UAE Heart Failure Treatment Drugs Market Size & Trends expected to reach US$ 97.5 Million With CAGR of 6.5% by 2027 – Coherent Market Insights
SEATTLE, April 29, 2021, (PHARMIWEB) — UAE Heart Failure Treatment Drugs Market analysis
Impact of COVID-19 epidemic
Following the COVID-19 outbreak, the lockdowns in the UAE had put the burden of economy on the public and private healthcare industry. Problems such as reduced patient footfalls along with additional equipment, manpower, consumables, are been faced by the healthcare providers.
Moreover, companies contributing in the market of heart failure treatment drugs are facing issues on several fronts due to the epidemic. These main issues have disturbed distribution of raw materials that are required for production of drug formulation as a result of irregular transportation. Furthermore, suppliers of drug products are witnessing uneven demand for their products from retailers.
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Hence, the SARS-CoV-2 virus is expected to hinder growth of the UAE heart failure treatment drugs market over the forecast period.
The eligible drugs for reimbursement are those which are used in treatment of cardiovascular disorders such as ischemia, heart attack, heart failure, and others. Furthermore, UAE’s regulatory authorities have taken initiatives to minimize the cost of treatment for the patients. In February 2020, UAE’s Ministry of Health and Prevention had decreased the cost of around 573 medicines that are used for treatment of diabetes, cardiovascular diseases, respiratory and nerves diseases from 2 to 74%. The initiative has benefitted the patients with insurance and meagre savings to spend on medical services.
The UAE heart failure treatment drugs market is expected to register a CAGR of 6.5% over the forecast period (2020-2027) and is expected to be valued at US$ 62.8 million in 2020.
Rising expenditure on healthcare sector is expected to propel growth of the UAE heart failure treatment drugs market over the forecast period. As per the Dubai Export 2019, the following report was prepared by World Bank, International Trade Center, and Fitch Solution.
In 2019 and 2020, the healthcare forecast for UAE was US$ 15.3 billion and US$ 16.8 billion respectively.
In 2019 and 2020, the pharmaceutical expenditure for UAE was US$ 5.9 billion and US$ 6.2 billion respectively.
- According to the Distribution Channel: Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies.
- According to the class of drug: ACE Inhibitors, Angiotensin 2 Receptor Blockers, Beta Blockers, Diuretics, Aldosterone Antagonists, Inotropes, Others.
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The Middle Eastern countries such as Saudi Arabia and UAE have a strict guidelines and regulations for their pharmaceutical providers as compared to other nations across the globe.
Several pharmaceutical legislative information of the Middle Eastern region cannot be accessed by any private or public pharmaceutical company around the world. Furthermore, the legislations are only available in native language which makes the comprehension more complex for the international pharmaceutical players for launching their products in this region.
Furthermore, registration of fewer products by international pharmaceutical companies in the Middle Eastern nations such as Saudi Arabia and UAE, might lead to scarcity of medical and pharmaceutical products in these countries.
Key companies contributing in the UAE heart failure treatment drugs market include GlaxoSmithKline Plc., Teva Pharmaceutical Industries Ltd, Amgen, Inc., Pfizer, Novartis International AG, AstraZeneca Plc., Bristol-Myers Squibb, Mylan N.V., and Merck & Co., Inc.
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