Technavio analysts forecast the global cardiomyopathy therapies market to grow at a CAGR of close to 2 during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate during the year-over-year growth.
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Technavio has released a new market research report on the global cardiomyopathy therapies market for the period 2019-2023. (Graphic: Business Wire)
The increase in number of clinical trials for developing disease-specific therapies for cardiomyopathy treatment is one of the major trends being witnessed in the global cardiomyopathy therapies market 2019-2023. There are ongoing clinical trials focused on the development of cardiomyopathy therapies for specific cardiomyopathy treatment. Currently, there are no approved cardiomyopathy therapies that directly target the depressed contractility present in dilated cardiomyopathy. Therefore, companies like MyoKardia is developing a precision medicine called MKY-491, which is designed to address the underlying biomechanical cause of dilated cardiomyopathy and can be used in cardiomyopathy treatment.
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According to Technavio analysts, one of the key factors contributing to the growth of the global cardiomyopathy therapies market is the initiatives to increase awareness about cardiomyopathy disease:
Global cardiomyopathy therapies market: Initiatives to increase awareness about cardiomyopathy disease
To spread awareness about cardiomyopathy among people, several initiatives have been taken in the last few years. The initiative aims at having at a deeper understanding of the cardiomyopathy disease and build resources thereafter for aiding patients and their caregivers. In addition, the companies also announced collaboration to improve the baseline understanding of unmet needs of the cardiomyopathy disease, including the quality of life, the standard of care, the variability of symptoms and knowledge of disease progression. Thus, rising initiatives to increase awareness about cardiomyopathy disease is expected to drive the market.
According to a senior analyst at Technavio, "Several initiatives are taken by the companies and other organizations for the awareness of the cardiomyopathy therapies. In October 2018, Myokardia undertook an initiative to raise awareness and support cardiomyopathy patients. Also, Abiomed, in February 2018, announced the launch of women's initiative which aims to provide women with heart recovery education and awareness."
Global cardiomyopathy therapies market: Segmentation analysis
The global cardiomyopathy therapies market research report provides market segmentation by type (dilated cardiomyopathy, hypertrophic cardiomyopathy, and others) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for more than 52% share. It was followed by EMEA and APAC respectively. The dominance of the Americas can be attributed to the initiatives to increase awareness about the disease and rising R&D for cardiomyopathy treatment.
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