Apixaban Drug market: Introduction
- Apixaban is an anticoagulant drug that is used to treat and prevent blood clots as well as stroke in patients who have nonvalvular atrial fibrillation. Moreover, apixaban is also used after hip or knee replacement surgery to avoid the formation of a blood clot, known as deep vein thrombosis (DVT), which can lead to blood clots in the lungs (pulmonary embolism). It is utilized as an alternative to warfarin and does not require blood testing or dietary restrictions. Apixaban belongs to a class of drugs known as factor Xa inhibitors. It works by inhibiting the activity of a natural substance that aids in the formation of blood clots.
- Eliquis is the brand name for apixaban. It is consumed in the form of tablets. Bleeding and nausea are common side-effects. Bleeding around the spine and allergic reactions are possible side-effects. It is not advised to use apixaban during pregnancy or during breastfeeding. Its use appears to be relatively safe in people with mild renal issues. Eliquis has less interactions with other medicines than warfarin.
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Key Drivers, Restraints, and Opportunities of Global Apixaban Drug market
- Rise in prevalence of venous thromboembolism-related diseases is projected to boost the apixaban drug market. For instance, according to Centers for Disease Control and Prevention, approximately 900,000 people could be affected (1 to 2 per 1,000) each year in the U.S. CDC estimates that around 60,000-100,000 people in the U.S. die as a result of DVT/PE (also called venous thromboembolism).
- Expanding therapeutic indications for apixaban drug are also anticipated to drive the market. For instance, in 2014, the FDA approved Eliquis (apixaban) for the treatment of deep vein thrombosis(DVT) and pulmonary embolism (PE), as well as for the reduction of the risk of recurrent DVT and PE after initial therapy. In 2020, the FDA approved two applications for the first generic Eliquis (apixaban) tablets to lower the risk of stroke and systemic embolism in patients with nonvalvular atrial fibrillation.
- However, apixaban's side-effects, such as an increased risk of thrombotic events following premature discontinuation and bleeding, are likely to hinder its adoption. This, in turn, is projected to restrain the market. Furthermore, government and private organizations are investing heavily in healthcare research and development, which is expected to drive the apixaban drug market.
North America to Capture Major Share of Global Apixaban Drug Market
- North America dominates, in terms of revenue, owing to the drug's high price in treating venous thromboembolic events. Moreover, a rise in the prevalence of venous thromboembolic events has considerably increased the adoption of apixaban drugs in the region.
- The apixaban drug market in Asia Pacific is estimated to expand at a rapid pace during the forecast period owing to rapid increase in population and rise in healthcare initiatives by different governments in the region
Key Players Operating in Global Apixaban Drug Market
Key market players have been focusing on increasing R&D activities and launching new products. Major players operating in the global apixaban drug market are listed below:
- Bristol-Myers Squibb
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