Approval of new drugs from Food and Drug Administration (FDA) is also expected to fuel growth of the congestive heart failure drugs market. In 2016, FDA approved Byvalson by Allergan an Ireland-based company, this drug is used for treatment of hypertension. In 2015, FDA approved Corlanor (ivabradine) by Amgen Inc. a U.S.-based company, this drug treats chronic heart failure. Furthermore, increasing number of geriatric population, unhealthy lifestyle, and increasing awareness regarding treatment of chronic disorders are driving the congestive heart failure drugs market growth.
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Low awareness and diagnosis rate for the disease such as hypertension which is major cause of heart failure is primary restraint in global congestive heart failure drugs market. According to a study published in NCBI in 2013, only 49% of patients suffering from hypertension were aware of the diagnosis in high-income countries, and this percentage (i.e. 40.8%) was even lower in low-income countries.
Congestive Heart Failure Drugs Market Regional Analysis:-
North America is expected to hold dominant position in congestive heart failure drugs market due to new product launches and mergers and acquisitions. For instance, in 2015, Amgen Inc. a U.S.-based company acquired Dezima Pharma, a Netherlands based company to expand its cardiovascular drug portfolio by adding cholesterol lowering drug TA-8995 to its portfolio. TA-8995 is a cholesterol lowering drug. Moreover, Europe congestive heart failure drugs market is expected to witness significant growth due to launch of new drugs to treat chronic diseases, which prevent heart failures.
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