The Heart failure drugs market overview and analysis by type, end users and region- forecast till 2030. Market Research Future (MRFR) believes that the heart failure drugs market can record a decent growth rate of 5.9% between 2022 and 2030. It is also projected that the market size can touch USD 18.34 billion by 2030.
Major Boosters and Barriers
Nearly 5.7 million Americans, according to the Centers for Disease Control and Prevention, have heart failure. The inability of the heart to pump enough blood and oxygen needed to sustain all the other organs in the human body is a defining feature of the disease. The heart is still beating, but it is a severe disorder. But prior studies have shown that more than half of people with heart failure pass away within 6 years of their diagnosis.
Heart failure has become one of the most deadly medical conditions in the world, affecting people with poor prognoses who live unhealthy lifestyles. Risk factors include diabetes, obesity, and hypertension, all of which have seen an increase in the present population of the world. The desire for more drugs on the global market should increase due to the high level of unmet medical needs, particularly in developing regions. In the upcoming years, a growing number of approvals, the introduction of ACE inhibitors, and the strength of the most recent pipeline may also increase market dominance.
People more than 60 years of age are the major patient pool in the global market. The demographic is marked by reduced immunity levels and are therefore vulnerable to chronic ailments including heart failure. Therefore, the consistent expansion of the geriatric population worldwide will be a significant growth booster in the heart failure drugs market over the ensuing years.
Merck Sharp & Dohme Corp. (U.S.), AstraZeneca (U.K.), Novartis AG (Switzerland), Gilead Sciences, Inc. (California), Amgen Inc. (U.S.), Bristol-Myers Squibb Company (U.S.), Boehringer Ingelheim International GmbH (Germany), Pfizer, Inc. (U.S.), Johnson & Johnson Services, Inc. (U.K.), are the prominent firms in the global market for heart failure drugs.
The key segments highlighted in the MRFR study of the Heart Failure Drugs Market Size include type and end-user.
The global market, depending on type, caters to ACE Inhibitors, Diuretic, Beta-Blockers, Angiotensin Receptor Blockers (ARBs), Angiotensin-Receptor Neprilysin Inhibitors (ARNI), and others. ACE inhibitors are the most extensively prescribed types of drugs, as these play an essential role in managing heart failure. These relax the blood vessels and bring down the blood pressure, thereby facilitating smooth blood flow.
The global heart failure drugs market, by end-user, has been categorized as hospitals, specialty centers, and others. Hospital segment has procured the leading position in the global industry, on account of their soaring number worldwide and medications increasingly being prescribed at these institutions.
The market for heart failure drugs has been regionally segregated into Asia Pacific/APAC, Americas, MEA or Middle East & Africa and Europe.
Americas has taken the prime spot in the global market since the region generates significant demand for heart failure drugs in view of the escalating cases of cardiovascular disorder. High healthcare spending along with the surge in obesity cases also add to the market value. Besides, the growing prevalence of unhealthy lifestyle including high alcohol intake, bad diet, smoking, and lack of exercise has raised people’s vulnerability to arrhythmia as well as heart failure. This is bound to create a favorable scenario for the regional market in the following years.
Europe is the second most lucrative market for heart failure drugs and will continue to record a considerable growth rate in the ensuing years. The soaring incidences of cardiovascular diseases along with the burgeoning population of smokers has amplified the market growth rate in the region. Moreover, the expanding elderly populace in the European Union should also benefit the regional market over the analysis period.
Asia Pacific is emerging as one of the strongest markets, thanks to the blossoming patient pool along with the surge in technological advances in healthcare. The market’s rapid growth is also the result of the rise in per capita income as well as government initiatives aimed at improving the healthcare infrastructure.
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