Filariasis Treatment Market to reach US$ 28.68 Billion by 2033, Drugs to account for Bulk of all Treatments | FMI Study
According to Future Market Insights, global filariasis treatment is expected to grow at a CAGR of 10.1% between 2023 and 2033, reaching US$ 28.68 billion in 2033. The increasing prevalence of filariasis and improved diagnostic capabilities are expected to drive growth in the filariasis treatment market. The availability of effective treatments and awareness of the disease is expected to drive market growth. Medical technology advances are expected to increase the adoption of novel drugs, resulting in increased demand for filariasis treatments.
The government’s efforts to prevent and control the spread of the disease are also expected to drive growth in the market. Furthermore, a larger investment in research and development is expected to drive market growth as more companies invest in finding new ways to treat the disease through the development of drugs and vaccines. Furthermore, governmental initiatives to sanitize and clean the environment will factor into the treatment of filariasis in the market.
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There is an ongoing study being conducted to examine mass drug administrations as a way of treating patients around the globe. An approach known as mass drug administration (MDA) involves distributing treatment medications regularly to entire populations, regardless of whether or not they suffer from the disease themselves. Through this approach, it is hoped that the disease will be prevented from spreading further. Many low- and middle-income countries recommend this protocol to prevent certain diseases, such as lymphatic filariasis, a parasite that can cause swelling and disability in the limbs.
To achieve filariasis-free states in Chhattisgarh, mass drug administration programs were organized in districts affected by filariasis. Another study where the CHC in Valpoi has started testing for filariasis at Sayyadwada in order to prevent the spread of the disease. Additional research funding was announced by the US$5.3 million Global Health Innovative Technology Fund for recent neglected tropical diseases such as lymphatic filariasis (elephantiasis) and onchocerciasis (river blindness).
Key Takeaways from the Market Study
- Globally, the filariasis treatment market is expected to reach US$ 28.68 billion by 2023.
- Hospitals are expected to account for 72% of all filariasis treatments between 2023 and 2033.
- Filariasis treatment drug market is projected to grow at a CAGR of 3% from 2023 to 2033.
- Over the forecast period, the Asia Pacific filariasis treatment market is forecast to grow at a CAGR of 4% during the forecast period.
- European markets are predicted to grow by 26% in market share over the next few years.
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“Technological advances, approvals of new drugs, and funding for MAD will contribute to further growth in the filariasis treatment market.” comments a Future Market Insights analyst.
Companies are getting more interested in developing diagnostic techniques. It’s likely that many firms will expand their product lines, acquire other companies, or merge in the near future since they’re all likely to focus on developing new diagnostic techniques.
- GSK plc announced a $1 billion funding commitment over the next decade to speed up the development of new medicines to combat infectious diseases disproportionately affecting low-income countries. In this research, new vaccines and medicines will be developed for the prevention and treatment of malaria, tuberculosis, HIV (through ViiV Healthcare), neglected tropical diseases, and antimicrobial resistance. Most countries in lower-income countries continue to suffer from these diseases, comprising 60% of the global disease burden. Albendazole donations will also be maintained until lymphatic filariasis is eliminated, and the adjuvant will be doubled for use in the RTS,S malaria vaccine by GSK.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global filariasis treatment market, providing historical data for 2018-2022 and forecast statistics from 2023-2033.
To understand opportunities in the filariasis treatment market, the market is segmented on the basis of by Type (Drug, Vaccine), by Application (Hospital, Clinic, Other) across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Key Segments Profiled in the Filariasis Treatment Industry Survey?
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