Omega 3 Prescription Drugs Market Trends And Insights by Drug (Vascepa, Lovaza and Others), by Application Type (Hypertriglyceridemia and Others), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy and Online Pharmacy) and By Region (North America, Europe, Asia-Pacific, And Rest of the World) – Competitive Market Growth, Size, Share and Forecast to 2032
Omega 3 Prescription Drugs Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Omega 3 Prescription Drugs Market Information By Drug, Application Type, Distribution Channel, and Region – Forecast till 2032″; the market is projected to grow from USD 1.4 Billion in 2023 to USD 2.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.20% during the forecast period (2023 – 2032).
Market Synopsis
Growing awareness of the benefits omega-3 fatty acids offer for health has been a major driver of the demand for prescription omega-3 medications. Omega-3 fatty acids, which are necessary components found in various foods and supplements, have recently gained a lot of media coverage due to their ability to improve general health and well-being. The benefits of Omega-3 fatty acids for heart wellness are very well known. They have shown that lowering blood pressure, cholesterol levels, and arrhythmia likelihood—all linked to a higher risk of heart disease—are beneficial. Omega-3 fatty acids have piqued the curiosity of those looking to preserve their cardiovascular health since they may lower the likelihood of heart disease, which continues to be one of the leading causes of mortality worldwide. The prescription omega-3 medicine increases the body’s levels of HDL, a type of good cholesterol while reducing the number of triglycerides, a type of fat-like material, in the blood.
Omega-3 fatty acids or pharmaceuticals are nutrients found in diet (or supplements) that support the growth and maintenance of a healthy body and are essential for building every cell wall. Cardiovascular diseases (CVDs), obesity, hypertriglyceridemia, and the regional expansion of omega-3 prescription medicine businesses drive the industry’s growth. The growing worries about maintaining cholesterol levels are anticipated to drive the business. The industry is anticipated to be driven by altered dietary habits and rising awareness of how crucial triglyceride management is. Partnerships between businesses are facilitating quicker product availability. Additionally, industry participants are concentrating on creating new medicines to manage associated chronic problems. However, this shows a market demand that is being answered by newer generic product makers entering the market.
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Omega 3 Prescription Drugs Market Competitive Landscape:
Top key players in the market of Omega 3 Prescription Drugs Natrapharm, Inc. (Patriot Pharmaceutical Corp.), Viatris Inc., Grupo Ferrer Internacional, S.A., Camber Pharmaceuticals, Inc., Dr. Reddy’s Laboratories Ltd., Abbott, Amarin Pharmaceuticals Ireland Ltd., GSK plc, Zydus Group, Hikma Pharmaceuticals PLC
Omega 3 Prescription Drugs Market Trends:
Market Drivers:
Introducing new products is an important trend gaining traction in the market for prescription omega-3 medications. Major businesses involved in producing omega-3 medications are concentrating on creating new products to improve their market position. Adults with elevated triglyceride levels and at least two other cardiovascular disease risk factors, such as elevated cholesterol levels, high blood pressure, or obesity, can use the FDA-approved medicine Vascepa to lower their risk for specific cardiovascular issues. Hypertriglyceridemia and other conditions are among the conditions for which omega-3 prescription medications are used. Eicosapentaenoic and docosahexaenoic acid sales make up the omega-3 prescription medications market.
Values in this market are “factory gate” values, the prices at which items are sold by producers or creators, either directly to consumers or downstream producers, wholesalers, distributors, and retailers. The rise in the frequency of illnesses linked to a sedentary lifestyle has further brought attention to the importance of Omega-3 fatty acids. Sedentary lifestyles, poor eating practices, and an upsurge in the incidence of obesity have all been linked to the emergence of illnesses, including diabetes and metabolic syndrome. About several of these health issues, omega-3 fatty acids were recently researched as a potential intervention, offering a complementary and all-natural alternative to existing medications. The demand for natural remedies from consumers has also played a significant role in increasing awareness. The producers of the items that provide associated services are included in the value of the commodities in this market.
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Restraints
Fish availability at lower prices is decreased due to unequal fish collection and rising demand for seafood from different sources, restraining market growth. Fish are becoming more harmful to consume due to rising environmental, metal, and toxic contaminants, which is anticipated to restrain the segment’s expansion. The industry’s supply of raw materials is also anticipated to be impacted by tighter controls on fishing to conserve fish species.
Market Segmentation
The market for drugs consists of Vascepa and Lovaza. The market comprises hypertriglyceridemia in terms of application type. Hospitals, retail, and online pharmacies are all part of the market’s distribution channels.
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Regional Insights
While Europe is predicted to rise due to the rising senior population and rising utilization in treating obesity, North America currently dominates the omega-3 fatty acids market due to the rising incidence of chronic illnesses and the prevalence of superior medications and health supplements. Like many other affluent nations, Europe has population is growing older. The demographic trend calls for healthcare measures to address age-related disorders like joint pain and cognitive decline, for which prescribed Omega-3 drugs are acceptable. The Omega 3 prescription drug market in Germany had the highest market share, and the Omega 3 prescription drug market in the UK had the quickest rate of growth in Europe. Conversely, Asia-Pacific is anticipated to increase fastest during the projection period. In recent years, diabetes mellitus has grown in prevalence and has become a significant health concern among Asians. The major cause of mortality in diabetic individuals and one of their most serious side effects is CVD. Regarding CVD risk factors, raised low-density lipoprotein cholesterol has proven to be of particular concern.
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