The global prils market is estimated to garner notable CAGR over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing pharmaceutical industry and the increasing number of patients with chronic diseases. Prils are utilized in developing medicines that help in the treatment of cardiac disorders and maintaining hypertension and stress. According to the data released by World Health Organisation, 17.9 million people have died in 2019 from the occurrence of cardiovascular diseases. With the rising cases of cardiovascular diseases, the demand for prils is also increasing significantly. On account of this, the global prils market is expected to grow over the forecast period. Furthermore, it is estimated that 29% of the total world’s population would be suffering from hypertension by 2025. On top of that soaring obesity is aggravating the situation and it is estimated that 600 million people were obese in 2020. Increasing obesity is directly related to the increasing number of patients with escalating hypertension patients. The global prils market is projected to grow significantly over the forecast period on the back of exponentially increasing hypertension patients.
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The market is segmented by application into hypertension, heart failure, and chronic kidney disorder, out of which, the hypertension sub-segment is anticipated to hold the notable share in the global prils market for the forecast period, on account of escalating hypertension patients worldwide. Prils are extensively used in manufacturing drugs for balancing blood pressure. On the back of this, the global prils market is expected to grow significantly over the forecast period.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global prils market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of developed healthcare infrastructure. Furthermore, according to the data given by World Health Organization, the United States of America is amongst the top 15 countries worldwide which have the highest obese population, with 36.2% of the population being obese. The obese population is prone to cardiovascular diseases, kidney ailments, and hypertension. This leads to an increased demand for drugs for curing prevailing diseases, which is the reason the global prils market is expected to grow significantly in North America region over the forecast period.
Furthermore, Europe is another region that is expected to offer large opportunities for growth of the global prils market during the forecast period. The governments take a plethora of initiatives to support the generic drug market. Furthermore, the expenditure on research and development activities is also increasing in the region. On the back of this, the global prils market is expected to grow over the forecast period.
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The global prils market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global prils market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing cases of cardiovascular diseases and increasing pharmaceuticals sectors are expected to drive the growth of the global prils market.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 - 2031.
The major players in the market are Novartis AG, Manus Aktteva Biopharma LLP, Canagen Pharmaceuticals Inc., and Lupin Limited.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, distribution channel, and by region.
The hypertension sub-segment is anticipated to hold the largest market size in value and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Stringent regulatory policies are estimated to hamper market growth.
The North America region is estimated to provide more business opportunities for growth of global prils market in the future on the back of well-established heath sector.
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