Hypertrophic Cardiomyopathy (HCM) is a common disease of the heart muscles where the thickening of the myocardium results in functional impairment. HCM is a genetic condition affected by mutation in genes. As per the European Society of Cardiology, the occurrence of HCM in 2013 was between 0.05% and 0.2% of the population. According to a study presented by BioMed Central in 2010, there was no specific age and gender differences in the occurrence of HCM. The occurrence of HCM is reportedly the highest among African-Americans.
These factors have paved the way for the growth of the global hypertrophic cardiomyopathy therapeutics market. It is expected to register a steady CAGR of 1.40% between 2015 and 2023, states a new report published by Transparency Market Research. At this CAGR, the global hypertrophic cardiomyopathy therapeutics market is expected to reach US$1.4 bn by 2023.
Global Hypertrophic Cardiomyopathy Therapeutics Market – Key Trends
With heart diseases emerging as one of the most common causes of mortality among men and women worldwide, Transparency Market Research (TMR) expects the demand for hypertrophic cardiomyopathy (HCM) therapeutics to surge considerably. Furthermore, the market is expected to gain significant impetus from successful government interventions aimed at spreading awareness about hypertrophic cardiomyopathy.
TMR projects the global HCM therapeutics market to expand at a moderate 1.4% CAGR between 2015 and 2023. Despite witnessing positive opportunities, the rising demand for advanced medical devices could threaten the market’s growth to an extent. Nevertheless, since the majority of HCM drugs are yet to get approved, the hypertrophic cardiomyopathy therapeutics market is likely to gain momentum post their approval in the near future.
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According to TMR, the global hypertrophic cardiomyopathy therapeutics market is expected to reach US$1.37 bn in 2023, from US$1.2 bn in 2015. The leading players in the market are likely to capitalize on the untapped opportunities in the healthcare sector of emerging economies to expand their footprint.
Rising Penetration of Advanced Medical Devices to Threaten Market Growth
Despite witnessing positive growth opportunities, the rising penetration of medical devices such as pacemakers and defibrillators in the healthcare sector has been inhibiting the HCM therapeutics market’s trajectory. Demand for gene therapy and implantable medical devices is rising as patients gain adequate knowledge about positive results offered by such advanced medical devices. The increasing acceptance of these medical devices could limit the scope of expansion for the HCM therapeutics market.
Nevertheless, drugs created specifically for the treatment of hypertrophic cardiomyopathy are yet to find approval. Once approved, this indication will bolster sales opportunities for the market players. Additionally, due to the high prevalence of unmet medical needs across Asia Pacific and the increasing medical expenditure in the region also boosts prospects for the HCM therapeutics market.
Regionally, North America holds the largest share in the global HCM therapeutics market. However, as per TMR, the market is also expected to witness strong growth in Asia Pacific and Rest of the World. The Asia Pacific HCM therapeutics market is poised to expand at 2.9% CAGR between 2015 and 2023. By drug class, the market was led by calcium channel blockers in 2014. By drug class, the calcium channel blockers is expected to dominate the market. It held over 37.4% of the HCM therapeutics market in 2014.
TMR estimates the overall value of the global hypertrophic cardiomyopathy therapeutics market at US$1.2 bn in 2014. Exhibiting a moderate CAGR of 1.4% from 2015 to 2023, the market is expected to reach US$1.3 bn by the end of 2023.