by Nifedipine medication is one of the most commonly prescribed drugs for treating hypertension and angina pectoris. Nifedipine belongs to a class of drugs called calcium channel blockers that work by relaxing blood vessels and increasing the supply of blood and oxygen to the heart. It is used to treat chest pain (angina) and high blood pressure (hypertension). Nifedipine comes as an extended-release capsule or tablet, and immediate-release tablet to take by mouth.
The global Nifedipine Medication Market is estimated to be valued at Us$ 1094.2 Mn in 2023 and is expected to exhibit a CAGR Of 8.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends witnessed in the global nifedipine medication market is the shift to generic drugs. Nifedipine has been available as a generic drug for decades. When brands lose their patent protection, they face competition from multiple generic manufacturers, driving prices down. Currently, most prescriptions for nifedipine are filled with low-cost generic versions. This has benefitted consumers and health systems. However, it has also reduced profits for originator drug companies. Companies are leveraging new drug delivery technologies and formulations to gain an edge over generics. Novel drug delivery formulations with enhanced bioavailability, reduced dosing frequency, and improved safety profiles can fetch patent protection and protect revenues for an extended period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the market requires high capital investment and establishment of distribution networks. There are also stringent regulations for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes and established branded products. Buyers can easily switch to alternative treatment options.
Bargaining power of suppliers: Suppliers have moderate bargaining power owing to availability of alternatives and established distribution channels of major players.
Threat of new substitutes: The threat of new substitutes is moderate as there are several alternative treatment options available for hypertension and cardiovascular diseases.
Competitive rivalry: The competitive rivalry is high among existing players due to established brands and availability of generic versions.
Key Takeaways
The Global Nifedipine Medication Market Size is expected to witness high growth over the forecast period.
Regional analysis:
North America is expected to dominate the market over the forecast period owing to increasing prevalence of hypertension. However, Asia Pacific is expected to witness fastest growth owing to rising healthcare spending and growing geriatric population in countries like India and China.
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. Among them, Pfizer Inc., Novartis AG, and Merck & Co., Inc. have a significant market share owing to their established branded products.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
