Omega 3 Prescription Drugs Global Market Report 2024

The omega 3 prescription drugs market size has grown strongly in recent years. It will grow from $1.49 billion in 2023 to $1.63 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth observed in the historical period can be credited to heightened health awareness, advancements in clinical research, a focus on cardiovascular health, medical recommendations, and improved management of chronic diseases.

The omega 3 prescription drugs market size is expected to see strong growth in the next few years. It will grow to $2.37 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The anticipated growth in the forecast period can be linked to the broadened scope of indications, changing consumer preferences, the emergence of targeted health solutions, the adoption of personalized medicine, and the expansion of clinical evidence. Key trends in the forecast period encompass the rise of personalized health solutions, the extension of health conditions addressed, the introduction of innovative formulations, increased popularity of health supplements, and the widespread use of health apps and wearables.

The escalating prevalence of cardiovascular diseases (CVDs) is poised to significantly contribute to the expansion of the omega-3 prescription drug market. Elevated levels of blood triglycerides, a lipid-such as substance, are strongly correlated with increased risks of cardiovascular disorders. Omega-3 supplements play a crucial role in regulating and reducing these triglyceride levels, thereby mitigating the risk of CVDs. The 2021 World Health Organization (WHO) report highlighted a staggering statistic, indicating an estimated 17.9 million fatalities attributed to CVDs, accounting for 32% of global deaths. Of these, heart attacks and strokes accounted for 85% of the causes. Consequently, the burgeoning incidence of cardiovascular diseases emerges as a pivotal driver propelling the growth trajectory of the omega-3 prescription drug market.

The expanding population grappling with obesity stands poised to significantly contribute to the growth of the omega-3 prescription drug market. Obesity, characterized by an abnormal or excessive accumulation of body fat, poses considerable health risks to individuals. Omega-3 prescription drugs serve as essential tools in managing specific conditions associated with obesity and enhancing overall health, thereby aiding in weight management endeavors. A report from the World Health Organization (WHO) in March 2022 highlighted alarming statistics, indicating that over 1 billion individuals worldwide are presently classified as obese, comprising 650 million adults, 340 million adolescents, and 39 million children. Moreover, projections indicate a troubling trend, with an estimated 167 million individuals - both adults and children - expected to experience deteriorating health due to being overweight or obese by 2025. Consequently, the escalating population grappling with obesity emerges as a driving force behind the growth trajectory of the omega-3 prescription drug market.

The omega-3 prescription drug market is witnessing a surge in the adoption of new product innovations as a prominent trend. Leading companies engaged in the manufacturing of omega-3 drugs are strategically focusing on the development of novel products to fortify their market positions. A significant milestone occurred in October 2022 when the European Commission approved plant-based omega-3 products from DSM for use as substitutes for fish and animal-derived sources across the EU. DSM asserts that these products bolster the nutritional profile of plant-based foods while facilitating the creation of fish-such as products derived from animals. This omega-3 supplement serves as a means to augment the nutritional content of various goods without adversely impacting the marine ecosystem.

Major players within the omega-3 prescription drug market are strategically concentrating on product launches, particularly capsules designed to reduce the body's production of triglycerides. Capsules, recognized as pharmaceutical or dietary supplement dosage forms, feature a shell, usually composed of gelatin or a similar substance, encapsulating a precise quantity of medication, nutrients, or other active ingredients for convenient ingestion. A notable example occurred in March 2023 when Hikma Pharmaceuticals, a multinational pharmaceutical company headquartered in England specializing in generic and in-licensed pharmaceutical products, introduced the Icosapent Ethyl Capsules, 0.5g, in the US market. This product is specifically indicated for lowering triglyceride levels in adults afflicted with severe hypertriglyceridemia, containing eicosatetraenoic acid (EPA), acknowledged for its efficacy in reducing triglycerides. This launch marks an innovation in the market, catering to the needs of addressing severe hypertriglyceridemia and meeting the escalating demand for pharmaceutical-grade omega-3 products. It aligns harmoniously with the market's heightened focus on delivering effective therapies for conditions such as elevated triglyceride levels.

In August 2021, Woodward Pharma Services, a prominent U.S.-based pharmaceutical company, successfully acquired Lovaza (omega-3-acid ethyl esters) capsules from GlaxoSmithKline for an undisclosed sum. Through this acquisition, Woodward Pharma gains the license and authority to utilize Lovaza capsules, a prescription omega-3 product approved by the FDA, specifically in adult patients with severe hypertriglyceridemia. Lovaza serves as a medical-grade supplement designed for the management of high triglyceride levels. GlaxoSmithKline, a UK-based pharmaceutical and biotechnology company, executed this strategic transaction to further strengthen Woodward Pharma's pharmaceutical offerings and market presence in the healthcare industry.

Major companies operating in the omega 3 prescription drugs market report are Pfizer Inc., BASF SE, Merck & Co. Inc., Novartis International AG, Sanofi S.A., AstraZeneca PLC, Abbott Laboratories, GlaxoSmithKline PLC, Boehringer Ingelheim International GmbH, Viatris Inc., AbbVie Inc., Teva Pharmaceutical Industries Ltd., Mylan N.V., Eisai Co. Ltd., Sun Pharmaceutical Industries Ltd., Dr. Reddy's Laboratories Ltd., Cipla Limited, Hikma Pharmaceuticals PLC, Intas Pharmaceuticals Ltd., Recordati S.p.A., Vifor Pharma Management Ltd., Lupin Limited, Glenmark Pharmaceuticals Ltd., Alkem Laboratories Ltd., Sunovion Pharmaceuticals Inc., Cadila Healthcare Ltd., Torrent Pharmaceuticals Ltd., Wockhardt Ltd., Amarin Pharmaceuticals Ireland Ltd., Natrapharm Inc.

North America was the largest region in the omega 3 prescription drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the omega 3 prescription drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the omega 3 prescription drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Omega-3 prescription drugs primarily comprise vascepa, lovaza, and other variants. Vascepa specifically targets reducing heart attack, stroke, and select cardiovascular conditions requiring hospitalization in adults. Approved by the FDA, Vascepa aims to mitigate the risk of specific cardiovascular issues in adults with elevated triglyceride levels and multiple additional risk factors such as hypertension, high cholesterol, or obesity. These omega-3 prescription drugs find application in managing hypertriglyceridemia and various other conditions. Their distribution channels include hospital pharmacies, retail outlets, and online pharmacies.

The omega 3 prescription drugs market research report is one of a series of new reports that provides omega 3 prescription drugs market statistics, including omega 3 prescription drugs industry global market size, regional shares, competitors with an omega 3 prescription drugs market share, detailed omega 3 prescription drugs market segments, market trends and opportunities, and any further data you may need to thrive in the omega 3 prescription drugs industry. This omega 3 prescription drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The omega 3 prescription drugs market consists of sales of EPA (eicosapentaenoic acid) and DHA (docosahexaenoic acid). Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.