In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
May 2019: Siemens Healthcare GmbH introduces a new digital therapy suite for more efficient diagnosis of Cardiological Diseases.
October 2020: Klinikum Lippe GmbH (KLG) entered into a ten-year technology partnership with Siemens Healthineers to expand their collective portfolio into angiography equipment and other diagnosis equipments.
The global rheumatic myocarditis treatment market is estimated to garner a sizeable revenue by growing at a robust CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the increasing prevalence of infectious diseases, along with increasing transmission of infections, along with the difficulty in diagnosing rheumatic myocarditis. It is caused when rheumatic fever is left untreated for a long time, which is caused by an infection with streptococcus bacteria. It is highly common in low- and middle-income countries, due to lack of proper sanitation, and healthcare awareness in these countries. According to the statistics by the World Health Organization (WHO), rheumatic heart diseases, such as, rheumatic myocarditis is responsible for over 288 348 deaths each year, as of 2020. Moreover, raise in investment in the healthcare sector in developing countries, and government initiatives to curb the spread of streptococcus bacteria, are anticipated to boost the market growth. In 2018, the WHO launched a coordinated global response for rheumatic heart disease and rheumatic fever, with the help of WHO’s regional offices. The program includes a road map for distribution of medicines, vaccines and other healthcare products by 2023.
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The global rheumatic myocarditis treatment market is segmented by age group into under 5 years, 5-15 years, 15-40 years, and above 40 years, out of which, the 15 to 40 years segment is anticipated to hold a notable share in the market during the forecast period on account of high prevalence of rheumatic myocarditis among the children and adults. In fact, a report by WHO stated that rheumatic myocarditis is the most commonly acquired heart disease in people under age 25. Moreover, it is far more difficult to diagnose this problem in the younger population, as opposed to the older one, as older people go for regular checkups. This is another major factor boosting the growth of the segment.
Based on end-user, the market is segmented into hospitals, ambulatory surgical centers, specialty clinics, homecare, and others, out of which, the hospitals segment in anticipated to hold the largest market share during the forecast period, owing to the high popularity and acceptance of hospitals amongst patients.
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 rheumatic myocarditis treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to garner largest share over the forecast period on the back of high population living in rural areas with minimum healthcare facilities, along with lack of health awareness among the people. Additionally, improving medical facilities, and advancement in healthcare technologies are estimated to boost the market growth in the region.
The market in the Middle East and Africa region is estimated to witness modest CAGR over the forecast period owing to the increasing cases of rheumatic myocarditis in sub-Saharan Africa due to lack of proper sanitation and hygiene.
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The global rheumatic myocarditis treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global rheumatic myocarditis treatment market includes the following segments:
Ans: Rising prevalence of rheumatic fever is estimated to drive the market growth.
Ans: The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022-2030.
Ans: Risks and complications associated with surgery are estimated to hamper the market growth.
Ans: The market in Asia Pacific is estimated to show maximum business opportunities during the forecast period owing to the growing cases of rheumatic fever, advanced medical research, and development of new drugs in the region.
Ans: The major players in the market are CryoLife Inc., Edwards Lifesciences Corporation, Neovasc Inc., HighLife SAS, Abbott Laboratories, Boston Scientific Corporation, Medtronic PLC, Siemens Healthcare GmbH, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by age group, diagnosis, treatment, end-user, and by region.
Ans: The hospital segment is anticipated to hold largest market size over the forecast period owing to the increasing patient pool of myocarditis, along with higher acceptance of hospitals amongst patients.