The global liver diseases therapeutics market is expected to reach USD 12.1 billion by 2022, according to a new report by Grand View Research Inc. The changing lifestyle habits including increasing alcohol consumption is a vital driving force of this market.
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The changing dynamics in healthcare sector has heightened the importance of patients and practitioners treatment decision, which suggests that liver diseases therapeutics market is expected to witness lucrative growth over the forecast period.
Furthermore, the growing global base of geriatric population is likely to expand patient base. However, slow adoption rate of liver diseases therapeutics due to lack of clinical evidences and awareness is expected to serve as a key challenge for manufacturers. However, the incorporation of regulatory agencies along with favorable government initiatives and support will help improve usage rates.
Further key findings from the report suggest:
- Antiviral drugs segment is expected to generate over 40.0% of the total revenue by 2022 due to the potential commercialization of GS-7977 in 2015. Moreover, the ability of this class to render safe and efficient treatment will drive segment growth over the forecast period.
- The demand for vaccines is expected to grow at a lucrative rate of over 20.0% over the forecast period. Key factors responsible for the growth of this market include consideration of vaccines as a preventive treatment alternative for liver diseases. Increasing government initiatives towards vaccination programs for liver diseases is expected to further boost market growth
- In 2014, North America dominated the market in terms of revenue owing to the availability of FDA-approved treatment options for liver diseases coupled with the presence of an extensive number of clinical trial studies and new product development.
- Asia Pacific is expected to witness the fastest growth of over 8.5% over the forecast period. This growth is attributed to the wide presence of untapped needs, rising expenditure levels, and the introduction of favorable government initiatives
- Some key players of this market 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
- Market participants are constantly engaged in developing clinical evidences in an attempt to improve presence, ensure sustainability, develop cost effective drug, and avoid barriers such as product recalls
Grand View Research has segmented the global liver diseases therapeutics market on the basis of product and region:
Liver Diseases Therapeutics Product Outlook (Revenue, USD Million, 2012 – 2022)
- Antiviral Drugs
- Targeted Therapy
Liver Diseases Therapeutics Regional Outlook (Revenue, USD Million, 2012 – 2022)
- North America
- Asia Pacific