The Myocardial Infarction Market is estimated to be valued at US$ 1,816.8 Mn in 2023 and is expected to exhibit a CAGR of 5.9 % over the forecast period from 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Myocardial infarction, commonly known as a heart attack, occurs due to reduced blood flow and oxygen delivery to the heart muscle. It damages heart muscles due to blockage in coronary arteries. Some key symptoms include chest pain, shortness of breath, nausea etc. Major treatment types include medication such as antiplatelets, beta-blockers and statins. Other treatment options include procedures such as percutaneous coronary intervention (PCI) and coronary artery bypass grafting (CABG).
Market Dynamics:
The myocardial infarction market is mainly driven by increasing incidence rates of myocardial infarction globally. According to World Health Organization (WHO), cardiovascular diseases (CVDs) kill over 17.9 million people annually, representing 31% of all global deaths. Out of which, myocardial infarction alone is responsible for 8.9 million deaths. Further, expanding geriatric population base is also fueling the market growth. As per UN population data, number of elderly (aged 65 years or over) is projected to grow to 1.5 billion in 2050 from 703 million in 2019, largely driving the need for myocardial infarction treatment. Additionally, ongoing development of advanced medication and treatment devices for myocardial infarction management provides lucrative opportunities for market players over the forecast period.
SWOT Analysis
Strength: The myocardial infarction market has strong research and development capabilities. New drugs and devices are being developed which can effectively treat myocardial infarction. The advanced healthcare infrastructure and availability of skilled medical professionals provide better treatment options.
Weakness: High cost of treatment procedures and devices makes it inaccessible for many. Risk of side effects associated with few drugs may discourage their use. Lack of awareness about symptoms of heart attack in many regions.
Opportunity: Increasing awareness programs by governments and NGOs can help identify heart attacks early. Growth in medical tourism in developing nations provides scope for newer revenues. Rise in obese population and changing lifestyles leading to more heart diseases presents an opportunity.
Threats: Price controls and regulatory norms can hamper pricing flexibility for companies. Emergence of alternative treatment methods may pose competitive threats. uncertainty regarding reimbursement policies can negatively impact market revenues.
Key Takeaways
The Global Myocardial Infarction Market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing prevalence of cardiovascular diseases. According to WHO cardiovascular diseases are the leading cause of death globally. Advances in treatments and awareness are supporting the market growth.
Regional analysis - North America dominates the myocardial infarction market currently due to high healthcare spending and regulatory support for new treatments. However, Asia Pacific is expected to grow at fastest pace due to rising medical tourism, large patient population and increasing healthcare investments.
Key players - Key players operating in the myocardial infarction market are Bristol-Myers Squibb Co., Bayer AG, Johnson & Johnson Services Inc., Sanofi S.A., Novartis International AG, AstraZeneca plc., Daiichi Sankyo Co Ltd, Boehringer Ingelheim International GmbH, Pfizer Inc., and Merck KGaA. These companies are focusing on new drug and device launches to strengthen their market positions.
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