ALBANY, New York, October 30, 2017 /PRNewswire/ --
Statistics presented by America Heart Foundation state that the number of people suffering from CVD are likely to reach 23.6 mn by the end of 2030. The alarming rise in the number is expected to increase the sale of cardiovascular drugs in the near future. Analysts predict that majority of the CVD patients have to be administered medicines for a long-term basis, which requires close monitoring. Growing number of drugs in the pipeline, improving approval rates, and better awareness about CVDs, especially in developing economies, has also had a major impact on the overall market. The surge in geriatric population and soaring number of diabetics around the world have also been identified as the key factors that will be responsible for the rise of this global market.
According to the research report, the global cardiovascular drugs market was valued at US$ 142.56 bn in 2016. Between the forecast period of 2017 and 2025, the global market is expected to register a CAGR of 1.5% to reach a valuation of US$162.96 bn by the end of 2025. Out of the various distribution channels in the global market, the retail pharmacies segment is estimated to soar ahead of others. This segment is projected to exhibit a CAGR of 1.5% between 2017 and 2025. Geographically, North America is projected to stay ahead of others in the overall market in the forecast period.
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The World Health Organization stated that about 31% of the deaths across the world in 2015 were due to cardiovascular diseases (CVD). Analysts anticipate that CVD related to the heart and blood are expected to remain on the rise in the coming years. Changing lifestyles, poor dietary intake, and genetic predisposition are expected to increase the demand for cardiovascular drugs in the near future. Poor lifestyle choices such as excessive drinking, smoking, and eating junk food have deteriorated heart health of a vast population base across the globe. Furthermore, conditions such as diabetes, high cholesterol, depression, and obesity have also played a significant role in spiking the demand for cardiovascular drugs all over the world.
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Despite the strong market drivers, the global cardiovascular drugs market faces some tough restraints. Currently, patent expiries is likely to hamper market's growth. This will not only open up the market for generics but also bring down prices as competition intensifies. Furthermore, the poor rate of healthcare sector's growth in the developing economies of Asia Pacific is anticipated to challenge the global market.
Transparency Market Research (TMR) states that the global cardiovascular drugs market is poised to witness introduction several novel drugs in the coming years. Leading players such as AstraZeneca, Pfizer, and Novartis are expected to make bold moves during the forecast period of 2017 and 2025.
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Increasing investments in research and development and growing number of medical trials are expected to have to intensify the competition in the global market.
Mergers and acquisitions are also anticipated to be a key strategy of the players to show their dominance in the global market. For instance, AstraZeneca and Recordati have agreed to work together to gain commercial rights to retail Seloken along with related Logimax fixed-dose combination treatments all across Europe.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research