Words by GOLD Newsdesk
Standing at $13.5bn in 2022, the heart failure (HF) drug market is set to grow to $33.7bn by 2032 - representing a compound annual growth rate of 9.6%, according to a new report by GlobalData.
Growth will be across seven major markets including the US, Europe and Japan. The US is expected to drive the largest share of the rise, fuelled by a higher prevalence of heart failure and elevated prescription drug costs compared to the European and Japanese markets.
A factor already having an impact are new approvals such as Eli Lilly’s tirzepatide and Novo Nordisk’s semaglutide, which are expected to be key players in the market’s expansion. The GLP-1 drugs are projected to help add $20bn in market value over the next decade.
Other late-stage candidates, such as Mesoblast's cell therapy for advanced HF and end-stage chronic heart failure, also show strong potential to impact the market in the future, the report finds.
Reflecting on GlobalData’s findings, the company’s senior pharma analyst, Kajal Jaddoo, says: “The pressure for pharmaceutical companies to be more innovative with their therapies and tackle unmet needs is increasing.” His advice for new entrants to market? “Offer a novel mechanism of action, enhanced clinical profiles, or help to improve compliance.”
With a robust late-stage pipeline and innovative therapies addressing unmet needs, the heart failure market is poised for significant growth and change. Only time will tell what other factors may play a role in its future.
