Heart Failure Drugs Market to 2027, Future Outlook, Major Players - Merck Sharp & Dohme Corp, AstraZeneca, Novartis AG, Gilead Sciences, Inc, Amgen Inc, Bristol-Myers Squibb Company
The rise in the prevalence of cardiovascular disease among the population worldwide is rising the development of the market for heart failure medications. Growing the demand for these medications as they treat multiple symptoms of the condition and patients' reliance on these drugs accelerates the development of the market for heart failure drugs. Lifestyle changes, such as heavy consumption of alcohol, smoking and poor eating patterns, cause heart attacks that drive the demand for heart failure drugs. Growing investments by major players and increasing the amount of R&D operations are affecting the demand for heart failure drugs. In addition, the rise in the prevalence of heart attacks due to obesity and lack of physical exercise raises the demand for heart disease medications.
Heart failure condition has inspired drug makers to seek improved therapeutic solutions, largely because, due to extremely high diagnosis rates worldwide, the drugs they formulate would be well received in this mounting market. Factors that make people more vulnerable to arrhythmias and cardiac disease are driving the growth of the industry, such as growing cases of coronary diseases, increasing geriatric population, and continuously evolving lifestyle patterns.
For the past year, COVID-19 has witnessed heart disease as the leading cause of mortality. This fact has prompted many health companies to find creative and ingenious ways to treat heart disease.
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Merck Sharp & Dohme Corp. (U.S.), AstraZeneca (U.K.), Novartis AG (Switzerland), Gilead Sciences, Inc. (California), Amgen Inc. (U.S.), Bristol-Myers Squibb Company (U.S.), Boehringer Ingelheim International GmbH (Germany), Pfizer, Inc. (U.S.), Johnson & Johnson Services, Inc. (U.K.), are the prominent firms in the global market for heart failure drugs.
The key segments highlighted in the MRFR study of the Heart Failure Drugs industry include type and end-user.
The global market, depending on type, caters to ACE Inhibitors, Diuretic, Beta-Blockers, Angiotensin Receptor Blockers (ARBs), Angiotensin-Receptor Neprilysin Inhibitors (ARNI), and others. ACE inhibitors are the most extensively prescribed types of drugs, as these play an essential role in managing heart failure. These relax the blood vessels and bring down the blood pressure, thereby facilitating smooth blood flow.
The global heart failure drugs market, by end-user, has been categorized as hospitals, specialty centers, and others. Hospital segment has procured the leading position in the global industry, on account of their soaring number worldwide and medications increasingly being prescribed at these institutions.
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The largest demand for heart disease medications has become the international market in the Americas. The rise of the heart disease drug market in the Americas is attributed to the increased incidence of coronary diseases, increased spending on healthcare, and increased cases of obesity. In addition, lifestyle behaviors that are rapidly evolving, such as heavy alcohol intake, unhealthy eating habits, smoking, obesity, and lack of physical activity, make people more vulnerable to arrhythmia and heart disease, thereby pushing the development of the regional market.
The next big market for heart disease medications is Europe. Due to rising cardiovascular conditions and swelling tobacco smoking populations, a positive growth rate is projected to be reported during the forecast era. The intensification of the older population in the European Union is also compelling the demand for heart disease medicines in the European region. In addition, by the end of 2026, the increasingly growing geriatric population, which is more likely to suffer from heart disease in countries such as the United Kingdom, Germany, and France, is likely to lead to these regions' large market share.
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