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Beta Blockers Global Market is Projected to Increase Revenues Growth, Business Insights, Future Demand and Forecast 2024-2033
Beta Blockers Global Market
According to The Business Research Company's, The beta blockers market size has grown strongly in recent years. It will grow from $9.16 billion in 2023 to $9.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to hypertension management, treatment of cardiovascular diseases, post-myocardial infarction care, migraine prophylaxis, management of anxiety and tremors.
The beta blockers market size is expected to see strong growth in the next few years. It will grow to $12.28 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to prevalence of cardiovascular diseases, expanded applications in heart failure, combination therapies, focus on hypertension guidelines, exploration of novel indications. Major trends in the forecast period include application in anxiety and performance situations, potential neuroprotective effects, individualized treatment approaches, impact of generic versions, integration with digital health platforms.
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Market Drivers and Trends:
The rise in the incidence of cardiovascular diseases is expected to propel the growth of the beta blockers market. Cardiovascular diseases (CVDs) are a group of disorders that affect the heart and blood vessels. The rise in the incidence of cardiovascular diseases is mostly driven by unhealthy diets, poor lifestyles, lack of exercise, tobacco use, and obesity, where beta blockers can help reduce cardiovascular cases by exerting several beneficial effects on the heart and blood vessels. Hence, rising cases of cardiovascular diseases are contributing to the growth of the beta blockers market. For instance, in according to the National health Survey 2020-21 conducted by the Australian Bureau of Statistics, an Australia-based government agency, an estimated 571,000 Australians aged 18 and over (2.9% of the adult population) were living with CHD in 2020-21. Therefore, a rise in the incidence of cardiovascular diseases will fuel the beta blockers market growth.
Product innovation has emerged as a key trend gaining popularity in the beta blockers market. Major market players operating on beta blockers market are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in January 2021, Merck, a Germany-based pharmaceutical company, received U.S. Food and Drug Administration (FDA) approval for a medication called VERQUVO (vericiguat). VERQUVO (vericiguat) is a medication indicated for treating heart failure with reduced ejection fraction (HFrEF) in adults. This drug helps to relax and widen blood vessels, reduce strain on the heart, and improve cardiac function.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Pfizer Inc.; Novartis AG; Merck & Co. Inc.; AstraZeneca plc; Johnson and Johnson; Eli Lilly and Company; Sanofi SA; Bristol-Myers Squibb Company; Bayer AG; GlaxoSmithKline plc; Teva Pharmaceutical Industries Ltd.; Sun Pharmaceutical Industries Ltd.; Amneal Pharmaceuticals LLC; Abbott Laboratories; Eagle Pharmaceuticals Inc.; Neon Healthcare Ltd.; Midas Pharma GmbH; Global Calcium PVT. LTD.; AbbVie Inc.; Mylan N.V.; Boehringer Ingelheim International GmbH; Aspen Pharmacare Holdings Limited; Lupin Limited; Torrent Pharmaceuticals Ltd.; Dr. Reddy's Laboratories Ltd.; Cipla Ltd.; Sandoz International GmbH; Wockhardt Ltd.; Endo Pharmaceuticals Inc.; Apotex Inc.
Beta Blockers Market 2024 Key Insights:
• The beta blockers market will grow to $12.28 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Increasing Incidence Of Cardiovascular Diseases Drives Growth In The Beta Blockers Market
• Product Innovation Drives Growth In The Beta Blockers Market
• North America was the largest region in the beta blockers market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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