Beta Blockers Market to Grow at a CAGR of 5.2% during 2023-2031; The cardiac diseases application segment held more than 65.0% share.
Transparency Market Research
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Transparency Market Research
Extremely selective action and low risk of adverse effects are anticipated to drive the beta-1 selective blockers market in the near future
Wilmington, Delaware, United States, March 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Beta Blockers Market was clocked at US$ 9.1 Bn in 2022 and is likely to be valued more than US$ 14.4 Bn by 2031. The global market is likely to expand at a CAGR of 5.2% between 2023 and 2031. Increase in incidence of cardiovascular disorders and surge in the geriatric population are projected to augment the market in the next few years. Beta blockers are beneficial in easing the anxiety symptoms and some forms of migraine. This has resulted in increase in investment and interest in beta blockers, which, in turn, is driving business growth.
Pharmaceutical companies are making considerable investment on R&D to develop novel beta blockers that have better effectiveness, safety, and tolerance. These companies are also introducing combination medicines and cutting-edge drug delivery technologies in order to boost market share.
A family of medications known as beta-blockers prevent the blood vessels and heart arteries from being adversely affected by adrenaline. These medicines are utilized for treating a number of cardiovascular diseases. These function by lowering the power of contractions and decreasing the heart rate, which can increase blood flow and lower blood pressure. Beta-blockers are often prescribed for treating arrhythmias, heart failure, angina, and hypertension. Moreover, these help to reduce migraines and anxiety.
Based on type, the beta-1 selective blocker segment is likely to lead the global beta blockers market from 2023 to 2031. Beta-1 selective blockers are likely to have very less negative side effects due to their extremely selective action. Clinicians now have more treatment alternatives due to the development of innovative beta 1 selective blockers with enhanced pharmacokinetic features. Several of these recent beta 1 selective blockers offer extended half-lives, allowing for administration once-daily, which is likely to increase adherence of patient to their regimens.
In terms of application, the cardiac diseases segment is likely to hold for largest market share from 2023 to 2031. Heart diseases are the biggest cause of mortality globally. Cardiovascular disorders, such as heart failure, arrhythmias, angina, and hypertension, can be successfully treated with beta-blockers. Widespread use of beta blockers in the treatment of heart illness is projected to drive the segment in the next few years.
Based on distribution channel, the hospital pharmacies segment is expected to lead the global market between 2023 and 2031. A hospital is considered the ideal location for treating sudden illnesses such as arrhythmias and heart attacks. In a hospital environment, beta-blockers are often given intravenously, followed by oral administration once the patient is released. In this situation, hospital pharmacists are essential in controlling the flow of beta blockers to patients.
Global Beta Blockers Market: Growth Drivers
Cardiovascular disease (CVD) is a significant contributor to mortality as well as morbidity across the globe. Major risk factors for CVDs include aging and surge in sedentary behavior in general society. High blood pressure, diabetes, and obesity could contribute to CVDs. The World Health Organization (WHO) claims that CVDs are the primary cause of mortality across the world, accounting for over 17 million deaths each year. Increase in incidence of CVD is anticipated to propel the global beta blockers market in the next few years.
Generic beta blockers are considerably less expensive than branded medications. This increases access to a broader spectrum of patients, especially those in underdeveloped and developing nations with limited access to expensive brand-name drugs. Generic medications can be made and sold more affordably and rapidly. Patients who need long-term medication benefit most from availability of generic beta blockers, as these could reduce cost considerably. Increase in access to generic beta blocker drugs is likely to drive the segment.
North America is anticipated to hold the highest market share between 2023 and 2031. Cardiovascular disease is a common condition in the region, which is likely to influence industry growth. As per American Heart Association, cardiovascular disease—which accounts for around 840,000 fatalities annually—is the country's top cause of mortality.
The market in Asia Pacific is likely to grow at a rapid pace in the next few years. Rise in incidence of CVD, increase in the geriatric population, and research & development of novel formulations with higher safety profiles and effectiveness are expected to drive market development.
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