Cardiovascular Drugs Market Value Garner US$ 92.3 Bn by 2026
LOS ANGELES, Jan. 30, 2020 /PRNewswire/ --- The Cardiovascular Drugs Market value is poised to garner over US$ 92.3 Bn by 2026 with rising CAGR of around 2.3%.
Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled "Cardiovascular Drugs Market Size, Share and Forecast, 2019 - 2026".
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North America dominated the global cardiovascular drugs market in the year 2018. The region has experienced the potential growth owing to the presence of cardiovascular drugs companies such as Novartis AG, Bayer AG, Pfizer Inc., Merck and Co. Inc., and Johnson & Johnson, Eli Lilly and Company among others. The presence of a large customer base and increase in development of cardiovascular drugs is additionally accelerating the regional market growth. Moreover, favorable medicare policies, increase in awareness about health, and growing number of hospitals and clinic centers are expected to enhance the market growth in the global cardiovascular drugs market in future growing prevalence of such diseases further expected to raise the demand for cardiovascular drugsin North America. The Europe region is expected to exhibit a second-largest share in the cardiovascular drugsmarket. Stringent government regulations regarding hospital drugs and rapid industrialization, technological advancement in cardiovascular drugs, growing number of medical pharmaciesin countries, such as Germany, the UK, France, Spain, and Italy, are expected to enhance the market growth in the global cardiovascular drugs market during the forecast.
Asia-Pacific region is expected to exhibit highest CAGR in the cardiovascular drugs market. The rapid growth in the urbanization, growing healthcare industry in developing countries, and liberalization of foreign direct investment in the medical sector are the major driving factor for the region in the global market. Moreover, the rising geriatric population and growing awareness regarding treatment options increases its dominance in the global cardiovascular drugs market in future.
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Growing demand for cardiovascular drugsin various end user applications, growing awareness about cancer treatment across the globe and multi-functionality of cardiovascular drugs are the main drivers for the market growth of the global cardiovascular drugs market over the forecast period. Furthermore, rising investment in research and development of cardiovascular drugs and supportive government initiatives further grows the demand for cardiovascular drugs over the forecast the period. Moreover, technological advancement and increase in the number of applications, and availability of advanced healthcare facilities in developing countries are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, stringent government regulations and side effects of drugs are expected to hamper the growth of the global cardiovascular drugs market during the forecast period.
Anti-Coagulants segment have dominated the product segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. Growing prevalence of blood cancer, epiretinal membrane and diabetic retinopathy and escalating demand for drug treatment further expected to drive the demand for the segment. The manufacturers Takeda Pharmaceutical Company Ltd, Otsuka Holdings Co., Ltd, and Novartis AG, are the mainly investing in the development ofanti-coagulants vectors, which expected the lead the market in the coming years.
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Hospital pharmacies segment dominated the cardiovascular drugs market on the basis of distribution channelin the year 2018. The major factors that are driving the growth of this segment are availability of pharmacies in hospitals and growing number of hospitals across the globe. This expected to enhance the dominance of the hospital segment in the global market over the forecast period.
Some of the leading competitors are Otsuka Holdings Co., Ltd., Gilead Sciences Inc., Sun Pharma Industries, Abbott Laboratories, Novartis AG, Bayer AG, Pfizer Inc., Merck and Co. Inc., and Johnson & Johnson, Eli Lilly and Company, and Takeda Pharmaceutical Company Ltd.
Some of the key observations regarding cardiovascular drugs industry include:
- In July 2019, Abbott Medical Optics Inc. announced partnership agreement with Johnson & Johnson, a provider of advanced software solutions for life science R&D. The partnership increases the development of cardiovascular drugsproducts and increases the efficiency of strain development processes.
- In February 2019, Novartis AG signed partnership agreement with Blackstones life science. The partnership focuses on development of cardiovascular drugs and other medical products.
- In November 2018, Novartis AG received approval from European commission for luxturna, a gene therapy to treat patients with a vision loss. The approval enhances the brand identity of the company and enhances its customer base.
- In January 2017, Novartis AG signed partnership agreement with Caribou. The partnership focuses on innovation and development of drugs and therapy treatment.
- In August 2017, Takeda Pharmaceutical Company Ltd signed partnership agreement with Cardurion Pharmaceuticals. The partnership focuses on development of cardiovascular drugs and next generation medical products.
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