Medical Tubing Market Forecast to 2026 Insights Shared in Detailed Report
Added: (Mon Jan 07 2019)
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Heart failure is a medical condition caused due to abnormal cardiac structure and function. Heart failure is a chronic progressive disorder that affects blood pumping capacity of the heart muscles, leading to insufficient supply of blood to the whole body. Systolic heart failure and diastolic heart failure are the two main types of heart failure. In systolic heart failure, the left ventricle of the heart fails to contract normally, while in diastolic heart failure, the muscles in the left ventricle become stiff. Common symptoms of heart failure include fatigue, swelling at the ankles, feet, and legs, weight gain, and increased urge to urinate. Heart failure has significant burden on the global health care system, affecting more than 26 million people across the globe. It is estimated that heart failure across the globe had cost around US$ 100 Bn in 2012.
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The global heart failure therapeutics market is estimated to be primarily driven by high incidence rate of heart failure disorders across the globe. Around 5 million Americans are estimated to be currently living with congestive heart failure and more than 5.5 million new cases are diagnosed every year in the U.S. Also, heart failure cases account for 11 million visits to physicians every year in the U.S. and higher number of hospitalization than that of all forms of cancer combined together. Moreover, adoption of western lifestyle, lack of physical exercise, daily life stress, unhealthy diet, and high prevalence of obesity are the key causes leading to heart failure. These factors are projected to fuel the growth of the global heart failure therapeutics market during the forecast period. Rise in trend of new product development and commercialization among the leading players operating in the global market has been observed since the past few years. Increase in demand and easy availability of heart failure therapeutics drugs are estimated to drive the growth of the market during the forecast period.
The global heart failure therapeutics market can be segmented based on heart failure stage, drug class, distribution channel, and region. In terms of heart failure stage, the market can be classified into class I, Class II, Class III, and Class IV. Based on drug class, the market can be divided into Angiotensin-Converting Enzyme Inhibitors, Angiotensin Receptor Blockers, Diuretics, Beta Blockers, Procoralan, Mineralocorticoid Receptor Antagonists, and others. Angiotensin-converting enzyme (ACE) inhibitors are a group of medication used for dilation or widening of heart blood vessels to facilitate the free flow of blood to the heart and to lower the blood pressure. Most commonly used ACE inhibitors include Accupril, Aceon, Altace, Capoten, Lotensin, Mavik and Monopril. ACE inhibitors are generally prescribed for management of high blood pressure, heart failure, coronary artery diseases, diabetes, and other cardiovascular disorders. The ACE inhibitors segment is projected to dominate global heart failure treatment market by the end of 2026, expanding at a significant CAGR during the forecast period. In terms of distribution channel, the market can be segmented into hospital pharmacy, retail pharmacy, and online pharmacy. The hospital pharmacy segment is poised to hold prominent share of the market by the end of 2026.
In terms of region, the global heart failure therapeutics market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are estimated to account for a dominant share of the global market, owing to high prevalence and rise in incidence rate of heart failure, large base of pharmaceutical companies, high awareness level, well-established health care facilities, and favorable medical reimbursement policies in these regions. Moreover, rapidly increasing geriatric population which is more prone to suffer from heart failure in countries such as the U.S., the U.K., Germany, and France is likely to contribute to major market share of these regions by the end of 2026. The heart failure therapeutics market in Asia Pacific is projected to grow rapidly during the forecast period, owing to large pool of patients affected with heart failure in highly populous countries such as India and China, large base of geriatric population in Japan, and rapidly changing health care sector in the emerging countries. Increase in per capita health care expenditure, rapidly growing biopharmaceutical industry, and various initiatives taken by the government in the emerging countries to promote health care are estimated to fuel the growth of the heart failure therapeutics market in Asia Pacific during the forecast period. The heart failure therapeutics market in Latin America and Middle East & Africa is projected to grow at a moderate rate during the forecast period.
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The global heart failure therapeutics market is highly fragmented. A large number of manufacturers holds prominent market share in respective regions. A key trend of mergers and acquisitions and new product development among the leading players has been observed since the past few years. Companies are engaging in mergers and acquisitions in to order to strengthen their product portfolio and enhance their geographic presence in respective regions. Key players operating in the global heart failure therapeutics market include Amgen Inc., Pfizer Inc., Johnson & Johnson, Novartis AG, Bristol-Myers Squibb Company, Abbott, Bayer AG, Orion Corporation, Merck & Co. Inc., and Cardiorentis Ag.
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