Hypertrophic Cardiomyopathy Therapeutics Market to Expand at a Restricted Pace of 1.40% by 2023
The global hypertrophic cardiomyopathy therapeutics market was valued at US$1.2 bn in 2014 and is expected to expand at a CAGR of 1.4% from 2015 to 2023 to reach US$1.4 bn by 2023.
According to a recent market study published by Transparency Market Research (TMR), the global hypertrophic cardiomyopathy therapeutics market is anticipated to witness tepid growth over the next seven years, reveals that the global hypertrophic cardiomyopathy therapeutics market is forecast to rise from a value of US$1.2 bn in 2014 to US$1.4 bn in 2023, registering a 1.40% CAGR during that time.
The rising prevalence of chronic cardiovascular diseases, increased awareness about hypertrophic cardiomyopathy, and the growing demand for effective treatments options are the key factors fueling the hypertrophic cardiomyopathy therapeutics market. However, technological upgradation in devices such as pacemakers and defibrillators hampers the demand for hypertrophic cardiomyopathy drugs.
In order to provide readers with a clear understanding of the structure, scope, and dynamics of the hypertrophic cardiomyopathy therapeutics market, the report segments the overall market based on drug class and geography.
The beta adrenergic blocking agent segment is projected to expand at the second highest CAGR during the forecast period from 2015 to 2023, as it is the first choice of treatment for obstructive and non-obstructive HCM. The antiarrhythmic and anticoagulants drug segments held the third and fourth largest shares of the global market in terms of revenue in 2014. However, rising technological upgrade of devices such as defibrillators and pacemakers could restraint market growth. The hypertrophic cardiomyopathy therapeutics market is likely to be driven by increase in sedentary lifestyle among the young population and rise in obese population.
Geographically, the hypertrophic cardiomyopathy therapeutics market has been segmented into four regions: North America, Europe, Asia Pacific, and Rest of the World (RoW). The market is primarily concentrated in the U.S., followed by Europe. The U.S. was the most attractive market for hypertrophic cardiomyopathy therapeutics in 2014, with more than 30% share of the global market. Europe accounted for the second-largest share of the global market in 2014. In 2014, the U.S. and Europe primarily dominated the hypertrophic cardiomyopathy therapeutics market due to modern healthcare infrastructure, increasing sedentary lifestyle among the youth, and rising obese population. Additionally, high awareness about HCM in developed countries boosts the market growth. North America is expected to continue its dominance during the forecast period. Asia Pacific was the fastest growing markets due to rising disease prevalence, developing healthcare infrastructure, and increasing awareness about cardiac complications in these regions. However, technological advancements in devices such as defibrillators and pacemakers are estimated to hamper market growth. This, in turn, would restrict the uptake of hypertrophic cardiomyopathy drugs. Thus, market leaders are recommended to focus on the development of new drugs or combination drugs that are specifically targeted toward hypertrophic cardiomyopathy in order to gain competitive advantage in the market.
AstraZeneca plc, Concordia Healthcare Corp., Sanofi S.A., Pfizer, Inc., Merck & Co., Inc., Teva Pharmaceuticals Limited, Mylan N.V., Gilead Sciences, Inc., and Novartis AG are some of the major companies operating in the global hypertrophic cardiomyopathy therapeutics market.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.