Press release
Worldwide Outlook for Hypertrophic Cardiomyopathy Therapeutics Market By Key Trends in 2023
TMR estimates the overall value of the global hypertrophic cardiomyopathy therapeutics market at US$1.2 bn in 2014. Exhibiting a moderate CAGR of 1.4% from 2015 to 2023, the market is expected to reach US$1.3 bn by the end of 2023.
Intense competition exists among the top companies in the market. These enterprises are mainly focusing on expanding and differentiating their product portfolio to enjoy sustainable growth.
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Demand for HCM Therapeutics Surges due to Increasing Incidence of Congestive Heart Failure
“The prevalence of chronic cardiovascular ailments is fueling demand for effective treatment, which has been translating into lucrative sales opportunities for hypertrophic cardiomyopathy therapeutics,” said a lead TMR analyst. Heart diseases make one of the most common causes of death in both men and women around the world. According to TMR, the rising incidence of congestive heart failure considerably fuels demand for effective medications. This creates attractive opportunities for sales of hypertrophic cardiomyopathy therapeutics.
"Besides this, successful interventions conducted across several countries to spread awareness about hypertrophic cardiomyopathy have also aided the expansion of the HCM therapeutics market,” said the TMR analyst. Furthermore, patients are now more aware about the latest medical advances, which augurs well for the market. ECG screening is the most efficient technology for diagnosing HCM. The success demonstrated by this technology has significantly contributed in fuelling demand for HCM therapeutics.
Rising Penetration of Advanced Medical Devices to Threaten Market Growth
Despite witnessing positive growth opportunities, the rising penetration of medical devices such as pacemakers and defibrillators in the healthcare sector has been inhibiting the HCM therapeutics market’s trajectory. Demand for gene therapy and implantable medical devices is rising as patients gain adequate knowledge about positive results offered by such advanced medical devices. The increasing acceptance of these medical devices could limit the scope of expansion for the HCM therapeutics market.
Nevertheless, drugs created specifically for the treatment of hypertrophic cardiomyopathy are yet to find approval. Once approved, this indication will bolster sales opportunities for the market players. Additionally, due to the high prevalence of unmet medical needs across Asia Pacific and the increasing medical expenditure in the region also boosts prospects for the HCM therapeutics market.
Regionally, North America holds the largest share in the global HCM therapeutics market. However, as per TMR, the market is also expected to witness strong growth in Asia Pacific and Rest of the World. The Asia Pacific HCM therapeutics market is poised to expand at 2.9% CAGR between 2015 and 2023. By drug class, the market was led by calcium channel blockers in 2014. By drug class, the calcium channel blockers is expected to dominate the market. It held over 37.4% of the HCM therapeutics market in 2014.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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