Transparency Market Research, the global dilated cardiomyopathy therapeutics market will be worth US$328.6 mn by the end of 2020 vis-à-vis revenue, expanding at a CAGR of 4.6% from 2014 to 2020.
Albany, NY -- (SBWIRE) -- 12/08/2017 -- Transparency Market Research in a recent publication says competition in the global dilated cardiomyopathy therapeutics market is expected to grow as prominent companies strive to develop effective drugs for the treatment of dilated cardiomyopathy. For example, in February 2017, Myokardia Inc., a biopharmaceutical company, announced first time administer of MYK-491 to a batch of healthy subjects. MYK-491 is a treatment for dilated cardiomyopathy which is in Phase 1.
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Keen players in the market are also focusing on collaborations, mergers, and acquisitions to consolidate their position. For example, in January 2015, Array BioPharma announced its plans of acquiring and obtaining world rights to encorafenib, which is a late stage oncology product from Novartis Pharma AG.
As per estimates by Transparency Market Research, the global dilated cardiomyopathy therapeutics market will be worth US$328.6 mn by the end of 2020 vis-à-vis revenue, expanding at a CAGR of 4.6% from 2014 to 2020.
Growing Incidence of Cardiac Diseases to Catapult Asia Pacific to Lead Position
The segment of angiotensin II receptor blockers led amongst other drug class segments in 2013. This was followed by the segment of beta blockers. The high acceptance of angiotensin II receptor blocks is attributed to their effective therapeutic action for the treatment of dilated cardiomyopathy.
Geography-wise, the report segments the global dilated cardiomyopathy therapeutics market into: North America, Asia Pacific, Europe, and Rest of the World. North America stood as the leading regional market in 2013 mainly due to high incidence of cardiac diseases. Asia Pacific is expected to take the lead in the upcoming years as changing lifestyle resulting in increasing incidence of cardiac diseases propels growth of dilated cardiomyopathy therapeutics market.
Efforts to Develop Specific Drugs for Dilated Cardiomyopathy Propels Growth
The alarming rise in the prevalence of congestive heart failure is one of the prominent growth drivers of the global dilated cardiomyopathy market. Dilated cardiomyopathy accounts for 30-40% of total number of congestive heart failures each year. As per statistics of the World Health Organization, 17.5 million deaths in 2013 were related to heart disorders. The increasing incidence of congestive heart diseases has created an urgent need for effective drugs and treatment, thereby benefitting the dilated cardiomyopathy therapeutics market.
Due to this, several companies have initiated to carry out clinical trials so as to develop drugs specifically for dilated cardiomyopathy. At present, there is not a single FDA approved drug specifically for dilated cardiomyopathy because of which treatment administered is the same as that for congestive heart failure. For example, Array BioPharma is carrying out phase II study for its drug ARRY-371797 for the treatment of dilated cardiomyopathy. In addition, in 2014, Celladon Corporation completed its phase II study of MYDICAR to be used for the treatment of dilated cardiomyopathy. Success of these clinical trials will positively influence the global dilated cardiomyopathy therapeutics market.
Studies reveal that angiotensin receptor blockers such as valsartan can reduce probability of hospitalization by 28%. These drugs have also been effective for patients of systolic heart disease by reduction of deaths by 37% and also for reduced frequency of hospitalization. These factors are furthering the expansion of the global dilated cardiomyopathy therapeutics market.
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On the flip side, the side effects of dilated cardiomyopathy therapeutics is leading to their declined use. Moreover, availability of implantable devices and promising gene therapy are acting as roadblocks to the market.