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COVID-19 pandemic Impact on Atorvastatin API Market Size 2020, Global Industry Overview, Demand, Insights, New Developments, Top Company Profile, Key Regions Forecast to 2023

Jul 15, 2020 5:00 PM ET
iCrowd Newswire – Jul 15, 2020

Global atorvastatin API market is expected to exhibit a stable 3.34% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global atorvastatin API market is expected to reach a valuation of USD 425.8 million by 2023, according to the MRFR report.

Atorvastatin is a statin, also known as HMG-CoA reductase inhibitors, and is used to reduce the levels of cholesterol in the human body. Lowering cholesterol is vital in preventing cardiac events, due to which the demand for atorvastatin API has grown rapidly over the last few years. The growing prevalence of cardiovascular diseases and the growing incidence of cardiac events around the world has driven the demand for effective medication that can lower cholesterol and prevent cardiac events in the first place. The growing demand for preventive medication is likely to be a major driver for the global atorvastatin API market over the forecast period. As the load of cardiovascular diseases on the healthcare system is increasing, consumers are increasingly looking for preventive medication that allows the patients to prevent cardiac events, rather than having to treat the disease once they arise. This is likely to remain a key driver for the global atorvastatin API market over the forecast period.

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On the other hand, the adverse health effects of atorvastatin are likely to restrict the demand for the same from patients all over the world. Atorvastatin can cause nausea, diarrhea, joint pain, and loss of appetite, as well as other gastrointestinal symptoms such as stomach discomfort or pain. These effects may be rare in prevalence, but their severity has held the market back to a significant degree. This is likely to be a major restraint against the global atorvastatin API market over the forecast period.

Atorvastatin API Market Competitive Leaderboard:

Leading players in the global atorvastatin API market include Cadila Pharmaceuticals, Centrient Pharmaceuticals, Anuh Pharma Ltd., Zhejiang Hisun Pharmaceutical Co. Ltd., Morepen Laboratories Ltd., Ind-Swift Labs Ltd., Sun Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., Jubilant Life Sciences Ltd., and Teva Pharmaceutical Industries Ltd. Entering untapped markets, particularly in Asia Pacific, Africa, and Latin America, is likely to remain a key strategy for players in the global atorvastatin API market over the forecast period. Product launches are also likely to be an important tactic for players in the global atorvastatin API market.

Atorvastatin API Market Segmentation:

The global atorvastatin API market is segmented on the basis of application and region.

By application, the global atorvastatin API market is segmented into hypercholesterolemia, hypertriglyceridemia, dyslipidemia, and others. Hypercholesterolemia is likely to remain the market’s most valuable segment over the forecast period; the segment is expected to reach a valuation of USD 210.7 million by 2023. The growing prevalence of hypercholesterolemia is likely to drive the segment over the forecast period. The hypercholesterolemia segment is expected to exhibit a strong 4.09% CAGR over the forecast period, which is significantly more than the overall market’s CAGR over the same period.

Atorvastatin API Market Regional Analysis:

North America accounted for the largest share in the global atorvastatin API market in 2017 and is likely to retain its dominance over the forecast period. The region accounted for a dominant share of 40.64% in the global atorvastatin API market in 2017. Europe accounted for the second largest share in the global atorvastatin API market in 2017 and is expected to reach a valuation of more than USD 131 million by 2023. Asia Pacific holds the third largest share in the global atorvastatin API market and is likely to remain an important regional segment of the global atorvastatin API market over the forecast period.

Asia Pacific is expected to exhibit the highest CAGR over the forecast period. China is likely to remain the leading regional market within Asia Pacific over the forecast period, exhibiting a 5.86% CAGR over the forecast period. The North America market is expected to exhibit a solid 3.1% CAGR over the forecast period.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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NOTE: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required we will be considering covid-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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Market Research Future

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