Diltiazem Market Worth US$ 369.95 Million at 12.3% CAGR of by 2028 - COVID-19 Impact and Global Analysis by The Insight Partners
NEW YORK, Aug. 16, 2021 /PRNewswire/ -- As per the latest The Insight Partners research report, "Diltiazem Market to 2028 – Global Analysis and Forecast – by Product Type, Application and Geography," the diltiazem market is projected to reach US$ 832.51 million by 2028 from US$ 369.95 million in 2021; it is expected to grow at a CAGR of 12.3% during 2021–2028. The growth of the market is attributed to rising prevalence of cardiovascular disease, growing geriatric population are driving the Diltiazem Market growth.
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In 2020, North America dominated the global diltiazem market. Factors such as increase in cardiovascular disease incidence and increasing elderly population are driving the market growth in the region. Heart diseases are mostly observed in elderly people due to their weak immunity and major other health problems. The general aging factors lead to stiffening the heart and blood vessels that lead to heart disorders. As the age grows, the systolic blood pressure also rises and it can cause cardiovascular disease. Thus, high blood pressure is a common cause of heart conditions in people aged 75 years and above. Coronary artery disease and heart failure are the next caused conditions. Although the incidence of arrhythmias is encompassing people of all age groups, its incidence is rising significantly among elderly people.
According to the Global Ageing 2019 survey, the world's population of people aged 65 and above totaled 703 million in 2019. The elderly demographic is expected to double to 1.5 billion people by 2050. The frequency of one person aged 65 and above is likely to increase from 1 in every 11 inhabitants in 2019 to 1 in every six inhabitants by 2025. This demographic is more susceptible to CVDs, such as arrhythmias. Similarly, according to the WHO, the percentage of people aged 60 years and above is estimated to reach 22% by 2050 from 12% in 2015. According to the report "Older Americans 2016: Key Indicators of Well-Being" by the Federal Interagency Forum on Aging-Related Statistics, 35.8% of individuals with age 85 and above had a mild or extreme cognitive disorder. Moreover, according to the United Nation's World Population Ageing 2017 report, in 2017, there were 962 million people across the world who were aged 60 years and above, and the number is expected to reach nearly 2.1 billion by 2050.
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According to the US Census Bureau, the number of Americans aged 65 and above is expected to more than double from 46 million in 2016 to more than 98 million by 2060, with the 65-and-plus age group accounting for roughly 24% of the global population, up from 15% in 2016. In 2017, the European Union had the highest proportion of people aged 60 and above (25%). Other regions across the world are also experiencing a rising aging population, and by 2050, all regions of the world except Africa will have roughly a quarter or more of their inhabitants aged 60 and above. The number of elder people in the world is anticipated to reach US$ 1.4 billion by 2030 and US$ 2.1 billion by 2050 and will rise above US$ 3.1 billion by 2100.
The elderly population is more prompt to have atypical presentations, comorbid conditions, and unfavorable outcomes. Structural and functional changes in the cardiovascular system associated with aging are major causes of cardiovascular diseases. Therefore, the rising geriatric population in the world leads to an increase in the incidence of cardiovascular disease, which bolsters the growth of the diltiazem market.
Based on product type, the diltiazem market is segmented into capsules, injection, and tablets. In 2021, the tablets segment held the largest share of the market, by product type. However, the capsules segment of Diltiazem Market is also expected to witness fastest CAGR during 2021 to 2028. Based on application, the Diltiazem market is segmented into segmented into angina, hypertension, and others. In 2021, the hypertension segment held the largest share of the Diltiazem Market, by application. Whereas the Angina segment is expected to grow at the fastest CAGR during the coming years.
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Increase in Cardiovascular Disease Incidence
Diltiazem is a calcium channel blocker. It lowers the heart rate and works by relaxing blood vessels in the body and heart. Blood flows more easily, and the heart works less hard to pump blood. Diltiazem lowers myocardial oxygen demand through a reduction in heart rate, blood pressure, and cardiac contractility, also representing a good alternative for the treatment of stable chronic angina. Diltiazem has powerful cardiovascular effects caused by its actions on vascular smooth muscle, ventricular myocardium, and specialized conducting tissue. In individuals with normal ventricular function, it induces coronary and peripheral vasodilation, has a negative chronotropic and dromotropic impact, and has little to no negative inotropic effect. Diltiazem has potential use in a wide variety of cardiovascular disorders. It is extremely effective in relieving the coronary artery spasm associated with variant angina. When compared with nitrates in patients with exertional angina, diltiazem has similar efficacy.
According to the World Health Organization, cardiovascular diseases (CVDs) are the number one cause of death across the world. CVDs are a major cause of morbidity and affect more people than any other disease. A few CVDs are cerebrovascular disease, coronary heart disease, and rheumatic heart disease. Tobacco consumption, unhealthy diet, and physical inactivity are among major lifestyle factors that increase the risk of heart attacks and strokes. In addition, other risk factors that can lead to cardiovascular diseases are high blood pressure, diabetes, and increased cholesterol levels.
Atrial fibrillation (AFib) is the most common type of heart disorder, where the heart beats too fast, too slow, or in an irregular way. The Centers for Disease Control and Prevention (CDC) estimated that between 2.7 million and 6.1 million people are suffering from AFib in the US. In 2017, around 166,793 death certificates mention AFib and was the main cause deaths in 26,077 deaths. Every year over 454,000 hospitalizations and about 158,000 deaths are reported due to AFib in the US.
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Furthermore, the European Society of Cardiology reported that Atrial fibrillation is the most common arrhythmia and accounts for 0.28% to 2.6% of healthcare spending in European countries. It also mentioned that patients suffering from atrial fibrillation have a five times higher risk of getting a stroke. From 20% to 30% of total strokes in Europe are caused due to atrial fibrillation. As per the study conducted by the European Society of Cardiology in 2016, ~7.6 million people aged 65 and more in the EU had atrial fibrillation. The European Society of Cardiology estimated that the number is expected to increase by 89% by 2060 and ~14.4 million people will have atrial fibrillation. Also, the prevalence of 7.8% is expected to reach 9.5% in 2060.
Furthermore, the prevalence of atrial fibrillation in Asia Pacific is also increasing. As per the report "BEYOND THE BURDEN: THE IMPACT OF ATRIAL FIBRILLATION IN ASIA PACIFIC" by Biosense Webster, published in 2019, more than 16 million people in Asia Pacific suffer from Atrial Fibrillation AF, which is affecting the middle-aged and the elderly population. The report also estimated that the number will reach about 72 million by 2050.
The calcium channel blockers diltiazem (Cardizem) and verapamil (Calan, Isoptin) are effective for initial ventricular rate control in patients with atrial fibrillation. These agents are given intravenously in bolus doses until the ventricular rate becomes slower. Furthermore, diltiazem reduces conduction in the atrioventricular node, which is also useful for heart rate control in patients with atrial fibrillation. Thus, the increasing prevalence of atrial fibrillation across the globe drives the growth of the diltiazem market.
Diltiazem Market: Segmental Overview
Based on application, the diltiazem market is segmented into angina, hypertension, and others. In 2021, the hypertension segment held the largest share of the market, whereas the angina segment is expected to grow at the fastest CAGR during the coming years.
Diltiazem Market: Competitive Landscape and Key Developments
Bausch Health, Teva Pharmaceutical Industries Ltd, Mylan N.V, Athenex, Pfizer, Inc, Glenmark, Sandoz (Novartis Ag), Sun Pharmaceutical Company Ltd, Hikma Pharmaceuticals, Zydus Pharmaceuticals among others. Leading players are focusing on the new product launch, expansion and diversification of their Diltiazem Market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In March 2021, Glenmark Pharmaceuticals has received United States Food and Drug Administration (USFDA). Glenmark Pharmaceuticals has been granted a competitive generic therapy (CGT) designation for diltiazem hydrochloride extended-release capsules USP, 60 mg, 90 mg, and 120 mg, therefore, with this approval.
March 2021, Glenmark Pharmaceuticals receives ANDA approval for Diltiazem Hydrochloride Extended-Release Capsules USP, 60 mg, 90 mg, and 120 mg: Granted competitive generic therapy (CGT) designation and is eligible for 180 days of CGT exclusivity.
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