroke prevention in atrial fibrillation and the treatment and prevention of venous thromboembolism (VTE).
Anticoagulants Market by Region
Based on the region, the global anticoagulants market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominates the global market with a notable revenue share. North America has a significant burden of cardiovascular diseases, including atrial fibrillation, deep vein thrombosis, and pulmonary embolism. These conditions often require anticoagulant therapy for prevention and treatment, leading to a higher demand for anticoagulant drugs in the region. North America has a well-developed healthcare infrastructure with advanced medical facilities, research institutions, and a strong pharmaceutical industry. The presence of top-tier healthcare systems, specialized cardiac centers, and access to advanced diagnostic and treatment options contribute to the dominance of North America in the anticoagulant market. The robust regulatory environment ensures that only approved and proven medications are available in the market, which further strengthens North America's dominance in the global anticoagulant market. North America is a hub for pharmaceutical research and development, with numerous academic institutions, research centers, and pharmaceutical companies actively engaged in developing new anticoagulant therapies. The region fosters innovation and investments in clinical trials, leading to the introduction of novel anticoagulant drugs. The presence of cutting-edge research and a strong pipeline of potential therapies contribute to North America's leadership in the market. North America has one of the highest healthcare expenditures globally. The high healthcare spending capacity increases accessibility to advanced treatments, including anticoagulant drugs. The willingness to invest in healthcare and the availability of comprehensive insurance coverage contribute to the dominant position of North America in the anticoagulant market. Many prominent pharmaceutical companies with a strong global presence are based in North America. These companies have a wide range of anticoagulant products in their portfolios and have established strong distribution networks, making their products readily available in the region. The presence of established market players further contributes to North America's dominance in the global anticoagulant market.
Anticoagulants Market Competitive Landscape
The prominent players operating in the global anticoagulants market are:
Anticoagulants Market Strategic Developments
Anticoagulants, commonly known as blood thinners, are drugs that help prevent the formation of blood clots. They also keep existing blood clots from getting larger.
The anticoagulants market is projected to reach US$ 65.44 billion by 2031.
The high cost of NOACs and stringent regulations are some of the restraints obstructing the growth of the global market.
The novel oral anticoagulants (NOACs) segment dominated the global anticoagulants market in 2022.
The rising geriatric population and growing prevalence of atrial fibrillation among people across the globe are some of the major factors driving the global market.
*Insights on financial performance are subject to the availability of information in the public domain