CV drugs market projected to exceed $92B by 2026
The global cardiovascular drugs market is expected to reach $92.3 billion by 2026, according to a report from Acumen Research and Consulting.
The report states the CV drugs market will experience considerable growth during the seven-year period between 2019 and 2026, driven by a compound annual growth rate (CAGR) of around 2.3%. The authors attributed the estimate largely to a rise in the global prevalence of chronic disease—including CVD and diabetes—and the fact that older generations can now expect to live longer.
“Moreover, changing lifestyles of consumers across developed countries, growing pharmaceutical and medical industries, technological advancement and an increase in the number of applications are expected to create opportunities for the manufacturers...over the forecast period,” the report reads. “However, stringent government regulations and side effects of drugs are expected to hamper the growth of the global cardiovascular drugs market in the coming years.”
According to Acumen, anticoagulants are driving the heart drugs market, accounting for approximately 34% of the market share in 2018. Researchers said that number will only grow as more people fall ill with conditions like blood cancer and diabetic retinopathy. By disease indication, hypertension accounted for 34% of the market share in 2018—more than hyperlipidemia, coronary artery disease or other indications.
Market growth is also driven by hospital pharmacies, which dominated CV drug distribution in 2018 (31% of the market share). That makes sense, the Acumen team wrote, since hospitals themselves are growing in number and more often offer advanced surgeries and therapies.
It wasn’t surprising that North America held the largest global share of CV drugs in 2018, especially since a host of major drugmakers, including Novartis, Bayer, Pfizer and Eli Lilly, are all based in the U.S. Europe is slated to experience the second-largest share over the forecast period.
Another report from Acumen, also released Jan. 31, states the diabetes drugs market is expected to reach a value of $60.2 billion by 2026.
After graduating from Indiana University-Bloomington with a bachelor’s in journalism, Anicka joined TriMed’s Chicago team in 2017 covering cardiology. Close to her heart is long-form journalism, Pilot G-2 pens, dark chocolate and her dog Harper Lee.