Hepatitis Drugs Market to Witness the Highest Growth Globally in Coming Years
SummaryThe global hepatitis drugs market was valued at $23,222.1 million in 2014, and it is expected to grow with a CAGR of 29.7% during 2015 - 2020.
The global hepatitis drugs market is growing due to increasing incidences of hepatitis and increasing support from government organizations. In addition, the growing geriatric population, and increasing R&D investments on hepatitis research and drug discovery are also driving the growth of the global hepatitis drugs market.
The increasing incidences of various types of hepatitis, such as hepatitis B, and hepatitis C are playing a pivotal role in the growth of the global hepatitis drugs market. According to the Hepatitis B Foundation, a non-profit organization solely dedicated to the global problem of hepatitis B, approximately 400 million people globally were chronically infected with hepatitis B, as reported at the end of September 2015. According to the World Health Organization (WHO), an estimated 130 - 150 million people globally were reported to suffer from hepatitis C, as of July 2015. The increasing incidences of hepatitis have increased the demand of therapeutic drugs for the management of diseases.
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However, the high capital expenditure and stringent regulatory requirements are inhibiting the growth of the market. The growing number of collaboration and partnerships is one of the latest trends observed in the market.
The key companies operating in the global hepatitis drugs market include Gilead Sciences Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson, Merck & Co. Inc., GlaxoSmithKline PLC, AbbVie Inc., Novartis AG, Bristol-Myers Squibb Company, Dynavax Technologies Corporation, and Mitsubishi Tanabe Pharma Corporation.