WILMINGTON, DE / ACCESSWIRE / March 28, 2023 / Transparency Market Research Inc. - The peripheral vasodilator drugs market size was valued at USD 6.0 Bn in 2022, and it is estimated to expand at a CAGR of 5.3% during the forecast period from 2023 to 2031.
Rise in prevalence of cardiovascular diseases and peripheral vascular conditions is fueling the peripheral vasodilator drugs market. Advances in drug delivery technology and increase in focus on R&D are also likely to propel market expansion in the next few years.
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Peripheral vasodilator drugs are used to treat constricted blood vessels in the peripheral tissues of the body. The scope of use of peripheral vasodilator drugs ranges from treatment of hypertension and peripheral artery disease, to angina and Raynaud's disease. They are also used in the treatment of erectile dysfunction to increase blood flow to the penis.
Peripheral Vasodilator Drugs Market -Key Findings of Report
Rise in Prevalence of Peripheral Vascular Diseases - Increase in prevalence of hypertension and other cardiovascular conditions is a major factor propelling the peripheral vasodilator drugs market. According to the World health Organization, hypertension affects 1.13 billion people worldwide, and is a major cause of mortality and morbidity. Continued increase in the prevalence of hypertension is driving innovations and drug development in the global industry.
Prevalence of Raynaud's disease and peripheral artery disease (PAD) is also increasing, which is related to sedentary lifestyle, unhealthy dietary habits, and aging population. According to estimates of The National Institute of Arthritis and Musculoskeletal and Skin Diseases, Raynaud's disease affects approximately 5% to 10% of the world population. These factors are anticipated to create business opportunities in the next few years.
Technological Advancements in Drug Development - Technological advances in drug development leading to advent of novel and advanced therapies for a range of conditions is fueling the global market. Advances in technology have led to the development of novel peripheral vasodilator drugs. For instance, usage of computer-aided drug design (CADD) enables researchers to undertake computational approach to predict the properties of new drug molecules, thereby reducing the time and cost associated with conventional drug discovery methods.
Furthermore, advances in imaging technology have enabled researchers to better understand the course of action of existing drugs and subsequently develop new drugs with improved efficacy and safety profiles. For instance, the adoption of positron emission tomography (PET) imaging has led to the development of new drugs that work on specific receptors in the body, and thus enable more precise treatment of diseases.
Adoption of machine learning algorithms and big data analytics is propelling market development. These tools enable researchers to examine vast amounts of data, in order to discover new drug targets and predict the safety and efficacy of new drugs.
Rise in Adoption of CCBs - Based on drug type, calcium channel blockers segment held the leading market share in 2022. Calcium channel blockers (CCBs) are medication that work as barrier to prevent calcium from entering the muscles of blood vessels. This action makes calcium channel blockers ideal for various conditions such as Raynaud's disease and hypertension.
Rise in prevalence of hypertension leading to surge in demand for antihypertensive medications, including CCBs, is another factor boosting the segment. Moreover, rise in adoption of CCBs as a first course of treatment for hypertension, along with the drug's efficacy, is fueling demand for CCBs. Availability of a few types of CCBs provides a range of options for physicians to choose from.
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Peripheral Vasodilator Drugs Market - Growth Drivers
- Increase in prevalence of cardiovascular diseases and hypertension is fueling the peripheral vasodilator drugs market
- Surge in awareness about peripheral vascular diseases and significance of early diagnosis and treatment are boosting market growth
Peripheral Vasodilator Drugs Market - Regional Landscape
North America accounted for the leading share of the global peripheral vasodilator drugs market in 2022. Growth of the market in the region is ascribed to high prevalence of hypertension and other cardiovascular disorders and expanding geriatric population. According to statistics of the American Heart Association, hypertension is present in approximately 45% adults in the U.S., which is a major risk factor for cardiovascular conditions. This fuels the demand for peripheral vasodilator drugs in the region.
The peripheral vasodilator drugs market in Asia Pacific is anticipated to witness significant growth during the forecast period. This is ascribed to rise in prevalence of cardiovascular diseases, improving healthcare infrastructure, and expanding geriatric population in the region. Furthermore, the region is home to some of the most populous countries, which are witnessing an increase in prevalence of cardiovascular diseases, resulting in surge in demand for peripheral vasodilator drugs.
Peripheral Vasodilator Drugs Market - Competitive Analysis
Prominent players in the peripheral vasodilator drugs market are engaging in M&As, strategic collaborations, and new product launch to strengthen their position and garner higher peripheral vasodilator drugs market share.
Key players in the peripheral vasodilator drugs market include Pfizer Inc., GSK plc, Merck & Co. Inc., Bayer AG, Bristol-Myers Squibb Company, and Lupin.
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The peripheral vasodilator drugs market is segmented as follows;
Global Peripheral Vasodilator Drugs Market, by Drug Type
- Calcium Channel Blockers
- Direct-acting Vasodilators
- Alpha-adrenergic Blockers
- Potassium Channel Activators
Global Peripheral Vasodilator Drugs Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global Peripheral Vasodilator Drugs Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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