Global Onchocerciasis Market: Overview
Onchocerciasis, which is commonly known by the name of river blindness, is a disease that is caused by a parasitic worm named – Onchocerca volvulus. This infection disease is caused and spread in human beings through the bite of Simulium blackfly. This disease is considered as the second leading cause of blindness and can further lead to several other skin diseases. The rising awareness regarding this condition and the availability of therapeutics are expected to propel onchocerciasis market across the globe.
The research report provides an in-depth analysis of the global onchocerciasis market and throws light on the major factors that are expected to fuel the growth of the market in the near future. The key segmentation, opportunities, and limitations in the market have been highlighted to offer a clear understanding of the overall market.
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Global Onchocerciasis Market: Drivers and Restraints
A substantial rise in the number of cases of onchocerciasis, especially among American population is one of the vital factors fuelling the growth of the global market. In addition, the emergence of effective generic drugs for the treatment of onchocerciasis is expected to encourage the growth of the market in the next few years. The growing focus of governments in developing economies on the development of healthcare infrastructure and creating an awareness regarding the condition are further estimated to accelerate the growth of the market.
Furthermore, the rising disposable income among consumers, increasing government support, reimbursements policies, and favorable tax benefits are some of the other important factors that are projected to supplement the growth of the global onchocerciasis market throughout the forecast period. With these factors, the market is likely to register a healthy growth rate in the near future.
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Global Onchocerciasis Market: Region-wise Outlook
The global market for onchocerciasis has been classified on the basis of geography to offer a strong understanding of the market. Among the key segments, Africa is projected to lead the global onchocerciasis market and hold a key share throughout the forecast period. The robust growth of this region can be attributed to the rising incidences of sustained and intense exposure to blackfly bites. In addition, the low awareness regarding the transmission of onchocerciasis disease is estimated to fuel the growth of the Africa market in the next few years.
Furthermore, Latin America and South America markets for onchocerciasis are anticipated to witness substantial growth throughout the forecast period. The untapped market in these regions and the lucrative opportunities for the prominent players are likely to accelerate the growth of the onchocerciasis market in the near future.
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Key Players Mentioned in the Research Report are:
The leading players operating in the global onchocerciasis market are Merck & Co., Inc., Par Pharmaceutical Companies, Inc., Taj Pharmaceuticals Limited, Delta Pharma Ltd., Mayne Pharma Group, and Life Pharmaceutical Company. The increasing focus of key players on research and development activities and innovations is estimated to fuel the growth of the overall market throughout the forecast period. As per the study, the market is projected to witness stiff competition, owing to the rising number of players entering the global market.