Heart Failure Drugs Market Share, Demand, Industry Analysis, Growth, Applications, Types and Forecasts Report 2032
global heart failure drugs market is anticipated to witness significant growth in the coming years
VANCOUVER, BRITISH COLUMBIA, CANADA, July 8, 2024 /EINPresswire.com/ -- The global heart failure drugs market is anticipated to witness significant growth in the coming years, driven by a surge in the geriatric population and the increasing prevalence of chronic diseases like diabetes, hypertension, and high cholesterol. According to Emergen Research, the market size reached USD 12.20 billion in 2022 and is projected to reach USD 21.63 billion by 2032, reflecting a compound annual growth rate (CAGR) of 5.9% during the forecast period.
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Market Trends and Drivers
Growing Geriatric Population: As the global population ages, the number of individuals susceptible to heart failure is expected to rise dramatically. This growing demographic creates a significant demand for effective heart failure medications.
Rising Prevalence of Chronic Diseases: Chronic conditions like diabetes, hypertension, and high cholesterol are well-established risk factors for heart failure. The increasing prevalence of these diseases is a major driver of the heart failure drugs market.
Technological Advancements and New Drug Discovery: Pharmaceutical companies are actively involved in research and development to create novel therapeutics with improved efficacy and fewer side effects. This continuous innovation pipeline fuels market growth.
Restraints and Challenges
High Cost of Treatment: The high cost of certain heart failure medications can limit patient access, particularly in regions with limited healthcare resources.
Strict Regulatory Requirements: The stringent approval processes for new drugs can delay their market entry, impacting market growth in the short term.
Suboptimal Medication Adherence: A significant portion of heart failure patients do not adhere to their medication regimens, hindering treatment effectiveness and potentially increasing healthcare costs.
Growth Opportunities
Focus on Affordable Medications: Development and commercialization of cost-effective generic drugs can improve patient access and expand market reach, particularly in emerging economies.
Telemedicine and Remote Monitoring: The integration of telemedicine and remote patient monitoring technologies can enhance medication adherence and improve patient outcomes, creating new market opportunities.
Rising Awareness and Early Diagnosis: Increased public awareness campaigns and early diagnosis of heart failure can lead to timely intervention and potentially reduce the need for advanced treatment options.
Key Market Insights
Dominant Drug Class: ACE inhibitors currently hold the dominant position in the heart failure drugs market due to their established efficacy, tolerability, and affordability.
Fragmented Market Landscape: The market features a large number of players, with major pharmaceutical companies like Bayer AG, Novartis AG, and Merck & Co. competing alongside smaller, niche players. Strategic collaborations and mergers & acquisitions are likely to intensify as companies vie for market share.
SWOT Analysis
Strengths:
Large and growing patient pool
Continuous pipeline of innovative drugs
Established efficacy of existing therapies
Weaknesses:
High treatment costs
Stringent regulatory hurdles
Suboptimal medication adherence
Opportunities:
Development of affordable generic drugs
Integration of telemedicine and remote monitoring
Rising awareness and early diagnosis
Threats:
Patent expirations of branded drugs
Stringent pricing regulations
Competition from alternative treatment modalities
Latest Strategic Developments
On 29 May 2023, Lexicon Pharmaceuticals announced the approval of its Inpefa medication to treat cardiac failure by the US Food and Drug Administration (FDA). A once-daily oral pill called Inpefa is prescribed as an inhibitor of type 1 and type 2 Sodium-Glucose Co-Transporters (SGLT1). The objective is to lower the risk of cardiac failure hospitalization, urgent heart failure visits, and cardiovascular mortality. Adults with heart failure, chronic renal disease, type 2 diabetes, and other cardiovascular risk factors can take the pill.
On 20 January 2021, Merck announced that the U.S. Food and Drug Administration (FDA) had approved VERQUVO, lowering the risk of heart failure hospitalization and cardiovascular death. Following a priority regulatory review and based on the pivotal Phase 3 VICTORIA trial results, the FDA approved VERQUVO, the first treatment for chronic heart failure, specifically for patients who had been hospitalized for heart failure or required outpatient IV diuretics. Bayer AG and VERQUVO (vericiguat) are working together to create tablets in dosages of 2.5 mg, 5 mg, or 10 mg.
Heart Failure Drugs Top Companies and Competitive Landscape
The global heart failure drugs market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective heart failure drugs solutions.
Some major players included in the global heart failure drugs market report are:
Amgen Inc.
AstraZeneca
Bayer AG
Boehringer Ingelheim International GmbH
Bristol-Myers Squibb Company
Bausch Health Companies Inc.
Cardurion Pharmaceuticals
Cardior Pharmaceuticals GmbH
CYTOKINETICS, INC.
Janssen Global Services, LLC
Lilly
Exelixis, Inc.
Gilead Sciences, Inc.
GSK plc
Merck & Co., Inc.
Mylan N.V.
Novartis AG
Pfizer Inc.
Sanofi
Teva Pharmaceutical Industries Ltd.
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Heart Failure Drugs Market Segment Analysis
For the purpose of this report, Emergen Research has segmented global heart failure drugs market on the basis of type, application, stage of heart failure, distribution channel, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019-2032)
Beta Blockers
ACE Inhibitors
Angiotensin-receptor neprilysin inhibitors
Angiotensin receptor blockers
Diuretics
Others
Application Outlook (Revenue, USD Billion; 2019-2032)
Injection
Capsule
Tablets
Others
Stage Of Heart Failure Outlook (Revenue, USD Billion; 2019-2032)
Acute
Chronic
Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
Hospital Pharmacies
Retail Pharmacies
Online Pharmacies
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Hospitals
Specialty Centers
Others
Regional Outlook (Revenue, USD Billion; 2019–2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
Eric Lee
Emergen Research
+91 90210 91709
sales@emergenresearch.com
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