The Middle East & Africa Cardiovascular Drugs Market was worth USD 5.20 billion in 2023 and is estimated to be growing at a CAGR of 4.26%, to reach USD 6.40 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.
The MEA regional cardiovascular market growth is driven by the increasing prevalence of cardiovascular diseases, stroke, heart diseases, and many other diseases. In addition, the rate of growing chronic disease is due to physical inactivity, smoking, unhealthy diet, obesity, family history of cardiovascular disease, and high blood pressure; these are the most common reasons driving the market growth for cardiovascular disease drugs.
Moreover, the growing geriatric population is a major contributor to the MEA cardiovascular drugs market. The senior population is more prone to various chronic diseases, thereby increases the demand for market growth.
Increases in advanced technologies for developing innovative and effective drugs and medications and raising public awareness about the availability of various types of drugs and treatments available in the market and initiatives related to pre-diagnosing or early diagnosis for patients are expected to boost the market growth.
Furthermore, the rise in investments and fundings from government and non-government firms for developing effective medication and innovative products for treating patients are expected to augment the market growth.
Moreover, the increase in the competition between the players for developing innovative products as well as new technologies with greater efficiency and results will increase the market growth of cardiovascular drugs.
However, An increase in the high costs of the treatment and medication for the disease and the expensive patent drugs makes it very difficult for impoverished people to buy and hesitate to get the therapy and medications.
In addition, the lack of well-developed medical and health care facilities also hampers the growth of the Middle East & Africa cardiovascular drugs market.
Also, due to strict government policies and the approval processes for introducing new products in the market with the lack of proper reimbursement policies hampers the growth of the MEA cardiovascular drugs market.
This research report on the MEA cardiovascular drugs market has been segmented and sub-segmented into the following categories:
By Drug Type:
By Disease Indication:
Coronary Artery Disease
rest of GCC countries
rest of MEA
The Middle East and Africa cardiovascular drugs market are anticipated to record a promising share during the forecast period. The market growth is fuelled by the increase in the prevalence of chronic diseases, surging demand for therapy and effective drugs, and favorable reimbursement initiatives. In addition, the increase in the population with the rise in the geriatric population is also propelling the growth of the cardiovascular drug market as in this region,
In this region, UAE is dominating the market among the other countries and has estimated growth in the cardiovascular drug market, which is due to the rise in technological advancement with the rising awareness about the availability of treatments and medication in the market help in propelling the growth of the market. In addition, UAE has one of the highest cardiovascular disease mortality rates, with 204 and 309 deaths per 1 lakh people, increasing the demand for cardiovascular drugs in the market.
On the other hand, the countries such as South Africa and Saudi Arabia are projected to showcase a considerable share in the MEA cardiovascular drugs market. The rise in investment from government and private organizations for developing novel products and low-cost drugs and increasing initiatives for developing medical and health care awareness and infrastructure are expected to contribute to the market growth in these countries.
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 MEA cardiovascular drugs market.
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