Nifedipine Medication Market is Estimated To Witness High Growth Owing To Rising Geriatric Population

Nifedipine Medication Market


 Market Overview:

Nifedipine medication is used to treat high blood pressure and chest pain caused by heart disease. It works by relaxing blood vessels so blood can flow more easily. The growing geriatric population is more prone to develop cardiovascular diseases due to age-related health decline. This increases the demand for nifedipine medications for effective treatment of high blood pressure and angina.

Market key trends:

One of the key trends driving the growth of the Nifedipine Medication Market Share is the rising geriatric population. As per the United Nations, the number of people aged 60 years or above is expected to reach 1.4 billion by 2030 and 2.1 billion by 2050. The elderly population is more susceptible to cardiovascular diseases due to gradual weakening of the cardiovascular system with age. For instance, according to the American Heart Association, around 80% of cardiovascular diseases occur in people aged 65 or older. Nifedipine is one of the preferred drugs for treating hypertension and chest pain in geriatric patients. Its high efficacy and tolerability make it a suitable choice for this patient segment. This is expected to significantly boost the demand for nifedipine medication during the forecast period.

Porter’s Analysis
Threat of new entrants: Low capital requirements for manufacturing generics lower barriers to entry while branded products require substantial R&D investments.
Bargaining power of buyers: Large buyers such as government agencies and hospital groups have significant bargaining power due to potential for generic substitution and availability of alternatives.
Bargaining power of suppliers: Suppliers of Active Pharmaceutical Ingredients (API) have moderate power given the specialized manufacturing requirements of APIs.
Threat of new substitutes: Alternate antihypertensive classes provide substitutes but nifedipine occupies a unique space for patients with specific conditions.
Competitive rivalry: Intense competition among existing players to gain market share leads to pricing pressures and promotional spending.

SWOT Analysis
Strength: Established market presence of leading brands with proven efficacy and safety profile. Wide therapeutic indications for cardiovascular conditions augment demand.
Weakness: Patent expiry of major brands resulting in generic competition eroding prices and margins of innovators. Stringent regulations around clinical trials increase costs.
Opportunity: Expanding target population suffering from hypertension globally presents scope for volume growth. Emerging markets yet to reach maturity provide headroom.
Threats: Price control policies of governments affect pricing flexibility. Supply disruptions due to regulatory actions on facilities impact product availability.

Key Takeaways
The global nifedipine medication market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing prevalence of hypertension worldwide. North America currently dominates the market due to presence of major players and growing healthcare spending. However, Asia Pacific is expected to grow at a high pace due to rising medical tourism, large patient pool and healthcare investments in countries such as China and India.

Regional analysis
The Asia Pacific region is projected to be the fastest growing regional market for nifedipine medication owing to increasing healthcare infrastructure, rising disposable incomes, growing medical insurance penetration and expanding base of patients with high blood pressure. Countries such as China, Japan and South Korea have emerged as commercial hubs while India offers vast future potential.

Key players
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., Apotex Inc.

Read More:

https://www.dailyprbulletin.com/nifedipine-medication-market-demand-and-share/

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