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, And Segment Forecasts, 2022 - 2030

Report Overview

The global omega 3 prescription drugs market size was valued at USD 1.23 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 8.27% from 2022 to 2030. The key factors boosting the industry growth are increasing cases of Cardiovascular Diseases (CVDs), obesity, and hypertriglyceridemia and the geographical expansion of omega 3 prescription drug companies. The rising concerns related to the maintenance of cholesterol levels are also expected to drive the industry. According to an article published by the Journal of the American Heart Association in 2021, obesity is one of the major driving factors contributing to diabetes.

Obesity is linked to 30-53% of new diabetes cases in the U.S. The high triglyceride levels amongst this population are projected to drive the demand for omega 3 prescription drugs. Altered dietary practices aided with growing awareness about the importance of the management of triglycerides are expected to drive the industry. Companies are entering into partnerships to facilitate faster product availability. For instance, in February 2021, Edding, the commercialization partner of Amarin, for Vascepa in China, announced the acceptance of a new drug application by NMPA. The industry is facing a threat with the entry of generic drugs in the U.S., which is adversely influencing the sales of prescription products, such as Vascepa.

For instance, in May 2022, Amarin reported a plunge in sales by 33%, owing to the slashed prices by the company to compete with the generics. Moreover, industry players are focusing on developing novel drugs for the treatment of related disease conditions. For instance, Alfa, which is being developed jointly by KD Biopharma and SLA Pharma AG, which specializes in the development of new medications for the treatment of gastrointestinal disorders is currently in phase III trials. It has received orphan drug designation in both Europe and the U.S. Furthermore, players are adding omega 3 prescription drugs to their portfolio.

For instance, in 2019, Camber Pharmaceuticals announced the launch of Omega- 3 Acid Ethyl Esters Capsules i.e. generic Lovaza. This is projected to intensify the market competition. Although the adoption and use of omega 3 drugs are increasing, the biggest setback for the industry is the cost associated with these drugs. For instance, the cost of treatment using Vacepa is USD 15 per day i.e., USD 5,504 per year, which limits the overall access to the drugs that are not covered under insurance. However, this demonstrates an unmet need in the sector, which is being fulfilled by new generic product manufacturers that are entering the industry.

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 2021 and accounted for the largest share of more than 45.60% 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 2021 and accounted for the largest revenue share of more than 85.45%. 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 2021 and accounted for the largest share of more than 53.50% 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 2021 and accounted for the maximum share of more than 43.90% 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.

Key Companies & Market Share Insights

Key players are focusing on partnerships, strategic collaborations, and geographical expansions in emerging & economically favorable regions. For instance, in 2021, to speed up the growth of Vascepa in the U.S., Amarin Corporation Plc adopted a go-to-market strategy, which focuses on optimizing Vascepa prescriptions for CV risk reduction and enhancing managed care access by expanding healthcare professional engagement through omni channels. Some of the key players in the global 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

Omega 3 Prescription Drugs Market Report Scope

Global Omega 3 Prescription Drugs Market Segmentation

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 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global omega 3 prescription drugs market report on the basis of drug, application, distribution channel, and region:

• Drug Outlook (Revenue, USD Million, 2018 - 2030)

  • Vascepa

  • Lovaza

  • Others

• Application Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Hypertriglyceridemia

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospital Pharmacy

  • Retail Pharmacy

  • Online Pharmacy

• Regional Outlook (Revenue, USD Million, 2018- 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE