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Global Simvastatin Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ XX Bn by 2028, Likely to Grow with the CAGR of 3.7% During the Forecast Period.
Simvastatin helps to lower blood cholesterols level in the body. This drug class of statins is majorly used to treat bad cholesterol levels in the body by inhibiting HMG coenzyme reductase. It is one of the lipid-lowering agents which is synthetically derived from the fermentation of Aspergillus terreus. Simvastatin also helps in cholesterol biosynthesis and interferes with steroid hormone production.
Changing Lifestyle and Rise In Prevalence Of Heart Diseases Due To Increase In Cholesterol Is Anticipated To Drive The Demand For Simvastatin
A rise in the prevalence of coronary heart diseases such as heart attack, stroke, atherosclerosis, and increased prevalence of cholesterol due to changing lifestyle has led to increased demand for simvastatin. According to WHO, Europe followed by North America has witnessed the highest cholesterol level.
Furthermore, a rise in the geriatric population, an increase in healthcare expenditure in emerging regions along with an increase in R&D activities in the field of pharmaceutical industries, modern healthcare amenities, and various cholesterol related healthcare campaigns is expected to boost demand for simvastatin globally.
In addition, increasing consumer preference for over-the-counter (OTC) drugs is another factor contributing to the market growth. While rise in therapeutical applications is anticipated to provide new opportunities for the market. However, the side effects of simvastatin can act as a restrain of the market.
Tablet Segment Held a Significant Share in Global Simvastatin Market in 2019
On the basis of Dosage Form, the tablet segment held a significant share in the Simvastatin Market, accounted for over XX% of the global revenue share of the Simvastatin Market in 2019. And expected to grow at a significant CAGR of XX% during the forecast period. The Simvastatin tablets are widely used in the treatment of coronary heart diseases due to high cholesterol levels. In addition, storage convenience as a tablet form is a driving factor for segment growth.
The Online Segment is Expected to Witness Highest Growth in the Global Simvastatin Market across the Globe
On the basis of the distribution channels, the online pharmacies segment projected to grow at the highest rate with a CAGR of XX% in the Simvastatin Market during the forecast period. Аvаіlаbіlіtу of Simvastatin drugs on оnlіnе роrtаlѕ hаѕ bееn gаіnіng ѕіgnіfісаnt trасtіоn due to the еmеrgеnсе of рhаrmасу роrtаlѕ. This trend lіkеlу tо соntіnuе and рrоvіdе а ѕubѕtаntіаl bооѕt to thе glоbаl Simvastatin mаrkеt. While retail pharmacies held a major share of the market due to their easy access and wide availability across regions.
The North America Is Expected to Dominate the Simvastatin Market During the Forecast Period
North America dominated the global market, accounted for over XX% of the global revenue share of the Simvastatin market in 2019 and this trend is expected to continue over the forecast period. An increase in the number of adults suffering from LDL cholesterol along with a rise in health care expenditure, technological advancements, and an increase in the incidence of lifestyle diseases boost the growth of the market in North America.
Market in Asia Pacific region is Anticipated to Grow at Significant Rate During the Forecast Period.
The Simvastatin market in the Asia Pacific is an emerging market, accounted for over XX% of global revenue share in 2019 and is anticipated to expand at a XX% CAGR during the forecast period due to increase in incidence in obesity and cardiovascular diseases, and changes in health care regulatory policies and large generic population.
Some of key players operating in the global Simvastatin market are Pfizer Inc., Biocon, GlaxoSmithKline Plc., Concord Biotech, AstraZeneca, Novartis Global, Sun Pharma, Abbott Laboratories, Merck & Co. Inc., and Aurobindo Pharma Ltd.
Simvastatin Market Key Segments:
Simvastatin Market, By Product
- Enzymatic Synthesis
- Chemical Synthesis
Simvastatin Market, By Dosage Form
Simvastatin Market, By End User
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
Simvastatin Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America