The fondaparinux market is valued at approximately USD 505 million in 2020 and is expected to witness a revenue of USD 725 million in 2026, with a CAGR of 6.20% over the forecast period.
COVID-19 has highly impacted the pharmaceutical supply chain and the fondaparinux market is not any exception. However, the use of heparin is observed to show a decreased mortality rate in COVID-19 patients. According to the research study published in the Journal of Cardiovascular Pharmacology, 2020, the initial study results from the study emphasized the safe and effective use of fondaparinux to reduce the rate of mortality among patients hospitalized with COVID-19 infection. However, according to the research article published in TH Open, 2020, the Subcommittee of the International Society on Thrombosis and Haemostasis suggested that only Low Molecular Weight Heparin can be used for prophylaxis and treatment of venous thromboembolism in patients with mild or moderate COVID-19 infection. However, also recommended that Fondaparinux could be used to some extent because of its long half-life and lack of an antidote. Hence, given the differences in opinions of usage of fondaparinux in COVID-19 patients, the studied market is expected to be impacted during the COVID-19 pandemic.
The growing burden of the geriatric population and cardiovascular diseases are the major factors driving the market growth over the forecast period. Also, the geriatric population is at high risk of cardiovascular disease. According to the United Nations, World Population Prospects: the 2019 Revision, by 2050, one in six people in the world will be over age 65, up from one in 11 in 2019. As the elderly population is more prone to chronic illness and requires immediate and effective treatment for better clinical outcomes, the market is expected to be impacted significantly. According to the American Heart Association, in 2019, the incidence rate of cardiovascular disease between age 60 and 79 years was 77.2% for men and 78.2% for women. Furthermore, the increasing research and development activities related to fondaparinux to broaden its application is expected to propel the fondaparinux market growth. However, lack of awareness among people regarding the deep venous thrombosis condition may obstruct the market growth.
Key Market Trends
Generics Market Segment is Expected to Hold a Major Market Share in the Fondaparinux Market
The generics segment of the fondaparinux market is expected to be dominant due to the availability of drugs at a lower cost and their effectiveness. According to the study published in the Journal of American Heart Association, 2020, Fondaparinux was found to exhibit an increased efficiency in the reduction of venous thromboembolism when compared with low molecular weight heparin during the treatment for perioperative surgical thromboprophylaxis.
Also, as per the research study published in American Heart Association Journal, 2018, compared to enoxaparin for the treatment of non-ST-elevation acute coronary syndrome (NSTE-ACS) patients, fondaparinux was found to be relatively cost-effective in a Canadian hospital setting.
According to the research article published in the Lancet, 2020, coagulopathy of varying severity was observed in most of the COVID-19 infected patients, which was characterized by increased D-dimer levels and fibrinogen or fibrin degradation products, along with abnormal measurements in the prothrombin time, acute partial thromboplastin time, and platelet counts. Hence, thorough research on various factors affecting the bleeding and coagulation among COVID-19 patients has to be carried out to understand the pathophysiology of the causal organism. Hence, COVID-19 is expected t impact the studied market during the pandemic.
Thus, in view of the increased effectiveness and cost-effectiveness of the generic version of Fondaparinux, the studied segment is expected to witness growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a major market share in the fondaparinux market with the growing burden of cardiovascular disorders and increasing product approvals. Deep Vein Thrombosis (DVT) is the condition wherein clot formation takes place in deep veins, severity may lead to pulmonary embolism. According to the research article published in Medscape, 2019, death from DVT-associated massive pulmonary embolism causes as many as 300,000 deaths annually in the United States. Furthermore, in Aug 2020, Mylan Inc, received US FDA supplement approval for its Arixtra (fondaparinux sodium injection). Thus, given the high concentration of major players in the region and the growing burden of deep vein thrombosis and other cardiovascular diseases in North America, the Fondaparinux market is expected to witness significant growth over the forecast period in North America.
COVID-19 impact on the studied market is expected to be significant in the region owing to the emergence of the relation between COVID-19 infection and blood disorders. For instance, according to the research article published by Harvard Medical School, in the American Journal of Hematology, 2020, the COVID-19 infected patients who were admitted with severe complications associated with the viral infection were found to exhibit high levels of blood-clotting protein Factor V, which could eventually lead to the development of blood clots in various organs. Hence, the Fondaparinux market is expected to play a vital role during the COVID-19 pandemic and is thus impacted significantly.
Additionally, in May 2020, Unity Health Toronto, initiated a phase 3 clinical trial to evaluate the effect of anticoagulant in therapeutic dosages in COVID-19 patients, when compared to the standard treatment protocol being followed in the treatment of COVID-19 patients with elevated D-dimer levels. Thus, there is an increase in the research focus on Fondaparinux in the treatment of critically ill COVID-19 patients, which is expected to drive market growth in the region during the COVID-19 pandemic.
The market is consolidated and consists of few major players. In terms of market share, few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Mylan Inc.(Viatris Inc), Aurobindo Pharma Ltd, Dr. Reddy's Laboratories Ltd, Jiangsu Hengrui Medicine Co. Ltd, and Scinopharm Taiwan Ltd. The companies are involved in strategic alliances such as merger and acquisitions, collaborations and partnerships to secure its global positions.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Cardiovascular Disease
4.2.2 Increasing Geriatric Population
4.2.3 Increasing Research and Development Activities
4.3 Market Restraints
4.3.1 Lack of Awareness about Venous Thromboembolism Conditions
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product Type
5.2.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.2.4 Middle East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East and Africa
5.2.5 South America
184.108.40.206 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Aurobindo Pharma Ltd
6.1.2 Dr. Reddy's Laboratories Ltd
6.1.3 Mylan Inc.
6.1.4 Jiangsu Hengrui Medicine Co. Ltd
6.1.5 Scinopharm Taiwan Ltd
6.1.6 Pfizer Inc
6.1.7 Novartis AG
6.1.8 Boehringer Ingelheim GmbH
6.1.9 GlaxoSmithKline plc
6.1.10 Bristol Myers Squibb Company
6.1.11 Aspen Pharmacare Holdings Limited
6.1.12 Eisai Co., Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.