The worldwide Tenecteplase Drug Market is perceived to have a good run during the forecast period (2018-2023), says Market Research Future (MRFR). MRFR expects the market to grow at a lucrative rate during the conjectured time frame.
Market Boosters and Key Challenges
Tenecteplase drug refers to a recombinant enzyme that acts as a blood thinning agent. Also known as a clot buster, tenecteplase drug helps dissolve blood clots or clumps, allowing the blood to flow normally. These drugs are generally used for treating patients facing heart-related issues.
Some of the leading factors influencing the market growth include the increasing number of hypertension patients, rising number of deep vein thrombosis cases, early aging, and sedentary lifestyles that lead to blood clotting. The American Heart Association reported in 2017 that every 40 seconds, an individual in the United States (U.S) gets a heart attack. The American College of Cardiology reported in 2018 that the death rate due to high blood pressure (BP) between 2005 and 2015 had increased by 10.5%.
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Additionally, the report states that coronary heart disease (CHD), which accounts for 43.8% is the main cause of deaths due to cardiovascular disease (CVD) in the United States (US). Whereas, heart failure (HF) (9.0%), high BP (9.4%), stroke (16.8%), and other CVDs (17.9%) are other causes for deaths in the country. Furthermore, the report expects that by 2035, over 130 million adults in the US, around 45.1%, will suffer from some form of CVD. As a result, the overall costs of CVD are estimated to touch the valuation of USD 1.1 trillion by 2035. Therefore, the hike in the rate of cardiovascular diseases is projected to stimulate the tenecteplase drug market growth in the years ahead.
Key Players – Tenecteplase Drug Market
The key companies present in the worldwide tenecteplase drug market include Genentec Inc., Gennova pharmaceutical, Merck Ltd., Hisun USA, Boehringer Ingelheim International GmbH, Crunchbase Inc., Rewine pharmaceuticals, Emcure Pharmaceutical, and others.
Gennova Biopharmaceuticals has been granted a patent in the United States (US) for its latest tenecteplase drug, to treat ischemic strokes.
Segments – Tenecteplase Drug Market
The worldwide tenecteplase drug market has been segmented on the basis of application, dosage, and end users.
The tenecteplase drug market, with respect to application, is considered for myocardial infarction, stroke, DVT.
As per dosage, tenecteplase drug market can be broken down into intravenous dosage and intracatheter instillation dosage.
The end-users in the market are hospitals and clinics, surgical centers, research centers.
Regional Analysis – Tenecteplase Drug Market
The key markets for tenecteplase drug include Europe, Asia Pacific, the Middle East, and Africa and North America.
North America has been estimated as the biggest market for tenecteplase drug, on account of the rising innovations in clinical practice and surge in myocardial infection. The region also benefits from increasing access to stroke treatment, supported by the sophistication of healthcare infrastructure in the region. An article by CDC in 2015 suggested that in the United States (U.S.), close to 350,000 to 900,000 cases of Venous thromboembolism (VTE) are estimated annually. These statistics point towards the high potential of the tenecteplase drug market in North America.
Europe is the second most profitable market for tenecteplase drug, with the chief reason being the increase in incidents of stroke. The United Kingdom (UK) Organization has identified stroke as the 10th primary cause of death globally, with 34,883 mortality cases found in the UK alone in the year 2015. As a result of a surge in hypertension as well as high blood pressure, the stroke cases are on the rise in the region, elevating the market position of tenecteplase drug.
Established as the fastest-expanding region in 2017, Asia Pacific is one of the strong contenders in the worldwide tenecteplase drug market. The market growth in the area is the result of the surging prevalence of hypertension, evolving lifestyle, and rising cases of cardiac diseases. The Australian Bureau of Statistics said in 2015 that roughly 4.1 million people in the country suffered from high blood pressure. These rising cases of high blood pressure, along with other mentioned factors, works in favor of the regional market.
The Middle East and Africa market’s performance has been mediocre compared to other regions. The region accounts for the lease share of the global tenecteplase drug market due to the presence of low health expenditure as well as economically backward countries. But the market can expect some growth in the future with the increasing cancer care programs within the Middle East region.
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