by The Global 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 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Myocardial infarction, also known as heart attack, occurs due to the damage caused to the heart muscles as a result of blockage in coronary arteries. It is a life-threatening condition that needs prompt diagnosis and treatment. Drugs used for treatment of myocardial infarction include antiplatelets, beta blockers, angiotensin converting enzyme (ACE) inhibitors, statins, and anticoagulants. These drugs help in reducing symptoms, minimize further damage, prevent complications and mortality, and restore heart functions. Advancements in diagnosis and treatment options have improved outcomes for patients with myocardial infarction.
Market key trends:
One of the key trends in the myocardial infarction market is increasing adoption of oral antiplatelet drugs. Antiplatelet drugs help prevent blood clots and reduce the risk of heart attack or stroke. Traditionally, antiplatelet drugs such as aspirin and clopidogrel were prescribed for short term use post a heart attack. However, studies have shown that long term use of antiplatelet drugs reduces the risk of further heart attacks and mortality in high risk patients. This has led to increased adoption of oral antiplatelet drugs for maintenance therapy in post myocardial infarction patients. For instance, according to European Society of Cardiology guidelines 2020,use of dual antiplatelet therapy (DAPT), specifically aspirin along with a P2Y12 receptor inhibitor such as clopidogrel or ticagrelor is recommended for 1 year or longer after coronary stenting.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate as the myocardial infarction market requires significant investments in R&D to develop new drugs. However, large pharmaceutical companies pose a high threat through their extensive resources.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of generic drugs. Buyers can easily switch to low-cost generics.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw material suppliers enjoy bargaining power due to their technical expertise required for production.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment options available for myocardial infarction currently.
Competitive rivalry: The competitive rivalry is high among key players to gain major market share through continuous innovations and expanding their product portfolios.
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. Factors such as rising geriatric population, growing obesity, and changing lifestyle habits are further propelling the incidence of myocardial infarction worldwide.
The US dominates the myocardial infarction market owing to the high healthcare expenditure and increased diagnosis rate. Europe holds the second largest position due presence of sophisticated healthcare infrastructure and supportive reimbursement policies. Asia Pacific is anticipated to grow at the fastest rate during the forecast period led by India and China on account of rising healthcare standards.
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. Major players are investing in R&D activities to launch novel drugs with improved efficacy and safety profiles. They are also pursuing inorganic growth strategies such as mergers, acquisitions, and collaborations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
