Omega 3 Prescription Drugs Market Size, Share & Trends Analysis Report By Distribution Channel (Hospital, Online Pharmacy), By Application (Hypertriglyceridemia), By Drug (Vascepa, Lovaza), By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

According to Nova one advisor, the global Omega 3 Prescription Drugs market size was estimated at USD 1.93 billion in 2022 and is projected to hit around USD 2.99 billion by 2030, growing at a CAGR of 8.67% during the forecast period 2022 to 2030.

Key Takeaways:

• The vascepa drug segment accounted for the largest revenue share in 2022 as vascepa is approved by the FDA for use in patients for reducing the risk of CVD
• By application, the hypertriglyceridemia segment is expected to register the fastest growth rate over the forecast period
• The growth can be attributed to the increasing use of omega 3 prescription medications for patients with elevated triglyceride levels
• North America dominated the global industry in 2022 owing to the high prevalence of target diseases, with CVD being the leading cause of death in the region
• Key players are focusing on developing advanced and novel dosage forms from existing drugs to meet the rising demand and provide efficient treatment options

The growth of the industry is attributed to the rising cases of Cardiovascular Diseases (CVDs) and altered dietary practices. An elevated level of triglycerides in the blood is now known to be associated with an increased risk of cardiovascular disease. According to the European Society of Cardiology in 2021, 17.9 million people die from CVDs each year, making it the leading cause of death worldwide. Furthermore, due to the expanding product application potential in medicines, omega 3-based pharmaceutical product launches by industry participants are anticipated to boost its growth.

For instance, in 2020, the U.S. FDA authorized a new cardiovascular indication and label expansion for the omega-3 medication VASCEPA, manufactured by U.S.-based Amarin Corporation. An increase in triglycerides can cause artery narrowing, which raises the risk of heart attack and stroke. Pancreatitis, an inflammation of the pancreas, can result from extremely high levels as well. Triglyceride levels rise as a result of diabetes and obesity, which is a widespread issue. An average of 25% of American adults have high borderline blood alcohol concentrations. The omega-3 fatty acid medications are prescribed only for triglycerides levels above 500 mg/dl as approved by the U.S. FDA. The omega 3 prescription drugs demonstrated a significant market movement during the COVID-19 pandemic.

This is owing to their significant role in the management of CVD patients. For instance, in August 2021, Woodward Pharma Services LLC announced the acquisition of LOVAZA from GlaxoSmithKline. The company further aims to educate consumers and providers to facilitate higher adoption of the product. Moreover, multiple R&D studies are being conducted for lowering triglycerides; combined and analyzed findings from 17 organized and randomized clinical trials on elevated triglyceride levels, suggest that prescription omega-3 fatty acid medication can reduce levels by 20-30%. This is expected to create high product demand. 

Report Scope of the Omega 3 Prescription Drugs Market

Report Coverage	Details
Market Size	USD 2.99 Billion by 2030
Growth Rate	CAGR of 8.67% from 2022 to 2030
Largest Market	Asia Pacific
Fastest Growing Market	North America
Base Year	2021
Forecast Period	2022 to 2030
Segments Covered	Drug, application, distribution channel and Region,
Companies Mentioned	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

 

Drug Insights

On the basis of drugs, the global industry has been further categorized into Vascepa, Lovaza, and others. The Vascepa drug segment dominated the global industry in 2022 and accounted for the largest share of more than 46.6% of the overall revenue. The growth of this segment can be attributed to the high adoption of Vascepa. It is an FDA-approved therapy for patients with high levels of triglycerides. In December 2019, the FDA approved Vascepa as a complement to statins for people suffering from heart disease, diabetes, and two or more additional risk factors for heart disease and having triglycerides levels over 150 mg/dL.

On the other hand, the other drugs segment is anticipated to expand at the fastest CAGR during the forecast period. The Lovaza drug segment is also projected to expand at a significant CAGR over the forecast period. Lovaza is the first FDA-approved omega 3 prescription drug, which is highly effective and a medical-grade supplement for the management of high triglycerides. The segment growth is driven by the wide availability of generics and the adoption of Lovaza within the target population.

Application Insights

On the basis of applications, the global industry has been further segmented into hypertriglyceridemia and other applications. The hypertriglyceridemia application segment dominated the industry in 2022 and accounted for the largest revenue share of more than 86.5%. A number of omega-3 fatty acid prescription products are approved by the FDA to be used with the diet for the reduction of triglycerides in patients with severe hypertriglyceridemia. These include products containing both EPA and DHA Lovaza, Omtryg, and Epanova. The easy availability of products to be used for the treatment of hypertriglyceridemia is further boosting the growth of this segment.

However, the others application segment is expected to register the fastest growth rate over the forecast period. Omega 3 prescription drugs have promising results in lowering triglyceride levels; studies have shown that these drugs have a wide range of applications in cardiovascular risks and reduction of cholesterol levels. With a rise in the awareness level among the population regarding healthy living, the adoption of omega 3 prescription drugs is expected to increase. This, in turn, will boost the segment’s growth.

Distribution Channel Insights

On the basis of distribution channels, the global industry has been further divided into hospital pharmacy, online pharmacy, and retail pharmacy. The retail pharmacy distribution channel segment dominated the industry in 2022 and accounted for the largest share of more than 54.5% of the overall revenue. The high share of this segment can be attributed to the presence of skilled and certified pharmacists, which offer a better experience and attention to patients than online pharmacies. Increasing awareness among the population about the product and easy access to Rx products from the retail pharmacy is expected to propel the segment growth over the forecast years.

On the other hand, the hospital pharmacy segment is expected to register the fastest growth rate over the forecast period. The growth of the segment is attributed to the presence of experienced physicians who aim at reducing errors while prescribing drugs and providing immediate access to medications. The treatment of cardiovascular diseases is much easier with medications from hospital pharmacies as they cover in-patient and out-patient services. Moreover, targeting generics proves to be an effective strategy for the overall growth of the industry.

Regional Insights

North America dominated the global industry in 2022 and accounted for the maximum share of more than 44.9% of the global revenue. The region is anticipated to grow at a significant CAGR over the forecast period. As per the CDC in 2022, in the U.S., heart-related diseases are the leading cause of death for both sexes and members of the majority of racial and ethnic groups. In the U.S., one person dies every 36 seconds from CVD. The region’s rising concern over heart-related disorders is driving up the product demand. Moreover, high triglyceride level is associated with obesity, and two out of three adults in the U.S. are obese or overweight, which accounts for 69%, and one out of three is obese accounting for 36%.

Asia Pacific, on the other hand, is estimated to register the fastest growth rate during the forecast period. Diabetes mellitus is on the rise and has emerged as a serious health issue in the Asian population in recent years. One of the most significant side effects and the leading causes of death in diabetic patients is CVD. Elevated low-density lipoprotein cholesterol has been a major concern when it comes to CVD risk factors. Rising concerns related to lowering triglyceride levels among the population are boosting the industry growth in this region.

Some of the prominent players in the Omega 3 Prescription Drugs Market include:

• Abbott
• Amarin Pharmaceuticals Ireland Ltd.
• GSK plc (GlaxoSmithKline 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

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Omega 3 Prescription Drugs market

• Drug
• Vascepa
• Lovaza
• Others
• Application Type
• Hypertriglyceridemia
• Others
• Distribution Channel
• Hospital Pharmacy
• Retail Pharmacy
• Online Pharmacy

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Omega 3 Prescription Drugs industry analysis from 2022 to 2030 to identify the prevailing Omega 3 Prescription Drugs industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Omega 3 Prescription Drugs industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Omega 3 Prescription Drugs industry trends, key players, market segments, application areas, and market growth strategies.