Chronic Liver Diseases Therapeutic Market Growth to reach US$ 24.9 Billion by 2027 | Coherent Market Insights
Global Chronic Liver Diseases Therapeutics Market, by Therapy Type (Anti-Rejection Drugs/Immunosuppressant’s, Chemotherapy Drugs, Targeted therapy, Vaccines, Anti-Viral Drugs, Immunoglobulins, and Corticosteroids), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 12.8 billion in 2020 and is expected to exhibit a CAGR of 9.7% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
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Global Chronic Liver Diseases Therapeutics Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to more than 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in more than 14.5 million infected individuals worldwide as of July 2020. COVID-19 can affect the global economy in three main ways; by directly affecting production and demand, by negatively impacting the supply chain and market disruption, and by its financial impact on firms and financial markets.
Due to the lockdown, many countries such as Italy, Spain, U.K., the U.S., Australia, India, and others are facing problems of lockdown in countries. Moreover, several countries are facing a severe economic crisis, and market recovery is likely to be slow. The pandemic has negatively impacted the pharmaceutical industry in terms of supply and demand of different drugs. Similarly, it is also expected to impact growth of the global chronic liver disease therapeutics market.
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Furthermore, the rising prevalence of chronic liver disease is expected to drive demand for liver diseases therapeutics drugs in the near future. For instance, according to data published by the Centers for Disease Control and Prevention, between 2000 and 2015, the rate of deaths resulting from chronic liver disease and cirrhosis in the U.S. increased by 31%.
Moreover, clinical trials of new therapies are expected to aid growth of the market. For instance, in March 2018, the U.S. FDA granted Orphan Drug Designation for Protagonist Therapeutics, Inc.’s PTG-300; a subcutaneous injectable in clinical development stage for the potential treatment of beta-thalassemia and liver fibrosis.
Browse 34 Market Data Tables and 30 Figures spread through 153 Pages and in-depth TOC on Global Chronic Liver Disease Therapeutics Market, by Therapy Type (Anti-Rejection Drugs/Immunosuppressant’s, Chemotherapy Drugs, Targeted therapy, Vaccines, Anti-Viral Drugs, Immunoglobulins, and Corticosteroids), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), – Forecast to 2027″
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Key Takeaways of Global Chronic Liver Diseases Therapeutics Market:
- The global chronic liver diseases therapeutics market is expected to exhibit a CAGR of 9.7% during the forecast period (2020-2027) owing to the increasing prevalence of liver cancer.
- Among therapy type, antiviral drugs segment is expected to hold major revenue share in 2027 owing to drug launches. For instance, in March 2020, the U.S. Food and Drug Administration (FDA) approved a combination of checkpoint inhibitors Opdivo (nivolumab) and Yervoy (ipilimumab) for advanced hepatocellular carcinoma, a liver cancer.
- Major players operating in the global chronic liver diseases therapeutics market are Astellas Pharma Inc., Bristol-Myers Squibb, Gilead Sciences, GlaxoSmithKline Plc, F. Hoffmann-La Roche Ltd., Merck & Co. Inc., Novartis AG, Sanofi S.A, Pfizer Inc., Takeda Pharmaceutical, Valeant Pharmaceuticals, Watson Pharmaceuticals, Inc., Theratechnologies Inc., Alnylam Pharmaceuticals, Inc., Protagonist Therapeutics, Inc., Dicerna Pharmaceuticals, Inc., Endo International, Provectus Biopharmaceuticals Inc., and MAX BioPharma, Inc.
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