by Myocardial infarction, commonly known as a heart attack, occurs due to reduced blood flow and lack of oxygen to the heart muscle. The main symptoms include chest pain, pain in the arms, back, neck, jaw, or stomach, and shortness of breath. Cardiovascular diseases are rising at an alarming rate worldwide due to changing lifestyles and increased stress levels. Heart attacks are a major cause of morbidity and mortality globally. Drugs used to treat myocardial infarction include antithrombotic agents, antiplatelet drugs, beta blockers, angiotensin-converting enzyme (ACE) inhibitors, and statins. These treatments aim to reduce symptoms, lower blood pressure, and manage risk factors. They help reduce complications and save lives.
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 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the myocardial infarction market is the increasing adoption of advanced diagnostic techniques. With growing awareness and concern for cardiovascular health, patients are opting for advanced diagnostic tests such as electrocardiogram, cardiac stress test, cardiac biomarkers assay, coronary angiogram, and cardiac MRI or CT scan for accurate diagnosis of heart attack. This helps in timely treatment decisions and better management of the condition. Another trend is the rising focus on preventive care. As heart attacks are often the culmination of long-term risk factors, various awareness initiatives are encouraging people to adopt a healthy lifestyle and control conditions like hypertension, obesity, and high cholesterol which can reduce the risk of a cardiac event.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low due to high capital requirements and stringent regulatory norms for the myocardial infarction market.
Bargaining power of buyers: The bargaining power of buyers is moderate as the myocardial infarction market has multiple pharmaceutical players offering similar diagnostic and treatment options.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of many substitutable suppliers in the market.
Threat of new substitutes: The threat of new substitutes is moderate with continuous innovation and technological advancements in treatments for acute myocardial infarction.
Competitive rivalry: The competitive rivalry is high owing to the presence of major global players offering similar diagnostic and treatment solutions.
Key Takeaways
The Global Myocardial Infarction Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to grow at a CAGR of 5.9% during the forecast period.
North America is expected to hold the largest share in the myocardial infarction market during 2023-2030. This is attributed to the increasing geriatric population and rising prevalence of cardiovascular diseases in the region. Asia Pacific is poised to grow at the fastest rate over the forecast period due to growing medical tourism industry and improving healthcare infrastructure in emerging Asian countries.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
