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IN THE NEWSThe global cardiometabolic drugs market is estimated to garner remarkable revenue by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to factors, such as, growing awareness toward the development of novel drugs to minimize the side effects, and escalating demand for drugs to treat cardio metabolic diseases. Some of the cardiometabolic diseases are non-alcoholic liver diseases, heart stroke or attack, insulin resistance, diabetes, and others. Data released by International Diabetes Federation (IDF) in 2021 showed that about 537 million people aged between 20 to 79 have diabetes which is estimated to reach 783 million over the forecast period. Additionally, novel drug development and manufacturing is growing exponentially. For instance, in 2021, the Center for Drug Evaluation and Research (CDER) approved about 50 novel drugs to be sold out for consumption. Furthermore, the higher utilization of cardiometabolic drugs to cure cardiovascular diseases is also projected to hike the growth of the market over the forecast period. In 2019, World Health Organization (WHO) published a report showing about 17.9 million people lost their lives due to CVDs summing up to 32% of the global population.
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The market is segmented by distribution channel into retail pharmacies, hospitals, online, and others, out of which, the retail pharmacies segment is anticipated to hold the notable share in the global cardiometabolic drugs market during the forecast period on account of the availability of various type of prescribed drugs. Additionally, retail pharmacies also play a significant role to sell over-the-counter medicines and drugs.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global cardiometabolic drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness noteworthy growth over the forecast period on the back of the presence of multiple key players in the market in the region and a higher prevalence of cardiovascular disease. Centers for Disease Control and Prevention released data, that in 2019, about 360,900 people die due to coronary heart disease, meanwhile, 1 person loses his life every 36 seconds due to heart disease in the United States. Furthermore, the North America region is projected to be second-highest number of diabetes patients. According to the National Institute of Diabetes and Digestive and Kidney Diseases stated that in 2020, 10.5% of the U.S. population had diabetes while 8.2% of people were diagnosed with diabetes.
Furthermore, the global cardiometabolic drugs market is also projected to grow at a significant pace in the Asia Pacific region during the forecast period. The growth of the market in the region can be attributed to similar factors, such as, rising cases of cardiovascular diseases and a growing geriatric population with various types of diseases and disorders.
The global cardiometabolic drugs market is further classified on the basis of region as follows:
Our in-depth analysis of the global cardiometabolic drugs market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing awareness toward the development of novel drugs and growing demand for drugs to cure cardiometabolic diseases are the major factors driving the growth of the cardiometabolic drugs market.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 - 2031.
The possibility of the significant side-effects is estimated to hamper the market growth.
The North America region will provide more business opportunities for the growth of the cardiometabolic drugs market in the future on the back of rising cases of cardiovascular diseases.
The major players in the market are GSK plc, Lupin Limited, Merck KGaA, Romark L.C., Pfizer Inc., Endo International plc, Bayer AG, Jazz Pharmaceuticals plc, Canopy Growth Corporation, and InMed Pharmaceuticals Inc.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by drug type, disease, distribution channel, and by region.
The retail pharmacies segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
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