Myocardial infarction, commonly known as heart attack, is a life-threatening medical condition that occurs due to inadequate supply of oxygenated blood to a region of the heart, which produces heart cell death. Symptoms can include sudden chest pain often radiating to the left arm, pain or discomfort in the jaw, neck, back or stomach, shortness of breath, sweating, fainting or lightheadedness. Rising adoption of unhealthy lifestyle, including smoking, lack of physical activity, poor diet and obesity has led to surge in incidence of risk factors like hypertension and high cholesterol levels, which are major causes of cardiovascular diseases (CVDs), such as heart attacks. According to the American Heart Association (AHA), CVDs cause more than 805,000 deaths in the United States each year accounting for one in every three deaths, making it the leading cause of death in the country. Products used for treatment of heart attacks include medications such as beta blockers, antiplatelet agents, thrombolytics and anticoagulants that help in preventing repeat attacks and improving outcomes. Advanced treatments require specialized devices and equipment such as stents, balloon pumps, defibrillators and pacemakers.
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 key trends:
The rising trend towards adoption of advanced treatment technologies will be a major factor influencing growth of the myocardial infarction market through 2030. One such promising emerging technology is stem cell therapy. Research is ongoing to evaluate effectiveness of stem cells in repairing damaged heart muscles after heart attack. Stem cells have potential to develop into heart muscle cells replacing the dead cells and improving heart function. Ongoing clinical trials are evaluating different types and delivery methods of stem cells. Another key technology gaining momentum are wearable medical devices that can continuously monitor heart health and provide early warning in case of heart attack risks. Smartwatches and monitors capable of measuring ECG, blood pressure and other vital signs are playing greater preventive role by facilitating timely medical intervention.
Threat of new entrants: Low barrier to entry due to availability of cutting edge technology for diagnosis and treatment. However, established players have significant capital resources and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternative treatment options. However, branded drugs and devices command premium prices.
Bargaining power of suppliers: Suppliers of advanced medical devices and drugs have significant influence over prices due to proprietary technology and patents.
Threat of new substitutes: Constant innovation has led to introduction of novel diagnostic techniques and minimally invasive surgeries reducing risk and recovery time.
Competitive rivalry: Intense competition among key players to develop innovative solutions for improved outcomes. Focus on partnerships, mergers and acquisitions for portfolio expansion.
The Global Myocardial Infarction Market Demand is expected to witness high growth over the forecast period.
North America currently dominates the market owing to increasing incidence of cardiovascular diseases, advanced healthcare infrastructure and high adoption of new technologies. Growing obesity and sedentary lifestyles are leading to a rise in myocardial infarction cases in the region.
Europe holds the second largest share in the global myocardial infarction market driven by rising government funding for cardiovascular research. Asia Pacific is poised to exhibit fastest growth during the forecast period supported by rapidly developing healthcare sector, large patient base and beneficial healthcare policies by governments in major countries.
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. Major players are focusing on new product launches, mergers, acquisitions and strategic collaborations to expand their service offerings and geographic footprint.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it