Myocardial infarction, commonly known as heart attack, occurs due to the sudden blockage of a coronary artery following the rupture of atherosclerotic plaque. It is a life-threatening medical condition that requires immediate hospitalization. Products associated with myocardial infarction market include diagnostic devices like electrocardiograms (ECGs) and troponin tests to diagnose heart attacks, along with stress tests and cardiac computed tomography (CT) scans. Drugs such as beta blockers, blood thinners, nitroglycerin, angiotensin-converting enzyme (ACE) inhibitors, statins, and calcium channel blockers are prescribed to treat patients suffering from myocardial infarction.
The global Myocardial Infarction Market is estimated to be valued at Us$ 2347.22 Bn in 2023 and is expected to exhibit a CAGR Of 22. % over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of myocardial infarction is one of the major trends propelling the growth of the myocardial infarction market. As per the data by World Health Organization (WHO), cardiovascular diseases account for approximately 17.9 million deaths every year, out of which approximately 8.9 million deaths are due to coronary heart disease and 6 million are due to stroke. The risk of myocardial infarction increases with age. According to the statistics provided by American Heart Association, over 90% of all myocardial infarctions occur among people over the age of 45 years. As the geriatric population is growing globally, the prevalence of heart diseases and myocardial infarction is expected to increase significantly over the forecast period. This is expected to drive the demand for diagnostic tests, drugs, and devices required for the treatment of myocardial infarction.
Strength: Myocardial infarction market is witnessing increased demand due to growing incidence of cardiovascular diseases and adoption of technologically advanced treatment options.
Weakness: High cost of installation and maintenance of equipment for treatment acts as a constraint. Lack of awareness regarding timely diagnosis and treatment in developing regions.
Opportunity: Untapped markets in emerging economies, increasing healthcare expenditure, availability of reimbursements present lucrative opportunities. Development of novel diagnostic devices also presents growth prospects.
Threats: Stiff competition among existing players and entry of new players. Stringent regulatory approvals and reimbursement policies.
The Global Myocardial Infarction Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.
North America dominates the global market and is expected to continue its dominance over the forecast period. This can be attributed to increasing prevalence of CVD, rising healthcare expenditure, availability of advanced treatment options.
Key players operating in the myocardial infarction market are AT&T Inc., Verizon Communications Inc., NTT Communications Corporation, China Telecom Corporation Limited, Deutsche Telekom AG, British Telecommunications plc (BT), Orange S.A., Telefonica S.A., Sprint Corporation (now part of T-Mobile), CenturyLink (now rebranded as Lumen Technologies), Vodafone Group plc, SoftBank Group Corp., Level 3 Communications, Telstra Corporation Limited, Tata Communications Limited. The market is consolidated with few players occupying major market share. Strategic collaborations and new product launches are some key strategies adopted by major players to gain competitive edge in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it