Myocardial infarction, commonly known as heart attack, occurs when blood flow decreases or stops to a part of the heart, causing damage to the heart muscle. The global myocardial infarction market consists of various drugs to treat myocardial infarction including antiplatelet agents, beta-blockers, thrombolytics, and others. This market has witnessed significant growth due to the increasing prevalence of cardiovascular diseases and myocardial infarction. Additionally, increasing affordability of medications and medical devices used for cardiovascular indications is expected to drive the growth of this market. The global myocardial infarction Market is estimated to be valued at US$ 2037.51 Mn in 2023 and is expected to exhibit a CAGR of 22% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers of this market is increasing affordability of medicines used to treat myocardial infarction. Due to the recent patent expirations of blockbuster drugs, increasing number of generic drugs are entering the market. These generic drugs are more affordable as compared to their branded counterparts. Availability of affordable generics is enabling improved access to life-saving medicines for cardiovascular diseases including myocardial infarction among all sections of the society. This factor is expected to positively influence the growth of myocardial infarction market during the forecast period. Additionally, increasing focus of governments worldwide on lowering healthcare costs through various initiatives such as healthcare reforms, reimbursement policies and lowering of drug prices is also contributing to higher affordability of MI drugs and thus driving the market growth.
Segment Analysis
The global myocardial infarction market is divided into three major segments based on product type: Diagnostic Medical Devices, Therapeutic Medical Devices and Drugs. The diagnostic medical devices segment dominated the market in 2023, accounting for around 35% share. This is due to the rising demand for advanced electrocardiography devices, imaging modalities and cardiac biomarkers tests used for diagnosing myocardial infarction.
PEST Analysis
Political: Government initiatives to increase awareness about cardiovascular diseases and funding for cardiac research and treatment have positively impacted the market growth.
Economic: Rising geriatric population and growing healthcare expenditure in emerging nations have boosted demand. However, heavy R&D costs may impede innovations.
Social: Changing lifestyles with increased stress levels, physical inactivity, unhealthy diets and smoking has led to surge in cardiovascular ailments. Campaigns to adopt healthier habits can reshape the market.
Technological: Developments in drug delivery systems, minimally invasive surgeries, digital health solutions and personalized medicine approach are expanding therapeutic options.
Key Takeaways
The Global Myocardial Infarction Market Growth is expected to witness high at a CAGR of around 22% during the forecast period of 2023 to 2030 to reach a value of over US$ 20 billion by 2030.
Regional analysis reveals that North America remains the dominant region holding around 35% share owing to advanced healthcare infrastructure and high patient awareness levels. Europe is another fast growing regional market due to increasing government focus on cardiovascular healthcare.
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. Key players are involved in new product launches, mergers and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it