The global cardiovascular drugs market size is set to touch USD 63.96 billion by 2026, exhibiting a CAGR of 3.8% during the forecast period. Increasing incidence of cardiovascular disorders will be one of the central driving forces of growth for this market in the next decade. According to the Global Burden of Disease Study 2017, cardiovascular disorder (CVD) is the most common chronic disease, killing around 17.8 million people annually. Of these, close to 82% of the deaths occur in low and middle-income countries. The World Health Organization (WHO) estimates that 80% of CVD deaths are caused by heart attack and strokes. These diseases also carry a heavy economic burden. For example, the American Heart Association estimates that by 2035, medical costs associated with CVD will hit USD 749 billion. Thus, there is a grave need to find effective medication to treat these conditions, augmenting the cardiovascular drugs market growth.
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- Forecast Period: 2019 to 2026
- Forecast Period 2019 to 2026: CAGR 3.8%
- Market Size in 2018: USD 47.29 Billion
- 2026 Value Projection: USD 63.96 Billion
Fortune Business Insights, through its report, titled “Cardiovascular Drugs Market Size, Share & Industry Analysis, By Drug Type (Antihypertensive, Antihyperlipidemic, Anticoagulants, Antiplatelet Drugs, Others), By Disease Indication (Hypertension, Hyperlipidemia, Coronary Artery Disease, Arrhythmia, Others), By Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, Online Pharmacies, Others) and Regional Forecast, 2019 -2026”, brings out a comprehensive analysis of the factors and dynamics that are likely to influence the share, size, and overall growth of the market during the forecast period. The report also provides a thorough research into the general industry trends that will enable competitors in this market to take well-informed business decisions.
Key Industry Developments:
- November 2019: The US Food and Drug Administration (FDA) green lit AstraZeneca’s Farxiga(dapagliflozin). The drug is designed to reduce the risk of hospitalization for type 2 diabetic patients at risk of heart failure or from any other cardiovascular condition.
- February 2019: Novartis announced that it would develop and commercialize TQJ230, an agent discovered by Ionis Pharmaceuticals to reduce the risk of CVD-affected people who are living with high levels of hereditary lipoprotein(a).
Rising Demand for Effective Treatment Drugs to Stir Innovation
One of the leading cardiovascular drugs market trends is the steady spread of awareness about the effects of CVDs. This is causing an upsurge in the demand for CVD drugs, a need that is being bolstered by rising pollution levels and an increasingly sedentary lifestyle. The response from the industry has been positive as many companies are coming out novel drugs to cure such conditions as effectively as possible. For instance, Bristol-Myers Squibb and Pfizer jointly developed Eliquis, a low-risk cardiovascular drug that was rapidly adopted by patients and doctors alike. These developments are expected to vastly enhance the potential of this market in the near future.
High Incidence Rate of Risk Factors to Fuel the Market in North America
- North America generated a revenue of USD 21.89 billion in 2018 and is anticipated to continue its dominance of the cardiovascular drugs market share in the forecast period.
- The main factors driving the market include increasing prevalence of risk factors such as obesity and diabetes that are associated with cardiovascular conditions, presence of large companies, and growing incidence of CVDs in the region. In Asia-Pacific, the growth rate is expected to be impressive owing to the rising awareness about chronic conditions and fast-climbing disposable income in the region.
- With cardiovascular diseases being one of the primary reasons for death in the region, Europe is also foreseen to register a considerable growth during the forecast period. In Latin America, Africa, and the Middle East, the market will be primarily driven by the rising incidence of cardiovascular diseases.
Timely Regulatory Clearances to Energize Competition
The cardiovascular drugs market forecast by Fortune Business Insights predicts a highly competitive period for the market in the coming decade. This will be a result of active regulatory support for new products that is incentivizing companies to invest more in R&D activities. Additionally, many companies are also engaging in the marketing and distribution of innovative drugs with a view expand their global presence.
- Merck & Co., Inc.
- Pfizer Inc.
- Hoffmann-La Roche Ltd.
- Janssen Pharmaceuticals, Inc.
- Bristol-Myers Squibb Company
- Bayer AG
- Novartis AG
- Gilead Sciences, Inc.
Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Major Cardiovascular Diseases by Key Countries
- Pipeline Analysis
- Key Industry Developments Such as Mergers & Acquisitions
- New Product Launches
- The Regulatory Scenario in Key Countries
- Reimbursement Scenario by Key Countries
- Advances in R&D for Novel Therapeutics
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