The size of the Latin America cardiovascular drugs market is estimated to be growing at a CAGR of 6.86% from 2023 to 2028. The market was valued at USD 7.77 billion in 2023 and is predicted to be worth USD 10.83 billion by 2028.
Cardiovascular drugs are agents that are used to treat diseases associated with the circulatory system, including blood clots, stroke, coronary heart disease, hypertension/ hypotension, arrhythmias, high cholesterol, and heart failure. These drugs are used to treat cardiovascular disease includes coronary heart disease, hyperlipidemia, myocardial infarction, blood vessel disorders, etc.
Cardiovascular disease (CVD) is one of the major chronic diseases affecting people across the world. Cardiovascular diseases include an array of disorders such as hypertensive heart disease, rheumatic heart disease, cerebrovascular disease, ischemic heart disease, and inflammatory heart disease. According to the World Health Organization report, more than 18 million people have died from cardiovascular disease in the year 2015, and cardiovascular diseases accounted for 33% of all deaths across the globe.
Factors such as sedentary lifestyle, excessive alcohol consumption, stress, drug abuse, and smoking are factors responsible for the increase in the number of cardiovascular disorders in the population. CVDs were responsible for around 12% of all hospitalizations in Brazil between 20010 and 2020. With the growing age and increase in the prevalence of chronic diseases such as diabetes and their complications, the rate of CVS disease has gone up tremendously. The cerebrovascular disease affects the blood vessels in the brain and can lead to stroke. In recent times, the increasing prevalence of CVS, CNS diseases, and a large number of drugs are the major drivers of the Latin America cardiovascular drugs market. According to the Center for Disease Control and Prevention, approximately 60,000 people have a stroke each year.
The decreasing death rates and the increasing number birth rate and improving healthcare infrastructure are also contributing to the growth of the Latin America cardiovascular drugs market. The increasing number of diabetic patients has immense potential for the growth of the global cardiovascular drugs market. A high number of drug approvals are critical to the growth of the Latin America cardiovascular drug market, which has increased the awareness of cardiovascular health in the region and this corresponds with the increase in frequent product launches.
However, Many cardiovascular drugs lose their exclusivity and patents and face market withdrawal, this is owing to the constant development and research of better drugs with lesser side effects in the market. This factor has given rise to the availability of many products in the market, which negatively affects the overall growth of the Latin America cardiovascular drugs market for the projected period.
This research report on the Latin America cardiovascular drugs market has been segmented and sub-segmented into the following categories:
By Drug Type:
By Disease Indication:
By End-Users:
By Country:
The Latin America cardiovascular drug market is expected to be dominated by Brazil during the forecasted period. The market is anticipated to grow at an impressive CAGR of 3.6%. The main factors that are attributed to growth are stress, lack of a healthy diet, anxiety, and genetic predilection for cardiac disorders, and other chronic diseases such as diabetes and obesity. According to the American Heart Association, nearly 55 million people suffered from cardiovascular disease, of which coronary artery disease was the leading cause of death, attributed to the increased intake of fatty and junk food in recent times, which stimulates the market.
Mexico is anticipated to have a high CAGR growth owing to the increased prevalence of multiple cardiovascular diseases such as coronary artery disease, stroke, and atrial fibrillation in the region. Low wages and the availability of skilled labor have encouraged international companies to invest in Mexico. Moreover, increased medical tourism in the region is also supporting the growth of the cardiovascular drugs market in the region. In 2015, CVD was responsible for 30% of all deaths, with ischemic heart disease (30%) and cerebrovascular disease (30%) being the leading causes of CVD. There were a total of 11,444,821 CVD hospitalizations recorded between 2010 and 2017. People between the ages 50 to 79 years were the most affected. The number of recorded deaths from any cardiovascular disease was the highest in Mexico mainly due to the developing healthcare system and poor reimbursement policies in the region.
KEY MARKET PLAYERS:
Merck & Co, Sanofi S.A., Pfizer Inc., Bristol-Myers Squibb Company, and Novartis AG are a few of the noteworthy companies operating in the Latin America cardiovascular drugs market.
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