The global pravastatin market is anticipated to grow at a considerable CAGR of 5.4% during the forecast period. Pravastatin is a drug called a statin, which is used to lower LDL (bad) cholesterol and triglycerides in the blood and increase HDL (good) cholesterol. The major factor expected to drive the market includes the rising demand for statins as an evidence-based treatment for patients suffering from lifestyle-related diseases, such as cardiovascular disorders, diabetes, and hypercholesterolemia. Furthermore, the increasing requirement for efficient drugs to diminish LDL cholesterol is also propelling market growth. Moreover, factors such as rising demand for over-the-counter (OTC) drugs and the growing adoption of combination therapies of statins with cholesterol-diminishing compounds are fueling the growth of the market during the forecast period.

Moreover, the rising R&D activities in the pharmaceutical sector are also generating new opportunities for development in the market. For instance, the University of Camerino, Italy published a research article in April 2022 demonstrating the possibility to reformulate pravastatin tablets as a liquid pharmaceutical formulation for enteral administration to improve drug therapy in dysphagic patients. 

However, there are some side effects noticed with the consumption of pravastatin, including myopathy, rhabdomyolysis, diarrhea, nausea, and liver problems, which may hamper the growth of the pravastatin market during the forecast period. This report will further analyze all the primary and secondary factors that are directly or indirectly influencing the growth of the pravastatin market during the forecast period.

Impact of COVID-19 Pandemic on the Global Pravastatin Market

Diagnosis and treatment of several patients with different disorders were postponed during the COVID-19 crisis as hospital beds were reserved for COVID-19 patients. Due to this reason the market players had reported a significant decline in their revenue during the COVID-19 pandemic. However, as the situation got normalized the market had bounced back to its pre-COVID-19 pandemic level.

Segmental Outlook 

The global pravastatin market is segmented based on dosage type and end-users. Based on the dosage type, the market is segmented into 10 mg tablets, 20 mg tablets, 40 mg tablets, and 80 mg tablets. The 10 mg tablets do not affect cancer or HIV infection. It works by decreasing the amount of cholesterol carried in the bloodstream and hence reduces the risk of a heart attack or stroke. The 20 mg tablets are used in the treatment of high cholesterol and triglycerides levels. It works by decreasing the amount of fat, sugar, and cholesterol that are carried in the bloodstream. 20 mg tablet contains simethicone which helps to reduce low-density LDL cholesterol levels in the human body. 

Based on the end-users, the market is sub-segmented into children and adults. Due to its side effects and allergic reactions, these drugs are less prescribed to children and adults over the age of 65 years. These segments can further be customized as per the requested research requirements.

Regional Outlooks

The global pravastatin market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, and Others), and the Rest of the World (the Middle East & Africa, and Latin America).  The market can also be analyzed for a particular region or country level as per the requirement. 

Global Pravastatin Market Growth by Region, 2022-2028

The North American Region Holds the Major Share in the Global Pravastatin Market

The North American region holds the major share in the global pravastatin market due to significantly high healthcare spending. The US and Canada are the major contributing nation in this regional market. The US spends almost 17.7% of GDP on healthcare expenditure, whereas Canada spends 15.2% of GDP on healthcare as per Organisation for Economic Co-operation and Development (OECD, 2019). Additionally, in North America, over 70% of American adults are suffering from LDL cholesterol, which increases the demand for effective treatment of LDL (bad) cholesterol and further supports the growth of the global pravastatin market.

Market Players Outlook

The major companies serving the global pravastatin market include Bristol-Myers Squibb, Novartis International AG, Glenmark Pharmaceuticals Ltd., Dr. Reddy's Laboratories, Cipla Inc., Lupin Ltd., Aurobindo Pharma Ltd., and Teva Pharmaceutical Industries Ltd., among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. 

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global pravastatin market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.