The global takotsubo syndrome therapeutics market is expected to reach USD 2.85 Billion in 2033 and is projected to exhibit a compound annual growth rate (CAGR) of 6.1% from 2023 to 2033. Takotsubo syndrome also known as stress cardiomyopathy and broken heart syndrome is a type of cardiovascular disease.
This disorder is distinguished by temporary regional abnormal cardiac shear stresses that are not limited to a single coronary artery territory. It happens as a result of heart muscle weakness, which requires treatment such as a heart attack. This ailment is triggered by extreme mental and physical stress.
According to medical literature, takotsubo syndrome affects approximately 2% of people who seek treatment for a suspicious heart attack. Factors such as emerging disease incidence, rise in anxiety and depression levels, broadening government actions, progression in therapeutic approaches, growing geriatric population, and high awareness are expanding the takotsubo syndrome therapeutics market.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 1.58 Billion |
| Anticipated Forecast Value (2033) | USD 2.85 Billion |
| Projected Growth Rate (2023 to 2033) | 6.1% CAGR |
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The market was estimated at USD 1.5 Billion in 2022, owing to rapid advances in technology in cardiovascular care. This was prompted by an expansion of the global pool of cardiac patients, which can be credited to the incidence of unhealthy lifestyles and an upsurge in the geriatric population stream.
Concerns about the transmission of the virus during the COVID-19 pandemic restricted testing procedures for cardiac inconsistencies, and restricted uptake in the first half of 2020. Future developments will be heavily reliant on further technological innovations, such as the use of cellphones, and portable, and handheld testing devices, which will generate significant opportunities for expansion over the forecast period.
The increasing prevalence of cardiovascular diseases is boosting the expansion
Cardiovascular diseases are the leading cause of death in both developed and emerging nations. The growing number of instances of cardiovascular diseases, such as valvular heart disease, congenital heart defects, and cardiac arrest, is driving the cardiac MRI diagnostics industry and takotsubo syndrome therapeutics.
Based on the Centers for Disease Control and Prevention, approximately 40,000 babies in the United States are assessed with congenital heart disease each year. Technological improvements such as computer-aided prognosis and the evolution of IT in healthcare, combined with increased support from the government, are propelling the market forward.
Ultrasonic Techniques Creating Greenfields for Device Manufacturers
Cardiovascular ultrasound distributors have been introducing new equipment to improve cardiac imaging for several years. Artificial intelligence has emerged as a rapidly expanding industry phenomenon, allowing effective automation and operations of systems and appliances.
EchoNous, a well-known software development company, offers the Kosmos system, which combines artificial intelligence (AI) with portable ultrasound to enable clinicians to work swiftly. Market participants cooperate with software developers to create AI apps competent in estimating ejection ratios in seconds. These apps help physicians diagnose patients faster by automatically labeling, advising, and grading cardiac scans.
High Costs to Hinder Market Growth
The high healthcare expenditure and complications of takotsubo cardiomyopathy such as pulmonary edema, hypoxemia, malfunctions in heart rate, and cardiac arrest will impede market growth and pose additional challenges to the world takotsubo syndrome therapeutics market in the upcoming years.
North America dominated the market owing to the incidence of Heart Ailments
North America dominated the worldwide market in 2022, attributed to an increased incidence of heart ailments in the world. Based on the American Heart Association (AHA), heart diseases account for the majority of death in North America. This has contributed to a rise in patient visits to adjacent medical centers, triggering the expansion of the region's takotsubo syndrome therapeutics market. Furthermore, the emergence of sophisticated tools is yet another contributory factor to the market's development.
The American Society for Echocardiography (ASEImageGuideEcho)'s TM Registry and the International Accreditation Commission (IAC) recently announced expanded collaborations to facilitate testing labs with process improvement in May 2021. This will aid in the reduction of data entry duplication and the streamlining of accreditation applications for numerous devices. All the mentioned factors are expected to drive market growth in the North American region.
The region is expected to develop owing to an aging population
The emerging market of Asia Pacific is expected to grow rapidly, owing to the region's growing geriatric population, which will necessitate the use of imaging modalities.
In addition, lower-cost services, professional healthcare staff, and excellent infrastructure are driving growth in the takotsubo syndrome therapeutics market. Numerous governments throughout the world are providing assistance and quality medical facilities to address the needs of the population, which is fueling the advancement of the cardiac imaging testing market. Some of the key players in this region include GE Healthcare, Siemens Healthcare, and Philips Healthcare.
China is predicted to dominate industry growth in the coming decades
Cardiovascular diseases are the most common cause of death in China, accounting for 40% of all fatalities, despite rapid lifestyle changes caused by rapid urbanization and environmental conversion.
The Chinese government mandated the Healthy China 2030 plan in 2016, emphasizing the significant position of health in China's advancement and highlighting the essential concepts for achieving this, such as health priority, science, and technology innovation, scientific development, and opening the doors frontiers for sophisticated echocardiography devices, particularly cardiovascular ultrasound systems. Thus, China is anticipated to hold major market revenue over the upcoming decades.
The United Kingdom is anticipated to lead the European industry
According to the British Heart Foundation, 7.6 million people in the United Kingdom had heart and circulatory diseases by March 2021. Heart and circulatory diseases account for 27% of all deaths, with approximately 43,000 people dying before the age of 75.
As a result, manufacturers of takotsubo devices such as Philips Medical Systems and Card Guard Group have a strong foothold in the cultural landscape. As a result, the takotsubo syndrome therapeutics market is expected to expand significantly throughout the forecast period.
The rising geriatric population is a significant factor in the cardiac MRI segment
The rise in the geriatric population, along with technological innovations, are key drivers of the cardiac MRI segment. Based on the Centers for Disease Control and Prevention (CDC), heart disease kills approximately 600,000 Americans each year. The main cause of death in the United States is heart disease.
As per the World Health Organization, approximately 17.9 million people die from heart disease each year, with strokes and heart attacks accounting for 85% of all heart disease deaths. These factors are expected to drive segment growth in the coming years.
The hospital Segment is Estimated to Hold the Largest Share
The hospital segment held the largest share of the market in 2022. Moreover, the same segment is expected to register the highest CAGR from 2023 to 2033.
Amneal Pharmaceuticals was established in the United States in 2002 by brothers Chirag and Chintu Patel. Amneal's Generics Division concentrates on a diverse range of therapeutic categories of takotsubo syndrome, including solid oral dosage products and substitutes dosage products.
Key players in the takotsubo syndrome therapeutics market are Taro Pharmaceutical Industries, Dva Health & Nutrition GmbH, Flamingo Pharmaceuticals Ltd., Par Formulations Pvt., Ltd., Teva Czech Industries S.R.O., Amneal Pharmaceuticals Pvt., Ltd., Bristol-Myers Squibb Company, Samarth Pharma Pvt. Ltd., Cipla Limited and Ipca Laboratories Ltd.
Galderma and Taro Pharmaceutical Industries Ltd. declared a binding agreement in February 2022 for Taro to procure Alchemee, formerly The Proactiv Company (TPC), from Galderma.
Ipca Laboratories revealed a 35.44% increase in consolidated net profit to Rs. 267.56 crores for the third quarter that concluded December 2020 in February 2021, owing to robust sales in domestic and global markets.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 1.58 Billion |
| Anticipated Forecast Value (2033) | USD 2.85 Billion |
| Projected Growth Rate (2023 to 2033) | 6.1% CAGR |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Diagnosis, Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Singapore, Thailand, Indonesia, China, Japan, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Taro Pharmaceutical Industries; Dva Health & Nutrition GmbH; Par Formulations Pvt. Ltd.; Teva Czech Industries S.R.O; Amneal Pharmaceuticals Pvt. Ltd.; Bristol-Myers Squibb Company; Samarth Pharma Pvt. Ltd.; Cipla Limited; Ipca Laboratories Ltd. |
| Customization | Available Upon Request |
FMI projects the global takotsubo syndrome therapeutics market to expand at a 6.1% value CAGR by 2033.
The global takotsubo syndrome therapeutics market is estimated at a market value of USD 1.58 Billion.
The global takotsubo syndrome therapeutics market is expected to garner a market value of USD 2.85 Billion.
FMI has projected North America to be one of the key regions for the takotsubo syndrome therapeutics market.
Some prominent takotsubo syndrome therapeutics providers profiled by FMI include Bristol-Myers Squibb Company, Taro Pharmaceutical Industries, and Cipla Limited
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Takotsubo Syndrome Therapeutics Market
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