Anticoagulant Market is Estimated to Witness High Growth

Anticoagulants, also known as blood thinners, are medicines that prevent or reduce coagulation of blood and prolong the clotting time. They help prevent harmful clots from forming or growing larger in blood vessels or heart. Common anticoagulants include warfarin, heparin and direct-acting oral anticoagulants (DOACs) such as apixaban, rivaroxaban and dabigatran. They are prescribed to patients with conditions that increase the risk of blood clots such as atrial fibrillation, deep vein thrombosis and pulmonary embolism.

The global anticoagulant market is estimated to be valued at US$ 36,830.47 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The rising prevalence of cardiovascular diseases is expected to drive the growth of the anticoagulant market. Cardiovascular diseases such as stroke, heart attack, deep vein thrombosis and pulmonary embolism increase the risk of harmful blood clots forming in the body. As anticoagulants help prevent clots from forming or getting larger, their demand is increasing with the growing incidence of cardiovascular diseases globally. According to World Health Organization (WHO), cardiovascular diseases are the number 1 cause of death globally, taking an estimated 17.9 million lives each year. Another major driver of the market growth is the increasing adoption of direct-acting oral anticoagulants which have advantages over warfarin such as fewer drug and food interactions and less frequent monitoring. However, factors such as risk of excessive bleeding with anticoagulant use and shortage of anticoagulant drugs may hamper the market growth.

SWOT Analysis

Strength: The anticoagulant market has a large patient pool that requires treatment and management of diseases such as atrial fibrillation, deep vein thrombosis, and pulmonary embolism. Furthermore, the emergence of novel oral anticoagulants that do not require regular monitoring have simplified treatment options for physicians and patients alike. Lastly, rising awareness about early detection and management of coagulation disorders will further support market growth.

Weakness: Stringent regulations pertaining to the approval of new anticoagulants hamper research efforts and delay market entry of novel products. Additionally, risk of bleeding associated with anticoagulant drugs poses serious safety concerns.

Opportunity: Growing geriatric population that is at high risk of developing coagulation disorders presents lucrative opportunities. Emerging economies with large untreated patient pools offer high export and partnerships possibilities for key players. Lastly, expanding applications of anticoagulants in chronic conditions beyond cardiovascular diseases can further boost the market.

Threats: Intense competition from generic variants of warfarin threatens market shares of established branded anticoagulant drugs. Patent expiries of blockbuster drugs also impact market revenues. Additionally, lack of awareness in remote communities hinder early diagnosis and treatment.

Key Takeaways

The Global Anticoagulant Market Size is expected to witness high growth over the forecast period of 2023-2030. The market size is estimated to reach a value of US$ 62834.03 Mn by 2030, expanding at a CAGR of 5.9%.

Regional analysis: Asia Pacific region currently dominates the global market owing to large consumer base and rapid economic development. China, India and Japan hold majority market share in the region. North America holds the second position supported by well-developed healthcare infrastructure and favorable reimbursement landscape. Europe is another lucrative market due to increasing research investments.

Key players: Key players operating in the anticoagulant market are CURT Group, B&W Trailer Hitches, Reese, Draw-Tite, Andersen Hitches, Blue Ox, Pro Series, Equal-i-zer, Buyers Products, Husky Towing, Gen-Y Hitch, Torklift International, PopUp Towing, BulletProof Hitches, Weigh Safe.