Cardiovascular Drugs Market | Insights
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Manufacturers in the market are focusing on mergers and acquisition and new product launches, which is positively affecting the market growth. However, stringent drug approval process and side effects of some cardiovascular drugs hamper growth of the global cardiovascular drugs market. Moreover, the patent expiry of various blockbuster drugs is also expected to adversely affect revenue growth of the global cardiovascular drugs market.
According to American Heart Association (AHA), in 2013, cardiovascular diseases accounted for over 17.3 million deaths globally, representing 31% of all global deaths. The global number is expected to rise to 23.6 million by 2030. In 2010, the global burden of cardiovascular diseases was US$ 863 billion, and it is expected to rise to US$1044 billion by 2030. Around 2,200 U.S. citizens die due to cardiovascular diseases, everyday, which is one death in every 40 seconds. Moreover, coronary heart disease accounts for (45.1%) of the total cardiovascular disease, followed by stroke (16.5%), high blood pressure (9.1%), heart failure (8.5%), diseases related to arteries (3.2%), and other cardiovascular diseases in the U.S.
Increasing R&D activities to launch new products is expected to support in growth of the cardiovascular drugs market
Regional segmentation of the cardiovascular drugs market by Coherent Market Insights comprises of North America, Latin America, Europe, Asia Pacific, Africa, and Middle East. Global cardiovascular drugs market is oligopolistic in nature with few players holding majority of the share. Various strategies are adopted by key market players such as new product launches, and partnerships in order to retain their market position. For instance, in December 2017, Medicure Inc. — a Canada-based pharmaceutical company — through its subsidiary Medicure International Inc., acquired exclusive license for 7 years to market and sell cardiovascular drug for the treatment of primary hyperlipidemia or mixed dyslipidemia in the U.S and its territories. In October 2017, the Sun Pharmaceutical Industries’ subsidiary in the U.S received approval from the U.S Food and Drug Administration (FDA) to sell generic version of its Coreg CR. Coreg CR is used to treat various heart conditions including high blood pressure and heart failure. In August 2017, Takeda Pharmaceutical Company Limited and Cardurion Pharmaceuticals entered into partnership to develop next generation products for the treatment of cardiovascular diseases and heart failure.
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Some of the major players operating in the global cardiovascular drugs market are Pfizer Inc., Bayer AG., Novartis AG., Merck and Co. Inc., AstraZeneca Plc, Bristol Myers Squibb Company, Abbott Laboratories, Sun Pharma Industries, Gilead Sciences Inc., Otsuka Holdings Co., Ltd. Takeda Pharmaceutical Company Ltd, Eli Lilly and Company, and Johnson & Johnson.
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