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Thrombin inhibitors are pharmaceutical agents that directly bind and inhibit the activity of thrombin, a serine protease that plays a central role in coagulation. Thrombin is able to activate factor XIII, which stabilizes blood clots, as well as stimulate platelet aggregation and activation. Hence, thrombin inhibitors are used to prevent or reduce coagulation and blood clot formation in conditions such as deep vein thrombosis, pulmonary embolism, and arterial thrombosis. Some common thrombin inhibitors include Argatroban, Bivalirudin, Dabigatran, Desirudin and Lepirudin. These drugs act as anticoagulants and are highly effective in inhibiting excessive or abnormal blood clots during medical procedures or in chronic diseases.
The global thrombin inhibitor market is estimated to be valued at US$ 30.75 billion in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. With rising prevalence of cardiovascular diseases, cancer and other chronic illnesses, the risk of developing associated blood disorders and need for anticoagulation therapy has increased tremendously. It is estimated that over 17.9 million people die annually from cardiovascular diseases, which is over 75% of all cardiovascular deaths. Cancer is another leading cause of death worldwide and increasingly many cancer patients need anticoagulation therapy during and post treatment to avoid life threatening complications of blood clots. This wide patient pool needing anticoagulation medication is driving robust demand for thrombin inhibitors during the forecast period.
Market key trends: One of the major trends witnessed in the global thrombin inhibitor market is the entry of biosimilar thrombin inhibitor drugs. Since the patent protections of blockbuster drugs such as Argatroban and Bivalirudin are now expiring, development and commercialization of their biosimilar versions has accelerated. Several pharmaceutical companies have introduced or are developing thrombin inhibitor biosimilars such as Fabiject and others. These biosimilars offer significantly lower treatment costs compared to the reference biologics. Increasing penetration of these biosimilar thrombin inhibitors worldwide is anticipated to make anticoagulation therapy more affordable and accessible to a larger patient population in coming years. This will positively impact the overall market growth during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the thrombin inhibitor market is moderate to low as it requires a significant amount of capital to set up manufacturing units and to obtain regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers in the thrombin inhibitor market is moderate as there are several established manufacturers providing a variety of products.
Bargaining power of suppliers: The bargaining power of suppliers is low owing to the presence of many raw material suppliers in the market.
Threat of new substitutes: The threat of substitutes in the thrombin inhibitor market is low as there are limited alternate treatment options available for thrombosis.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of many established global as well as regional players.
Key Takeaways
The global thrombin inhibitor market is expected to witness high growth over the forecast period. The market is driven by the increasing prevalence of cardiovascular diseases and growing number of surgical procedures performed worldwide.
Regional analysis: North America is expected to dominate the global thrombin inhibitor market during the forecast period. This is attributed to the rising geriatric population, growing prevalence of chronic diseases, and increasing number of surgical procedures in the region. Asia Pacific is anticipated to exhibit the fastest growth rate over the coming years owing to the improving healthcare infrastructure and rising medical tourism in various countries like India and China.
Key players: Key players operating in the thrombin inhibitor market are Pfizer, Inc., Bayer AG, GlaxoSmithKline plc, Boehringer Ingelheim GmbH, Sanofi, Bristol-Myers Squibb Company, Johnson & Johnson, Abbott Laboratories, Daiichi Sankyo Company, Limited. Pfizer, Inc. and Johnson & Johnson are recognized as the industry leaders and together account for the major market share.
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- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
