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Rivaroxaban is an anticoagulant medication used to prevent blood clots in the veins and arteries. It works by blocking the activity of certain clotting factors in the blood. Rivaroxaban is prescribed to reduce the risk of stroke and blood clots in patients with nonvalvular atrial fibrillation, to treat deep vein thrombosis and pulmonary embolism, and for certain other conditions. The global rivaroxaban market includes products such as tablets, oral suspensions, and injections administered through various distribution channels.
The global rivaroxaban Market is estimated to be valued at US$ 5,653 million in 2023 and is expected to exhibit a CAGR of 1.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasingly growing prevalence of blood clots and cardiovascular diseases across the globe is expected to drive the growth of the rivaroxaban market over the forecast period. According to the Centers for Disease Control and Prevention, each year around 900,000 Americans suffer a stroke, and around 100,000 of these result in death. Moreover, atrial fibrillation, a condition rivaroxaban is prescribed for, affects over 33.5 million people globally. Therefore, rising incidence of conditionsindications requiring anticoagulation therapy is expected to boost the demand for rivaroxaban. Additionally,increasing research and development activities for expanding therapeutics applications of rivaroxaban is also expected to fuel the market growth over the next few years. For instance, ongoing clinical trials are exploring the efficacy of rivaroxaban for treatment of covid-19 associated coagulopathy and pulmonary embolism. However, stringent regulatory approvals and high costs associated with rivaroxaban drugs may hamper the market growth.
Segment Analysis
Rivaroxaban Market is segmented into Hospital Pharmacy, Retail Pharmacy, and Online Pharmacy. The Retail Pharmacy segment is dominating the market as rivaroxaban tablets are commonly prescribed by doctors and are easily available over the counter at retail pharmacies. Patients also prefer buying rivaroxaban from retail pharmacies due to convenience.
PEST Analysis
Political: The government regulations regarding the usage and sales of anticoagulant drugs are supporting the growth of the rivaroxaban market. Various health programs planned by governments worldwide are creating awareness about stroke and heart disorders.
Economic: The rising incidences of thrombosis, atrial fibrillation, and deep vein thrombosis are boosting the demand for effective oral anticoagulants like rivaroxaban. This factor is positively impacting the economic growth of the rivaroxaban market.
Social: The changing lifestyle and increased stress levels are leading to a surge in cardiovascular diseases. Growing health consciousness among people is increasing the consumption of rivaroxaban for preventing blood clots, heart attacks, and strokes.
Technological: Pharmaceutical manufacturers are investing heavily in R&D to develop new formulations and dosage forms of rivaroxaban with improved bioavailability and minimized side effects. Some players are also working on fixed-dose combination therapies.
Key Takeaways
The global rivaroxaban market is expected to witness high growth over the forecast period supported by the rising geriatric population worldwide and increasing prevalence of chronic diseases. The global Rivaroxaban Market is estimated to be valued at US$ 5,653 million in 2023 and is expected to exhibit a CAGR of 1.5% over the forecast period 2023 to 2030.
Regionally, North America region is expected to dominate the market owing to the increasing incidence of DVT and strong demand for innovative oral anticoagulants.
Rivaroxaban is highly preferred over warfarin due to its predictable pharmacokinetics and fewer drug-drug and drug-food interactions. Some key players operating in the rivaroxaban market are Janssen Pharmaceuticals Inc. and Bayer AG. Janssen Pharmaceuticals Inc. holds the major market share as it introduced rivaroxaban under the brand name Xarelto which is one of the top-selling oral anticoagulants worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
