The global pravastatin market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). Pravastatin is a drug called a statin, which is used to lower LDL (bad) cholesterol and triglycerides in the blood and increase HDL (good) cholesterol. The major factor expected to drive the market is rising demand for statins as an evidence-based treatment for patients suffering from lifestyle-related diseases, such as cardiovascular disorders, diabetes, and hypercholesterolemia. Furthermore, the increasing requirement for efficient drugs to diminish LDL cholesterol is also propelling the market growth. Moreover, factors such as rising demand for over-the-counter (OTC) drugs and the growing adoption of combination therapies of statins with cholesterol diminishing compounds are fueling the growth of the market during the forecast period. Additionally, in North America, over 70% of American adults are suffering from LDL cholesterol, which increases the demand for effective treatment of LDL (bad) cholesterol which further supports the growth of the global pravastatin market.
In July 2021, a study was conducted across the US hospitals between January and September 2020 show that the Statins reduce the risk of death in a COVID-19 patient with a history of high blood pressure or heart disease. The study was done on approx. 10,500 patients across 104 the US hospitals. All of them had been admitted with a serious COVID-19 disease. After analyzing the data by American Heart Association, it was concluded that statin use was similarly linked to a 25% lower risk for developing a severe outcome as a result of COVID-19 infection. Pravastatin reduces LDL (bad) cholesterol and triglycerides in the blood and increase HDL (good) cholesterol. It is only available as a generic drug and it doesn’t have a brand name version. It comes only in the form of a tablet.
Some major players in the market include Bristol-Myers Squibb, Novartis International AG, and Glenmark Pharmaceuticals Ltd., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Dosage Type
- By End-Use
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– Bristol-Myers Squibb, Novartis International AG, and Glenmark Pharmaceuticals Ltd., among others.
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Global Pravastatin Market Report by Segment
By Dosage Type
- 10 mg Tablet
- 20 mg Tablet
- 40 mg Tablet
- 80 mg Tablet
By End-Use
- Adult
- Children
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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