Omega-3 Prescription Drugs Market Market Trends

Growth Drivers:

• Prevention of cardiovascular diseases: Omega-3 prescription drugs have proven clinically efficient in the reduction of fatal and nonfatal cardiovascular events, hence forming a backbone in health strategies aimed at preventing cardiovascular diseases. Such drugs play a key role in the pharmaceutical sector mainly as cardiovascular diseases remain the leading causes of mortality worldwide, as reported by the World Health Organization (WHO), annually accounting for 17.9 million deaths. Results derived from these studies have raised and continue to drive up the demand for omega-3 prescription drugs as physicians continue recommending them to patients at risk.
• Increased consumer awareness: Consumers are growing increasingly educated on the various ways omega-3s, from heart health to improved cognitive function, can benefit them, and this is driving the demand for prescription drugs containing omega-3. This constitutes the raised demand in the market, underlined by new launches such as the DHA Starter Kit launched by Orlo Nutrition in November 2022. The introduction of this innovative product highlights the industry's response to growing consumer interest in personalized omega-3 supplementation, further stimulating market growth.
• Government support for healthcare initiatives: Government-sponsored health initiatives to reduce the global burden of heart disease is a major factor boosting the omega-3 prescription drugs market growth. According to a report by WHO in March 2022, about 800 million people in the world were found to be suffering from obesity, which is highly related to heart disease. It is now a focus of nations to invest in preventive care and find solutions for complications arising due to obesity, wherein omega-3 prescription drugs will witness increased adoption.

Challenges:

• Generic competition: The market for omega-3 prescription drugs faces tough challenges from the increasing generic competitors, which have been an immense challenge to the sales of branded products like Vascepa. Emerging generic drugs are likely to harm the profitability of established manufacturers of omega-3 prescription drugs and may dampen overall growth.
• Regulatory hurdles and market approvals: The complex nature of regulatory processes with respect to the approval from regulatory authorities like the FDA or EMA poses a threat to market entry. Furthermore, issues concerning the expiry of patents are another factor that may challenge the market penetration of omega-3 prescription drugs.