Bile acid sequestrants are the drugs used in lowering low-density lipoprotein (bad) cholesterol. An excessive amount of cholesterol in the blood can cause blockage by adhering to the walls of arteries and narrowing them. Bile acid sequestrants block the absorption of bile acid in the stomach, liver then needs the cholesterol from the blood to make more bile acid, this reduces cholesterol level. These drugs are also found effective in treating diabetes type 2 to manage the blood sugar level. The global bile acid sequestrants market is likely to grow over the forecast period with the increasing demand to manage cholesterol level for treating several diseases.
The COVID-19 pandemic has impacted almost all the industries. Due to coronavirus outbreak, the flow of patients into the hospitals has been reduced which has led to the decline in the patients seeking treatments. In addition, the production industries are being largely obstructed due to lockdown causing an unprecedented technology and business model transformation. There has been a disruption in the supply of APIs, especially, imports from China due to global restrictions, this is hampering the production of bile acid sequestrants.
The growth of bile acid sequestrants market is mainly driven by the high prevalence of chronic liver diseases, thyroid, and diabetes across the world due to the high cholesterol level. In U.S., it is reported that around 29 million adults have cholesterol levels higher than 240 mg/dL and 7% children and adolescents ages 6 to 19 have high total cholesterol. The rising geriatric population is another major factor driving the growth of global bile acid sequestrants market. In addition, an increasing patient awareness level and adoption of sedentary life-style are some of the influencing factors for the growth of global bile acid sequestrants market.
However, there are some factors that can restrain the bile acid sequestrants market growth such as limited revenue opportunities with poor healthcare facilities, and others.
Bile Acid Sequestrants market has been segmented on the basis of product type, application, and end-user.
Based on the drug type, the global bile acid sequestrants market is segmented as:
Based on the application, the global bile acid sequestrants market can be segmented as:
Based on the distribution channel, the global bile acid sequestrants market can be segmented as:
Based on the drug type, colestid is the most prescribed drug as compared to other drugs available in the global bile acid sequestrants market. Based on the application, the chronic liver diseases segment is expected to dominate the global bile acid sequestrants market due to the increasing consumption of alcohol across the globe. Based on the end-user, the hospital pharmacies are expected to be the most profitable segment in the global bile acid sequestrants market due to the larger number of patients seeking treatment from the hospitals.
North America is expected to hold a major share in the global bile acid sequentrants market due to the increasing prevalence of chronic liver diseases in the region. Furthermore, the consumption of unhealthy and acidic diet at a huge scale in North America is driving the demand of bile acid sequentrants in this market. North America is expected to be followed by Europe due to large number of geriatric population and rising awareness about the effect of high cholesterol in the body. Asia Pacific is also expected to have a rapid growth in the global bile acid sequestrants market. The rising demand of junk food and increasing consumption of alcohol leading to liver diseases in countries like China and India will is expected to drive the bile acid sequestrants market.
The key participants operating in the global bile acid sequestrants market are: Eli Lilly and Company, Merck & Co., Inc., Pfizer Inc., GlaxoSmithKline plc, Esperion Therapeutics, Inc., Dr. Reddy's Laboratories Ltd., Immuron Limited, FORMAC Pharmaceuticals N.V., and others.
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Regional analysis includes