The Myocardial Infarction Market provides an overview of the cardiovascular devices market, primarily focused on diagnosis and treatment devices for myocardial infarction. Myocardial infarction, commonly known as a heart attack, occurs due to the obstruction of blood supply to a part of the heart, causing heart muscle damage. The rising prevalence of cardiovascular diseases worldwide has boosted the demand for myocardial infarction products.
The global myocardial infarction market is estimated to be valued at US$ 1,816.8 Mn in 2021, and is expected to exhibit a CAGR of 5.9 % over the forecast period (2021-2028).
Key Takeaways
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.
Myocardial Infarction Market Demand is growing prevalence of cardiovascular diseases and increasing adoption of minimally invasive treatments are fueling market growth. According to the American Heart Association, by 2035 around 130 million people are expected to suffer from some form of CVD globally.
Geographically, North America dominates the myocardial infarction market owing to improved diagnostics and rising healthcare spending. However, Asia Pacific is expected to witness rapid expansion due to improving healthcare infrastructure and growing medical tourism in the region.
Market key trends
Technological advancements are shaping the future of myocardial infarction management. Products such as bioresorbable stents which dissolve inside the body over time are being developed to provide an alternate to conventional metallic stents. Advancements in diagnostics with the development of high sensitivity troponin tests have improved the detection of myocardial injury. Wearable sensors and remote monitoring devices also provide opportunities for heart attack screening and management. Focus on research and development of these novel devices and diagnostics will be a key trend in the myocardial infarction market.
Porter’s Analysis
Threat of new entrants: The myocardial infarction market requires high R&D investment to develop innovative drugs and medical devices which creates entry barriers for new players.
Bargaining power of buyers: Individual buyers have low bargaining power whereas large hospitals can negotiate on price and contracts with medical device manufacturers and pharmaceutical companies.
Bargaining power of suppliers: Major players dominate the supply chain and suppliers of raw materials have less bargaining power.
Threat of new substitutes: There are limited substitute treatments currently for myocardial infarction so threat from new substitutes are low currently.
Competitive rivalry: The market is dominated by few large players and competition intensity is high in developing new drug formulations and devices.
Geographical regions
North America accounts for the largest share in the myocardial infarction market currently in terms of value due to high healthcare spending and large patient population. The Asia Pacific region is expected to witness the fastest growth during the forecast period till 2030 supported by growing patient base, increasing healthcare investments and expanding medical infrastructure in countries like China and India. The geriatric population is also increasing rapidly in Asian countries contributing to growth of myocardial infarction incidence.
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Resource
The Role of Diagnostics in the Myocardial Infarction Market: Advances and Technologies
Recent development in Myocardial Infarction Market
Key Factors Driving Growth in the Myocardial Infarction Market
Innovative Treatments and Therapies in the Myocardial Infarction Market
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