The global cardiovascular drugs market size stood at USD 49.08 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
The major factors driving the growth of the market are the rising global prevalence of various coronary heart diseases such as stroke, cardiomyopathy causing a global burden of cardiac deaths and favourable reimbursement initiatives. For instance, according to the Global Health and Wellness Report published in 2019, nearly 40% of the adult population in the United States were diagnosed with a cardiovascular condition in the United States which directly resulted in a higher demand for highly efficient and immediate treatment. Also, the ongoing research activities by key players to develop technologically advanced cardiovascular drugs with reduced side effects such as biosimilars, monoclonal antibodies and peptide therapies to save the life of the patients are expected to further boost the growth of the global cardiovascular drugs market revenue throughout the forecast period.
The rise in global prevalence of cardiac disorders is a major market driver globally. The growing geriatric population worldwide is fuelling the number of cases diagnosed with heart disorders due to the high susceptibility of this population pool to developing cardiac diseases. The major lifestyle changes and habit like alcohol, smoking, drugs abuse and obesity does lead to increase in the cardiovascular problems in the people ultimately leading to the growth of cardiovascular disease drugs market.
Better reimbursement policies and awareness of the severity of cardiovascular diseases have affected the growth of cardiovascular disease market. There is increase in people consuming drugs as they do not have to pay for the drugs and this attracts more people to become aware and use their insurance policies for reimbursement of drugs.