Liver disease comprises of wide range of complex conditions affecting the liver. Liver disease treatment market is assured to grow on account of unmet clinical needs and upcoming treatment modifications.
Liver Disease Treatment Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $19,536 million by 2022, registering a CAGR of 11.72% during the period 2016 – 2022.The antiviral drug segment held major share of the total market in 2015 and is expected to maintain its lead throughout the forecast period. This is attributed to the high incidences of virus infected liver diseases including Hepatitis. However, corticosteroid drug segment registered fastest growing segment during the forecast period.
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The factors driving the liver disease treatment market are rapidly changing lifestyle patterns such as increasing consumption of alcohol, and unhealthy diets; and increasing prevalence of liver diseases. In addition, growing geriatric population, increasing government and non-government awareness programs, and rising R&D investments for the development of novel therapies are also playing pivotal role in the growth of the liver disease treatment market. Moreover, owning to the patent expiry of several drugs such as Epivir- HBV, generic and biosimilar drugs market have more potential in the liver disease treatment arena. However, stringent government regulations for the approval of drugs, high cost incurred in R&D and risks of side-effects associated with liver disease medications is expected to hamper the growth of the market during the forecast period.
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Key findings of liver Disease Treatment Market:
- Corticosteroids drug is projected to be the fastest growing segment, registering a CAGR of 16.49% during the forecast period
- North America is expected to lead the market throughout 2022 and is projected to grow at a CAGR of 11.89%, during 2016 and 2022
- Asia-Pacific is expected to grow with a CAGR of around 12.51%, due to increasing prevalence of liver diseases and increasing R&D investments in this region
North America and Europe collectively accounted for more than two-fourth of the total liver disease treatment market in 2015, and are expected to maintain their position throughout the forecast period. This is due to the increasing prevalence of liver diseases, growing geriatric population, and increased awareness about the various liver diseases and their treatment in these regions. In addition, advancement in R&D is anticipated in the development of novel drug therapy for the treatment of liver diseases.
The prompt players in the liver disease treatment market have adopted strategies such as innovative product launch, merger & acquisition, partnership and business expansion to gain maximum market share. The major companies profiled in the report include, Gilead Science Inc., Bayer AG, AstraZeneca PLC, GlaxoSmithKline plc, Merck & Co. Inc, Sanofi AG , Pfizer Inc., Bristol-Myers Squibb Company, Novartis AG, and Johnson & Johnson Private Limited.
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