Wilmington, Delaware, United States, April 03, 2023 (GLOBE NEWSWIRE) -- According to the market study by Transparency Market Research, the global cardiotonic agents market was worth USD 732 Million in 2022 and the global market is anticipated to reach USD 4.5 Billion by 2031. The global market will grow at a CAGR of 21.3% between 2023 and 2031.
Increased rates of cardiovascular disease and surgical procedures related to cardiovascular diseases are expected to contribute to an increase in the demand for cardiotonic agents in the market over the next few years.
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Cardiotonic agents continue to be developed, and new and improved products are being introduced to the market. Several new drugs are being developed to target specific heart failure mechanisms. With the development of these drugs, the effectiveness and side effects of existing drugs could be improved.
According to the World Health Organization, cardiovascular diseases, such as heart attacks and strokes, constitute four out of five deaths that are caused by cardiovascular conditions. Distribution channels in hospital pharmacies are expected to be the largest in the market. Online pharmacies will likely increase market demand for cardiotonic agents.
The growing use of personalized medicine approaches, such as genetic testing, may also create new opportunities for the cardiotonic agent market. By identifying specific genetic markers associated with heart failure, doctors may be able to tailor treatments to individual patients, potentially leading to better outcomes.
Multiple factors are expected to contribute to the growth of the cardiotonic market over the next few years. The aging population is contributing to the prevalence of heart failure. A survey conducted by the American Heart Association in 2009 found that around 6.5 million Americans suffer from heart failure, and it's expected to increase with aging.
Key Findings of the Market Report
- Advancements in drug research are leading to the development of lucrative cardiotonic agents that will be in high demand.
- Technological advances in cardiotonic drug development are accelerating market growth.
- The development of new drugs and investments in research and development will help to grow the market.
- Using nanotechnology, drugs are expected to become more efficient and safer, resulting in increased market growth in the coming years.
- The increasing use of phosphodiesterase inhibitors is anticipated to increase the market for cardiotonic agents.
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Global Cardiotonic Agents: Growth Drivers
Increasing prevalence of cardiovascular diseases in the elderly population to grow market demand for cardiotonic drugs. There has been a dramatic increase in awareness regarding the potential benefits of cardiotonic agents among the medical community in recent years, and this has been a major contributor to their market growth.
With the development of new and better cardiotonic agents in recent years, improved patient outcomes have led to an increased demand for these therapies. Increasing numbers of clinical trials for cardiotonic agents have also contributed significantly to the growth of the market in recent years.
Oral cardiotonic agents are expected to hold the largest market during the forecast period. It is expected that the market for cardiotonic agents will continue to grow in the foreseeable future as healthcare expenditures increase in developed and emerging markets. Increasing emergency and critical care admissions will increase the demand for cardiovascular drugs, which will drive market growth.
Increasing government approvals, clinical trials, and product launches are expected to drive market growth. A growing number of government initiatives aimed at increasing awareness of cardiovascular diseases, along with increased R&D spending, will likely drive further market growth.
Global Cardiotonic Agents: Regional Landscape
- According to industry analysis, the North American cardiotonic agent market will dominate the global market.
- Increasing incidences of cardiovascular diseases and growth in surgery in the U.S. and Canada to grow the market.
- A growing number of pharmaceutical companies operate in developing countries, such as India and China, where the demand for cardiotonic agents is expected to grow.
- Increasing disposable incomes and a growing prevalence of cardiovascular diseases drive demand for these drugs in Asia Pacific.
- Several policies and rebates offered on medicines and treatments in the Middle East and Latin America made a significant contribution to the growth of the market.
Global Cardiotonic Agents Market: Key Players
In order to manage their business operations effectively, customers are increasingly looking for sophisticated solutions, and major players are investing in research and development and strategic partnerships. The market also offers several companies the opportunity to acquire small and mid-sized businesses.
- In January 2022, Merck & Co., Inc. released positive results from its phase II clinical trial of vericiguat, which enhances heart function by stimulating guanylate cyclase.
- In February 2022, Roche disclosed findings from a phase III trial for furosemide, a loop diuretic used to treat heart failure and improve cardiac performance.
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Global Cardiotonic Agents Market: Segmentation
Drug Type
- Digitalis Glycosides
- Phosphodiesterase Inhibitors
- Cardioprotectants
- Sympathomimetic Agents
- Others
Application
- Cardiac Surgical Procedures
- Atrial Fibrillation
- Heart Failure
- Pulmonary Hypertension
- Others (Atrial Flutter, Cardiogenic Shock, etc.)
Route of Administration
- Oral
- Parenteral
Dosage Form
- Tablet
- Solution
- Others
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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