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Global Omega 3 Prescription Drugs Market Overview
Omega 3 Prescription Drugs Market Size was valued at USD 1.3 Billion in 2022 and is projected to grow from USD 1.4 Billion in 2023 to USD 2.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.20% during the forecast period (2023 - 2032).Increasing awareness of the health benefits associated with omega-3 fatty acids and rising incidence of cardiovascular diseases are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Omega 3 Prescription Drugs Market Trends
- Increasing awareness of the health benefits associated with omega-3 fatty acids is driving the market growth
A primary factor propelling the market for prescription omega-3 drugs has been growing knowledge of the advantages omega-3 fatty acids provide for health. Owing to their potential to support general health and well-being, omega-3 fatty acids—essential elements included in some meals and supplements—have attracted a lot of attention recently.
Particularly well-established are the advantages of Omega-3 fatty acids for heart health. They have demonstrated a reduction in blood pressure, lipids, and arrhythmia risk—all of which are associated with an increased risk of heart disease. People who are looking for strategies to maintain their cardiovascular health have taken great interest in Omega-3 fatty acids because they have the ability to reduce the risk of heart disease, which is still one of the top causes of death globally.
Moreover, interest in Omega-3 fatty acids has increased due to the increasing understanding of the role inflammation plays in chronic illnesses. Due to their anti-inflammatory qualities, these minerals can aid in the treatment of diseases like rheumatoid arthritis that are marked by persistent inflammation. Prescription Omega-3 medications are becoming more and more popular as a non-pharmaceutical option as people take a more active role in their health and look for natural solutions.
Raising awareness has also been aided by the aging population. People are more vulnerable to health issues such as joint difficulties and cognitive impairment as they get older. The senior population, who are looking for ways to maintain their quality of life, has responded favorably to omega-3 fatty acids because they have demonstrated potential in treating these problems.
The significance of Omega-3 fatty acids has been further highlighted by the rise in the prevalence of lifestyle-related disorders. The emergence of diseases like diabetes and metabolic syndrome has been attributed to sedentary lifestyles, bad eating habits, and an increase in the prevalence of obesity. Omega-3 fatty acids have been investigated as a possible intervention to help alleviate some of these health problems, providing a complementary and natural approach to current treatments. A major factor in raising awareness has also been the need from consumers for natural solutions. Nowadays, a lot of people are actively looking for pharmaceutical medicine substitutes, frequently favoring natural or plant-based solutions. The popularity of Omega-3 prescription medications has expanded as a result of the embracement of natural therapies. Omega-3 fatty acids are generally obtained from fish oil or algae. Thus, driving the Omega 3 prescription drugs market revenue.
Omega 3 Prescription Drugs Market Segment Insights
Omega 3 Prescription Drugs Drug Insights
The omega 3 prescription drugs market segmentation, based on drug, includes vascepa, lovaza and others. The vascepa segment dominated the market in 2022. The FDA approved Vascepa (icosapent ethyl) to treat severe hypertriglyceridemia. Strong clinical data supporting its effectiveness in lowering elevated triglyceride levels a major risk factor for cardiovascular disorders—was the foundation for its approval. Doctors felt confident in recommending Vascepa to patients with this illness because of the solid clinical foundation.
Omega 3 Prescription Drugs Application Type Insights
The omega 3 prescription drugs market segmentation, based on application type, includes hypertriglyceridemia and others. The hypertriglyceridemia segment dominated the market in 2022. Prescription omega-3 medications are mostly driven by the rising incidence of hypertriglyceridemia. Excessive triglyceride levels are often caused by lifestyle factors such obesity, sedentary behavior, and poor diet. The number of people receiving hypertriglyceridemia diagnoses is increasing, which raises the need for efficient therapies like omega-3 fatty acids.
Omega 3 Prescription Drugs Distribution Channel Insights
The omega 3 prescription drugs market segmentation, based on distribution channel, includes hospital pharmacy, retail pharmacy and online pharmacy. The retail pharmacy category generated the most income in 2022. Pharmacists are highly skilled medical professionals who may offer patients insightful advice and direction. They may answer any worries or inquiries, clarify dosage guidelines, and inform patients about the advantages of Omega-3 prescription medications, all of which improve patient compliance and results.
Figure 1: Omega 3 Prescription Drugs Market, by Distribution channel, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Omega 3 Prescription Drugs Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Omega 3 Prescription Drugs Market dominated this market in 2022 (45.80%). Numerous top pharmaceutical companies engaged in the development of Omega-3 drugs are based in North America. These businesses make investments in marketing, clinical trials, and research and development, which propels the availability and uptake of prescription Omega-3 medications. Further, the U.S. Omega 3 prescription drugs market held the largest market share, and the Canada Omega 3 prescription drugs market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: OMEGA 3 PRESCRIPTION DRUGS MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Omega 3 prescription drugs market accounts for the second-largest market share. Europe has an aging population, just like many other developed regions. The aforementioned demographic trend necessitates healthcare interventions aimed at addressing age-related illnesses, like joint difficulties and cognitive loss, for which prescription Omega-3 medications are appropriate. Further, the German Omega 3 prescription drugs market held the largest market share, and the UK Omega 3 prescription drugs market was the fastest growing market in the European region.
The Asia-Pacific Omega 3 Prescription Drugs Market is expected to grow at the fastest CAGR from 2023 to 2032. The middle class is growing as a result of the substantial economic growth occurring in the Asia Pacific area. The demand for Omega-3 prescription medications and supplements is being driven by this group's growing emphasis on health and wellness. Moreover, China’s Omega 3 prescription drugs market held the largest market share, and the Indian Omega 3 prescription drugs market was the fastest growing market in the Asia-Pacific region.
Omega 3 Prescription Drugs Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Omega 3 prescription drugs market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Omega 3 prescription drugs industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Omega 3 prescription drugs industry to benefit clients and increase the market sector. In recent years, the Omega 3 prescription drugs industry has offered some of the most significant advantages to medicine. Major players in the Omega 3 prescription drugs market, including Abbott, Amarin Pharmaceuticals Ireland Ltd., GSK plc, Natrapharm, Inc. (Patriot Pharmaceutical Corp.), Viatris Inc., Grupo Ferrer Internacional, S.A., Camber Pharmaceuticals, Inc., Dr. Reddy’s Laboratories Ltd., Zydus Group, Hikma Pharmaceuticals PLC and others, are attempting to increase market demand by investing in research and development operations.
The corporation Abbott Laboratories (Abbott) is in charge of the research, development, production, and marketing of a broad range of healthcare goods, including branded generic drugs, nutritional supplements for adults and children, and diagnostic equipment and tests. The company also sells medical equipment related to heart failure, electrophysiology, rhythm management, vascular and structural cardiac devices, and neuromodulation. The business also offers dietary supplements, minerals, and other nutritional products for sale. It maintains research and development facilities in the US, China, Colombia, India, Singapore, Spain, and the UK in addition to operating manufacturing facilities all over the world. Europe, Asia-Pacific, Africa, Latin America, the Middle East, and North America are among the regions in which the corporation offers its products. Abbott headquarters are in Abbott Park, Illinois, in the United States.
Active pharmaceutical ingredients (APIs), proprietary products, generic formulations, and biosimilars are all produced and sold by pharmaceutical producer Dr. Reddy's Laboratories Ltd. (Dr. Reddy's). The corporation's generic drugs are prescribed to treat gastrointestinal issues, various cancer types, pain, cardiovascular ailments, central nervous system disorders, infectious diseases, and pediatric illnesses. The company also produces and markets generic biosimilar products. Among the goods in its pipeline are New Chemical Entities (NCEs) intended to treat bacterial infections, pain, inflammation, and metabolic issues. The company sells its products in Europe, Latin America, Asia, and the United States. Telangana, India's Hyderabad is home to Dr. Reddy's primary office.
Key companies in the omega 3 prescription drugs market include
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Abbott
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Amarin Pharmaceuticals Ireland Ltd.
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Natrapharm, Inc. (Patriot Pharmaceutical Corp.)
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Viatris Inc.
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Grupo Ferrer Internacional, S.A.
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Dr. Reddy’s Laboratories Ltd.
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Zydus Group
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Hikma Pharmaceuticals PLC
Omega 3 Prescription Drugs Industry Developments
November 2022:Orlo Nutrition has introduced a DHA Starter Kit and an algal omega-3 supplement to support the body's systems, including the joints, heart, brain, and heart.
October 2021:Nordic Naturals introduced new skin health supplements onto the beauty market. Nordic Beauty Omega-3 + Borage Oil combines highly concentrated EPA+DHA from fish oil with gamma linolenic acid (GLA) from borage seed oil to promote healthy skin and general wellbeing.
July 2021:Coromega, a subsidiary under Quadra Ingredients, has announced the introduction of Coromega Pup Packets®, its first Omega-3 liquid squeeze supplement for dogs. Thirty times as much omega-3 is included in each Pup Packet as is typically found in pet chews.
Omega 3 Prescription Drugs Market Segmentation
Omega 3 prescription drugs Drug Outlook
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Vascepa
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Lovaza
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Others
Omega 3 prescription drugs Application Type Outlook
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Hypertriglyceridemia
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Others
Omega 3 prescription drugs Distribution Channel Outlook
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Hospital Pharmacy
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Retail Pharmacy
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Online Pharmacy
Omega 3 prescription drugs Regional Outlook
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North America
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U.S.
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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