PORTLAND, Ore., April 6, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Telmisartan Market by Indication (Hypertension and Cardiovascular Risk Reduction) and Distribution Channel (Hospital Pharmacies, Drug Stores & Retail Pharmacies, and Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global telmisartan market size generated $3.45 billion in 2019, and is expected to reach $4.25 billion by 2027, manifesting a CAGR of 3.4% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Growth in geriatric population all across the globe, rise in healthcare expenditure, increase in awareness regarding treatment of high blood pressure, and surge in prevalence of hypertension across the globe fuel the growth of the global telmisartan market. However, drug shortages of telmisartan tablets hinder the market growth. On the other hand, high growth potential in developing countries is expected to create new opportunities in the next few years.
- The outbreak of covid-19 impacted the manufacturing facilities and disrupted the supply chain, thereby creating a shortage of telmisartan tablets.
- However, as lockdown regulations are getting eased off and most countries are undergoing unlock phases, the industry is expected to recoup soon.
The hypertension segment to maintain its lead position during the forecast period
Based on indication, the hypertension segment held the highest market share in 2019, accounting for around 90% of the global telmisartan market, and is estimated to maintain its lead position during the forecast period. This is owing to rise in prevalence of hypertension patients across the globe and increase in demand for antihypertensive drugs. On the other hand, the cardiovascular risk reduction segment is projected to portray the highest CAGR of 4.3% from 2020 to 2027. This is attributed to factors including increase in prevalence of cardiovascular diseases, rise in government awareness towards cardiovascular risk reduction treatments, growth in geriatric population worldwide as elderly people are highly susceptible to cardiovascular disorders, and surge in demand for effective drugs and therapy for cardiovascular diseases.
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The hospital pharmacies segment to maintain its lead position during the forecast period
Based on distribution channel, the hospital pharmacies segment accounted for the highest market share in 2019, contributing to more than half of the global telmisartan market, and is expected to maintain its lead position during the forecast period. This is due to convenience offers provided by them and strong presence of hospital pharmacies across the globe. On the other hand, the online pharmacies segment is expected to manifest the fastest CAGR of 4.5% from 2020 to 2027. This is owing to increase in preference for online purchasing of drugs over the traditional methods.
North America to maintain the lead by 2027
Based on region, North America contributed to the highest share in 2019, accounting for more than one-third of the global telmisartan market, and is projected to maintain its leadership status by 2027. This is due to rise in number of hypertension patients, surge in adoption of antihypertensive drugs, availability of advanced healthcare facilities with trained medical professionals, and rise in number of hospital pharmacies and online pharmacies. On the other hand, the market across Asia-Pacific is projected to maintain the fastest CAGR of 5.2% during the forecast period, owing to presence of a large potential patient base coupled with surge in new drug launch and rise in use of hypertensive drugs, and rise in prevalence of hypertension and cardiovascular diseases.
Leading market players
- Abbott Laboratories
- Aurobindo Pharma
- Boehringer Ingelheim International GmbH
- Cipla Inc.
- Glaxosmithkline Plc (GSK)
- Mylan N.V.
- Sun Pharmaceutical Industries Limited
- Teva Pharmaceutical Industries Ltd. (Actavis Generics)
- Zydus Cadila.
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SOURCE Allied Market Research