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:
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.
|Base Year:||2019||Market Size in 2019:||US$ 62.8 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||6.5 %||2027 Value Projection:||US$ 97.5 Mn|
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
|Restraints & Challenges:||
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.
Heart failure is characterized by the inability of the heart to pump adequate amount of blood to the body. There are three types of heart failures; left-sided heart failure, right-sided heart failure, and biventricular heart failure. The condition is treated with particular cardiovascular drugs available in the market. Moreover, the treatment for heart failure depends on the stages (stage A, B, C, & D). Drugs such as diuretics, ACE inhibitors, angiotensin 2 receptor blockers, beta blockers, and digitalis are majorly used in the treatment of heart failure.
Various global players are engaged in development of novel therapies and drugs for treating heart failure. In May 2020, AstraZeneca Pharmaceuticals PLC. Received the U.S. Food and Drug Administration’s approval for Farxiga (dapagliflozin) oral tablets for adults with heart failure with reduced ejection fraction to reduce risk of cardiovascular death and hospitalization for heart failure.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.