Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Drugs used in the treatment of cardiovascular diseases such as heart failure, heart attack, ischemia and others are eligible for reimbursement. Moreover, regulatory authorities in the UAE are taking initiatives to reduce the treatment cost burden on the patients. For instance, in February 2020, the Ministry of Health and Prevention UAE, reduced the prices of 573 medicines used for treatment of cardiovascular disease, diabetes, nervous and respiratory diseases by 2 to 74%. The initiative would benefit patients who may have insurance with very low annual limits for pharmacy spending.
The UAE Heart Failure Treatment Drugs Market size is estimated to be valued at US$ 62.8 million in 2020 and is expected to exhibit a CAGR of 6.5% during the forecast period (2020-2027).
Figure 1. UAE Heart Failure Treatment Drugs Market Share (%), by Drug Class, 2020
The increasing healthcare expenditure is expected to drive the UAE heart failure treatment drugs market growth during the forecast period. According to Dubai Export 2019, a report prepared by Fitch Solution, Word Bank, and International Trade Center:
- Pharmaceutical expenditure forecast in UAE for 2019 and 2020 was US$ 5.9 billion and US$ 6.2 billion, respectively.
- Healthcare expenditure forecast in UAE for 2019 and 2020 was US$ 15.3 billion, and US$ 16.8 billion, respectively.
UAE Heart Failure Treatment Drugs Market – Impact of Coronavirus (COVID-19) Pandemic
The lockdown in the UAE following the COVID-19 outbreak has placed an economic burden on the private as well as public healthcare sector.
Healthcare providers are facing challenges in terms of declining outpatients’ visits, additional manpower, equipment, consumables, and other resources required to ensure safety in hospitals.
Furthermore, players operating in the heart failure treatment drugs market are facing major challenges on various fronts due to the COVID-19 pandemic. The major challenges include disruption in the supply of raw materials required for manufacturing drug formulations due to irregularities in transportation. Moreover, distributors of drug products are experiencing irregular demand for products from retailers.
Thus, the COVID-19 pandemic is expected to limit growth of the UAE heart failure treatment drugs market during the forecast period.
UAE Heart Failure Treatment Drugs Market Report Coverage
||Market Size in 2019:
||US$ 62.8 Mn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 97.5 Mn
- By Drug Class: ACE Inhibitors, Angiotensin 2 Receptor Blockers, Beta Blockers, Diuretics, Aldosterone Antagonists, Inotropes, Others.
- By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies.
Novartis International AG, AstraZeneca Plc., Amgen, Inc., Pfizer, Inc., Mylan N.V., Merck & Co., Inc., Bristol-Myers Squibb, GlaxoSmithKline Plc., and Teva Pharmaceutical Industries Ltd
- Increasing healthcare expenditure
|Restraints & Challenges:
- Challenges faced by the pharmaceutical industry in UAE
UAE Heart Failure Treatment Drugs Market: Restraints
Pharmaceutical regulations and guidelines are stricter in Middle Eastern countries such as UAE, Saudi Arabia and others compared to other countries across the world.
Most Middle Eastern pharmaceutical legislation details are not accessible to the public and private pharmaceutical companies across the globe. Moreover, the legislation is only available in the local language, making comprehension difficult for multinational pharmaceutical companies to launch pharmaceutical projects in Middle Eastern countries.
Moreover, pharmaceutical players across the globe have registered fewer products in Middle Eastern countries such as UAE, Saudi Arabia, and others, which may result in limited availability of medicinal products in the countries.
Figure 2. UAE Heart Failure Treatment Drugs Market Value (US$ Mn), 2020
Major players operating in the UAE Heart Failure Treatment Drugs Market are Novartis International AG, AstraZeneca Plc., Amgen, Inc., Pfizer, Inc., Mylan N.V., Merck & Co., Inc., Bristol-Myers Squibb, GlaxoSmithKline Plc., and Teva Pharmaceutical Industries Ltd.