According to the deep-dive market assessment study conducted by Growth Plus Reports, the global dilated cardiomyopathy market was pegged at ~US$~0.2billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of ~5.2% from 2022 to 2030.
There has been an increase in congestive heart failure deaths globally, mainly caused by dilated cardiomyopathy. The American Heart Association estimates that 5.3 million Americans suffer from congestive heart failure, with 660,000 new cases being diagnosed each year. This statistic illustrates the potential of dilated cardiomyopathy (DCM) market. Additionally, companies are funding the research and development of novel medications like ARRY-797 and Ixmyelocel-T, which are anticipated to support the market for treating dilated cardiomyopathy. In 2018, in order to perform cutting-edge research for patients with Hypertrophic Myopathy (HCM) and DCM, improve their quality of life, and provide them with efficient therapy, Myokardia, Inc. partnered with 23andMe, a DNA testing and analysis company based in California.
There is a rising need for cardiomyopathy treatments and diagnoses as a result of greater health awareness and health concerns. Additionally, the growing number of patients who get cardiac muscle infections is a driver in the market's expansion. In February 2022, Renovacor collaborated with the Heart Failure Society of America, the American Association of Heart Failure Nurses (AAHFN), and the Dilated Cardiomyopathy (DCM) Foundation (HFSA). By educating the patient and provider communities on cardiomyopathies and the risk factors associated with them, this alliance aims to increase public knowledge of cardiomyopathies.
Since dilated cardiomyopathy is one of the main causes of heart failure, the increasing prevalence of congestive heart failure around the world is a significant growth driver for the market for treatments targeting DCM. About 30% to 40% of all occurrences of congestive heart failure worldwide each year are caused by dilated cardiomyopathy. Furthermore, numerous opportunities are emerging for the expansion of the cardiomyopathy market, including increased medical tourism in developing nations and increased research and development for cardiomyopathy treatment. The growth of the dilated cardiomyopathy market has been significantly influenced by rising life expectancy and an overall rise in cardiac conditions. While one of the major barriers to market expansion is the public's growing knowledge of health issues.
The market for dilated cardiomyopathy is anticipated to be dominated by North America throughout the forecast period. The key drivers of the increase are the availability of cutting-edge healthcare infrastructure, well-placed insurance policies, and the rising incidence of cardiovascular diseases.
The United States has the biggest market share in the North America because of factors like the rising elderly population and the prevalence of heart disease, both of which are expected to increase demand. Consequently, the market for dilated cardiomyopathy grows along with the prevalence of cardiovascular disorders. Europe is the second-largest market for dilated cardiomyopathy diseases after North America. In Europe, congestive heart failure disorders result in about 600,000 hospital admissions and 55,000 fatalities, according to the European Federation of Pharmaceutical Industries and Associations.
The markets in Asia Pacific and the rest of the world are expanding at the highest rates because of the strong demand for generic medications, rising living standards, and more disposable income. Moreover, India and China are promising markets for the expansion of the dilated cardiomyopathy market because of the high frequency of diseases including cancer and cardiovascular problems.
The corporations place a strong emphasis on expanding their product portfolio through the introduction of new items. Important players also increase their exposure through expanding and investing as well as through partnerships, agreements, joint ventures, and investments. Some of the prominent plyers in the global dilated cardiomyopathy include Array BioPharma, Vericel Corporation, PhaseBio Pharmaceuticals, Celladon Corporation, Pfizer Inc., GlaxoSmithKline plc, Johnson and Johnson Pvt. Ltd., Merck & Co., Inc, Teva Pharmaceuticals, t2cure GmbH, Astrazeneca plc, Sanofi S.A., Vericel Corporation, Janssen Pharmaceuticals, Inc. among others. To remain competitive in the market, industry participants are adopting a variety of strategies, such as mergers and acquisitions, partnerships, collaborations, funding, and the launch of new Deployments, which are significantly contributing to market growth. For instance, in October 2020, MyoKardia Inc. was acquired by Bristol Myers Squibb for $13.1 billion in order to fully investigate the potential of mavacamten in additional indications, such as non-obstructive HCM. The acquisition was made in order to treat obstructive hypertrophic cardiomyopathy with a potential first-in-class cardiovascular drug.