According to Coherent Market Insights, the UAE Heart Failure Treatment Drugs Market is estimated to be valued at US$ 62.8 million in 2020 and is expected to exhibit a CAGR of 6.5% during the forecast period (2020-2027).
Key Trends and Analysis of the UAE Heart Failure Treatment Drugs Market:
Increasing research and development of novel products is expected to drive the segment growth during the forecast period. For instance, currently (as of July 30th 2020), AstraZeneca Plc. has 166 clinical trial projects in its pipeline, among which 33 clinical trial projects are for cardiovascular, renal & metabolism business segment.
Moreover, product approvals from regulatory authorities is expected to drive the UAE heart failure treatment drugs market. For instance, in May 2020, the U.S. Food and Drug Administration granted the Fast Track designation for omecamtiv mecarbil, developed by Amgen and Cytokinetics, Inc. Omecamtiv mecarbil is a novel selective cardiac myosin activator, also known as a cardiac myotrope, being developed for the potential treatment of chronic heart failure with reduced ejection fraction (HFrEF).
Furthermore, in May 2020, AstraZeneca Plc. received the U.S. Food and Drug Administration approval for its Farxiga (dapagliflozin), a sodium glucose co-transporter 2 (SGLT2) inhibitor to reduce the risk of cardiovascular (CV) death and hospitalization for heart failure in adults with heart failure (NYHA class II-IV) and reduced ejection fraction (HFrEF) with and without type-2 diabetes (T2D).
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Key Market Takeaways:
The UAE heart failure treatment drugs market is expected to exhibit a CAGR of 6.5% during the forecast period owing to approval of new products by regulatory authorities. For instance, in July 2015, Novartis International AG received the U.S. Food and Drug Administration approval for its cardiovascular drug, Entresto, for the treatment of patients with chronic heart failure.
The increasing incidence of chronic cardiovascular diseases is driving demand for drugs for treatment of cardiovascular diseases. Moreover, the rising healthcare expenditure in GCC countries driven by government funding for healthcare centers is expected to favor the segment growth. As per data of United States (U.S.) export, in 2018, the UAE’s healthcare expenditure reached US$ 13.7 billion and the spending is expected to reach US$ 18.3 billion by 2023.
Key players operating in the UAE Heart Failure Treatment Drugs Market are Novartis International AG, AstraZeneca Plc., Amgen, Inc., Pfizer, Inc., Mylan N.V., Merck & Co., Inc., Bristol-Myers Squibb, GlaxoSmithKline Plc., and Teva Pharmaceutical Industries Ltd.
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- UAE Heart Failure Treatment Drugs Market, By Drug Class:
- ACE Inhibitors
- Angiotensin 2 Receptor Blockers
- Beta Blockers
- Aldosterone Antagonists
- UAE Heart Failure Treatment Drugs Market, By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
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Senior Client Partner – Business Development
Coherent Market Insights
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