Increasing R&D activities to launch new products is expected to support in growth of the cardiovascular drugs market
The global cardiovascular drug market is primarily driven by increase in prevalence of heart diseases coupled with rising geriatric population and lifestyle related diseases. In order to cater to this increasing population suffering from cardiovascular diseases, drugs for treatment and prevention for these diseases is required. Rising number of diabetic patients is also expected to be another factor for growth of the global cardiovascular drugs market. According American Diabetes Association, in 2015, 30.3 Americans had diabetes, which is 9.4% of the total U.S population.
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Some of the common cardiovascular diseases include hypertensive heart disease, rheumatic heart disease, ischemic heart disease, inflammatory heart disease, and cerebrovascular heart disease. Major problems associated with hypertensive heart disease include angina, hypertrophy, and heart failure. These problems are caused due to high blood pressure in the heart’s arteries and muscles, which causes narrowing of arteries and thickening and enlargement of heart.
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.
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Key Vendors:
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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