Report : Middle East & Africa Diltiazem Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Capsules, Injection, and Tablets) and Application (Angina, Hypertension, and Others)
The capsules segment by product type is estimated to lead the market growth during the forecast period.
According to a new market research study of “Middle East and Africa Diltiazem Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product Type, Application, and Country.” The Middle East and Africa diltiazem market is expected to reach US$ 38.55 million by 2028 from US$ 18.68 million in 2021; it is estimated to grow at a CAGR of 10.9% from 2021 to 2028. The report highlights trends prevailing in the Middle East and Africa diltiazem market and the factors driving market along with those that act as hindrances.
Heart diseases are primarily observed in older adults due to their weak immunity and other major health problems. According to the Global Ageing 2019 survey, the world's population of 65 and above totaled 703 million in 2019. The elderly demographic is expected to double to 1.5 billion people by 2050. This demographic is more susceptible to CVDs such as arrhythmias. The elderly population is more prompt to have atypical presentations, comorbid conditions, and unfavorable outcomes. Structural and functional changes in the cardiovascular system associated with aging are major causes of cardiovascular diseases. Therefore, the rising geriatric population worldwide is leading to an increase in the incidence of cardiovascular disease, bolstering the growth of the diltiazem market. Also, the diltiazem market is characterized by the presence of various small and big companies. The market players adopt new product launches, regional expansions, and product approvals to increase their market share. The players are investing in R&D to develop advanced technologies and gain significant revenue share in the Middle East. For instance, in March 2021, Glenmark Pharmaceuticals was granted competitive generic therapy (CGT) designation for Diltiazem Hydrochloride Extended-Release Capsules USP, 60 mg, 90 mg, and 120 mg; therefore, it is eligible for 180 days of CGT exclusivity upon commercial marketing. Thus, such recent developments are expected to act as a future trend in the diltiazem market.
The COVID-19 outbreak has shown substantial effects in the Middle East & Africa. The region has observed an increasing number of patients admitted to intensive care units (ICUs). A rising number of medications impose multiple diagnostic and therapeutic challenges on stressed healthcare systems, leading to a rise in medical devices and pharmaceuticals. Also, the number of cases with chronic conditions has increased, resulting in increased use of drugs to combat the virus. During the widespread COVID-19 pandemic, there have been worries about the potential of certain blood pressure medications such as angiotensin-converting enzyme inhibitors (ACEi) and angiotensin-converting blockers (ARB). The current severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) uses the membrane-bound angiotensin-converting enzyme 2 (ACE2) receptors to facilitate entry into the host cell. Hence, this pandemic has enhanced the business operation of the various drug manufacturers operating in the diltiazem market in the region with relatively low impact.
The Middle East and Africa diltiazem market, based on product is segmented into capsules, injection, and tablets. The Middle East and Africa diltiazem market based on the application was segmented into angina, hypertension, and others. Geographically, the Middle East and Africa diltiazem market can be sub-segmented into UAE, Saudi Arabia, South Africa and Rest of Middle East and Africa.
Bausch Health Companies Inc., Teva Pharmaceutical Industries Ltd, MYLAN N.V., Pfizer Inc., Sandoz (Novartis AG), Sun Pharmaceutical Industries Ltd, Hikma Pharmaceuticals PLC, Zydus Cadila, and Glenmark are among the leading companies operating in the Middle East and Africa diltiazem market.