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Coronary Artery Disease Market Size, Industry Report And Forecast 2024
Coronary Artery Disease Market Size
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According to The Business Research Company's, The coronary artery disease market size has grown rapidly in recent years. It will grow from $26.3 billion in 2023 to $28.97 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to prevalence of coronary artery disease, growth in minimally invasive surgeries, increase in sedentary lifestyles, aging population and cad prevalence, evolution of pharmacological treatments..
The coronary artery disease market size is expected to see rapid growth in the next few years. It will grow to $42.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to growing lifestyle factors, focus on telemedicine and remote monitoring, expansion of interventional cardiology procedures, shift towards value-based healthcare models, development of novel drug therapies.. Major trends in the forecast period include development of gene therapies, integration of artificial intelligence in diagnosis, focus on mental health in cad care, rise in home-based healthcare services, adoption of remote cardiac rehabilitation..
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Market Drivers and Trends:
The rise in the prevalence of coronary artery disease is expected to propel the growth of the coronary artery disease market over the coming years. Coronary artery disease (CAD) is a medical condition characterized by the narrowing or blockage of the coronary arteries, which supply blood to the heart muscle. Coronary artery disease cases are increasing due to increased changes in diet, stress, lack of exercise, obesity, age, and others. Coronary artery disease is treated with drugs using clopidogrel, ticagrelor, warfarin, and heparin and with procedures such as coronary artery bypass grafting, angioplasty, and stenting. For instance, in May 2023, according to the Centers for Disease Control and Prevention, a US-based government agency, in 2021, coronary heart disease, the most prevalent form of heart disease, claimed the lives of 375,476 individuals. Approximately 5% of adults aged 20 and above are affected by coronary artery disease (CAD), translating to about 1 in 20 individuals. Therefore, the rise in the prevalence of coronary artery disease is expected to boost the coronary artery disease market during the forecast period.
Major companies operating in the coronary artery disease market are focusing on developing innovative technologies such as AI-based blood tests. An AI-based blood test refers to a diagnostic test that incorporates artificial intelligence (AI) algorithms in the analysis and interpretation of blood-related data. For instance, in February 2023, Cardio Diagnostics Holdings, a US-based AI-based integrated genetic-epigenetic engine manufacturing company, announced the launch of PrecisionCHD. Its a combined genetic and epigenetic blood test designed for the early identification of coronary heart disease. PrecisionCHD exhibits over 75% sensitivity for the detection of coronary heart disease in both men and women. Utilizing a machine-learning model derived from the analysis of billions of genomic and epigenomic data points, the test incorporates epigenetic (DNA methylation) and genetic (single nucleotide polymorphism) biomarkers.
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Major Key Players of the Market:
Pfizer Inc., Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, AstraZeneca plc, Abbott Laboratories, GlaxoSmithKline plc, Gilead Sciences Inc., Amgen Inc. , Viatris Inc., Teva Pharmaceutical Industries Ltd., Aurobindo Pharma Ltd., Hikma Pharmaceuticals plc, Amneal Pharmaceuticals Inc., Chiesi Farmaceutici S.p.A., Lupin Pharmaceuticals Inc., Wockhardt Ltd., Honya Medical Inc., Idorsia Pharmaceuticals Ltd., Cytokinetics Inc., Kowa Pharmaceuticals America Inc., Sinotau Pharmaceutical Group, HRV Global Life Sciences, Barr Pharmaceuticals Inc., AdvanceCor GmbH, Deutsches Zentrum für Herz- Kreislauf-Forschung (DZHK) e.V.
Coronary Artery Disease Market 2024 Key Insights:
• The coronary artery disease market size is expected to see rapid growth in the next few years. It will grow to $42.65 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• The Influence Of Rising Coronary Artery Disease Prevalence Fuels The Coronary Artery Disease Market
• Spearhead Ai-Infused Blood Tests For Coronary Artery Disease
• North America was the largest region in the coronary artery disease market in 2023
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