The global prazosin market is estimated to exhibit a negative CAGR of around 2% during the forecast period. Though the rise in CVDs due to high BP, increasing patient pool, and increasing awareness toward mental care are some of the positive factors for the growth of the market. However, due to the presence of alternative drugs, discontinuation of prazosin manufacturing by companies in the last decade, unfavorable reimbursement policies for the branded drug in medical insurance, and side effects associated with the drugs, the market is expected to show a negative growth rate during the forecast period.

The global prazosin market is segmented on the basis of its application into cardiovascular disease, neurological syndromes, prostate disorders, and kidney disorders. It is majorly used for cardiovascular disease that is used to relieve hypertension/high BP due to which it will hold the largest market share. 

Geographically, the study of the global prazosin market covers the analysis of four major regions including North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and the Rest of the World. North America is expected to hold the largest market share during the forecast period. The high cost of drugs, significant sale of branded drugs of Pfizer in the region is major factors for the largest market, globally. In October 2018, Novitium Pharma LLC received the US FDA approval for its Prazosin Hydrochloride Capsules USP which is also providing significant market share in the region. 

The companies which are contributing to the growth of the global prazosin market include Pfizer Inc., Mylan N.V., Merk KGaA, Teva Pharmaceuticals Industries Ltd., Apotex Inc., and others. The market players are considerably contributing to the market growth by adopting various strategies including new product launch, merger, and acquisition to stay competitive in the market. In November 2019, Pfizer Inc., and Mylan NV announced to form a new company named Viatris by merging Mylan and Upjohn division of Pfizer. The deals were expected to be closed by mid of 2020, however, due to the COVID-19 pandemic, the deal is expected to close by the end of 2020.

Research Methodology

The market study of the global prazosin market is incorporated by extensive primary and secondary research conducted by the research team.  Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report is intended for prazosin market players, potential entrants, and pharmaceutical companies for the overall market and competitive analysis. The report provides an in-depth analysis on market size, products offered by the market players, and future market opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for making better business decisions.

Market Segmentation

1. Global Prazosin Market Research and Analysis by Application

The Report Covers

• Comprehensive research methodology of the global prazosin market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global prazosin market.
• Insights about market determinants which are stimulating the global prazosin market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.