Myocardial infarction, commonly known as heart attack, occurs due to reduced blood flow to a region of the heart, causing damage to the heart muscle. Symptoms of myocardial infarction include chest pain, upper back pain, shortness of breath, nausea, and vomiting. The global myocardial infarction market is governed by rising incidences of obesity, unhealthy lifestyle, and genetic predisposition among young population. According to American Heart Association, every year around 805,000 people suffer myocardial infarction, out of which around 225,000 cases are recurrent attacks. Myocardial infarction patients require prolonged medication and treatment, driving demand for various drugs and devices used in its treatment.
The global myocardial infarction Market is estimated to be valued at US$ 2037.51 million in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key driver for myocardial infarction market is growing geriatric population suffering from cardiovascular diseases. People aged over 60 years have higher risk of heart attack due to aging of cardiac muscles and arteries. As per United Nations Population Fund (UNFPA), by 2030, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). Robust pipeline of drugs and devices for myocardial infarction treatment are also fueling the market growth. For instance, antidotes for Factor Xa and IIa inhibitors and new generation bare metal and drug eluting stents are under various stages of clinical trials. Beside this, favorable reimbursement policies for heart disease treatment in developed nations and initiatives by healthcare organizations to spread awareness about heart health is propelling the demand for products related to myocardial infarction care.
Segment Analysis
The myocardial infarction market is segmented into diagnosis and treatment. The diagnosis segment dominates the market owing to the rising availability of diagnostic tests and devices for detection of myocardial infarction. Within the diagnosis segment, electrocardiograph is the largest sub-segment due to its widespread usage for the initial diagnosis of myocardial infarction.
PEST Analysis
Political: Governments across the globe are focusing on increasing awareness about cardiac diseases through various campaigns which is positively impacting the market. However, stringent regulations for the approval of cardiac drugs and devices may hamper the growth of the market.
Economic: Rising healthcare expenditure along with growing incidence of cardiovascular diseases is the major factor driving the growth of the myocardial infarction market. However, high cost of treatments poses a challenge for market growth.
Social: Changing lifestyle involving smoking, alcohol consumption and lack of physical activity has increased the risk of developing cardiovascular diseases. Support from family and healthcare organizations for patients is providing impetus to the market.
Technological: Advanced technologies are being used for the diagnosis and treatment of myocardial infarction. Wearables and digital health tools for remote monitoring of patients are gaining traction in the market. Development of novel drugs with fewer side effects is further boosting the market.
Key Takeaways
The Global Myocardial Infarction Market Growth is expected to witness high over the forecast period. The market is estimated to reach a value of US$ 3027.06 Mn by 2030 owing to rising geriatric population, increasing prevalence of cardiovascular diseases, growing healthcare expenditure and availability of advanced treatment options.
North America region currently dominates the myocardial infarction market and is expected to continue its dominance during the forecast period. This is attributed to growing incidence of cardiovascular diseases, availability of advanced healthcare facilities and presence of major players in the region. Asia Pacific region is projected to witness the fastest growth during the forecast period propelled by rising healthcare spending, growing medical tourism industry and rapid urbanization.
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 players are focusing on new product launches, collaborations and geographic expansion to strengthen their presence in the market. For instance, Merck KGaA launched STEMI drug vericiguat for reducing cardiovascular deaths post myocardial infarction.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
