Global liver diseases therapeutics market size was valued at USD 7,498.2 million in 2014. Key drivers of the market include increasing incidences of hepatocellular carcinoma and other liver diseases along with huge untapped needs of patients suffering from such diseases. Furthermore, growing global base of geriatric population is expected to enhance market demand over the forecast period.
The presence of strong pipeline and extensive R&D expenditure by pharmaceutical and biotechnology companies are the vital factors expected to propel liver diseases therapeutics market growth over the forecast period.
North America liver diseases therapeutics market, by product, 2012-2022, (USD Million)
The presence of vaccination programs initiated by the governments and major companies are driving market growth by spreading awareness about the diseases and its prevention. For instance, in 2011, the China Government spent around USD 423 million to immunize nearly 150 million unvaccinated children. The Affordable Care Act in the U.S. is facilitating the expansion of access to viral hepatitis prevention, diagnosis, care, and treatment.
Liver diseases therapeutics market is experiencing growth mainly due to rapid new product lines launch. For instance, Incivek and Victrelis are the new products for the treatment of liver diseases. A strong pipeline of drugs such as GS-7977 and ThermoDox and their expected commercialization are expected to further accelerate market growth.
Rising healthcare awareness in the developing countries, strategic alliances, and partnerships between the key players of the market boost the industry growth. However, side effects and risks associated with current medication along with strict FDA and other government approval norms and availability of alternate treatment procedures act as barriers for the market.
Antiviral drugs segment dominated the overall market in terms of revenue and was valued at USD 2,631.7 million in 2014. Growing population with increasing consumption of alcohol, and increasing the prevalence of liver diseases are among the key factors accounting for its large share. On the other hand, the antiviral drugs market segment is expected to witness the lucrative growth of 8.9% from 2015 to 2022 owing to the presence of strong pipeline drugs in this segment.
This market is segmented on the basis of the region into North America, Europe, Asia Pacific, and Rest of World. The global market is expected to reach USD 12,095.3 million by 2022. High growth is justified by aging population in the developed economies, increasing global prevalence of liver diseases, such as hepatitis and hepatocellular carcinoma coupled with elevated demand for vaccination programs in the emerging economies, and increasing healthcare consumer expenditure in the developed economies.
The global market is dominated by North America owing to the presence of research and academic institutes conducting clinical trial studies in the region. Moreover, growing patient awareness levels and the introduction of new products targeting the unmet medical needs are expected to drive regional market growth over the forecast period. North America shared over 39% of the total market in 2014 and is expected to continue the lead till 2022.
Asia Pacific was estimated to be valued at USD 1,615.9 million in 2014 and is expected to grow at the highest CAGR of 8.8% over the forecast period due to the presence of unmet healthcare infrastructure needs and increasing the prevalence of hepatitis and hepatocellular carcinoma.
Furthermore, favorable government initiatives in regions such as Japan and Australia pertaining to drug price adjustment and the development of novel drugs for the treatment of liver diseases are expected to provide manufacturers with lucrative future growth opportunities.
Some of the key players with significant liver diseases therapeutics market share include Abbott Laboratories, Astellas Pharma Inc., Bristol-Mayers Squibb, Gilead Sciences, GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Novartis AG, Sanofi S.A., Pfizer Inc., Takeda Pharmaceuticals, Valeant Pharmaceuticals, and Watson Pharmaceuticals.
The players are actively involved in clinical trials to raise the clinical evidence level. For example, in November 2012, GSK announced the FDA approval of PROMACTA for the treatment of thrombocytopenia in patients with chronic hepatitis C.
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