The cardiovascular drugs market to grow at a CAGR of 2.8% during the forecast period 2018–2024 to aggregate $158.5 billion by 2024
Increasing prevalence of cardiovascular diseases and rising elderly population are expected to drive the market growth during the forecast period. However, the high cost of drugs and stringent regulatory approval process are hampering the market growth.
BANGALORE, India – March 06, 2018
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Cardiovascular Drugs Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2018–2024” (March 2018).
According to Infoholic Research, increasing aging population, increasing prevalence of cardiovascular diseases, high incidence of obesity, and an unhealthy lifestyle are driving the demand for cardiovascular drugs. Complex drug development process and adverse effects of cardiovascular drugs are hampering the growth of the market. Cardiovascular drugs are agents used for the treatment of diseases associated with the circulatory system, which include blood clots, stroke, coronary artery disease, variation in blood pressure, arrhythmias, high cholesterol, and heart failure.
There is a constant increase in the incidence of cardiovascular diseases. According to WHO, in 2015, approximately 17.7 million people died due to various cardiovascular diseases. Increase in expenditure for R&D of novel cardiovascular drugs and increased government initiatives to raise the alertness of different types of cardiovascular conditions are expected to drive the market growth. Additionally, the variation in lifestyle has increased the prevalence of the obesity, which has further led to an increase in the incidence of cardiovascular disorders globally. Nevertheless, the rigorous regulatory approval process for drugs, high treatment cost, and side effects related to cardiovascular drugs are hindering the progress of the market.
The “global cardiovascular drugs” market is expected to grow at a CAGR of 2.8% during the forecast period 2018–2024 to touch an aggregate of $158.5 billion by 2024.
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The global cardiovascular drugs market is analyzed based on two segments: product types and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In North America, the US is set to be the leading country. Europe is set to be the second leading region and held more than 26.8% of the market share in 2017. In Asia Pacific, India, Japan, and China are among the most attractive countries for the players with huge business opportunities. The ROW is set to be an emerging market in the next 5–6 years.
Based on types, the market is segmented into anti-hypertensives, anti-hyperlipidemics, anticoagulants, antiarrhythmics, and others. Cardiac glycosides, antianginal drugs, anti-fibrinolytic, and anti-ischemic drugs are the other key product types in the market. The market is dominated by anti-hypertensives.
“Mergers & acquisitions, approval of new drugs, and product launch are the primary strategies followed by various players in the market to increase their revenue. In March 2017, Espero Pharmaceuticals, Inc., a privately held company in commercial-stage cardiovascular pharmaceutical and Armetheon, Inc., a private company in late-clinical stage pharmaceutical have planned to merge. J&J, a major company in the cardiovascular drugs market established its footprints in this sector in 2008 with the approval of Xarelto in the US. Currently, in 2016, Xarelto earned revenue of ~$2.5 billion and is anticipated to rise to ~$3.5 billion by 2024. In January 2017, J&J acquired Actelion and added Uptravi & Opsumit to its portfolio, which are expected to secure the market leadership of the company. Warfarin by Epocrates, Inc. is struggling to maintain the market share from a stable rivulet of new products such as Xarelto, Pradaxa, Eliquis, and Savaysa.” – Rikitha K Murthy, Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report also aims to cover the below-mentioned points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals.
- Provides the complete details about the various types of cardiovascular drugs overview.
- Provides the complete details about the analysis of top 10 players.
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies.