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The liver diseases therapeutics market will show rapid growth due to the increasing prevalence of liver diseases, increase in consumption of alcohol and improper diet and increasing government initiatives of providing vaccines and growing awareness.
As per the study by Asrani et al., published in 2019, liver disease accounts for approximately 2 million deaths per year worldwide, out of which 1 million are due to complications of cirrhosis and 1 million is due to viral hepatitis and hepatocellular carcinoma. Cirrhosis is, therefore, the 11th most common cause of death globally and liver cancer is 16th leading cause of death; combined, they account for 3.5% of all deaths worldwide. Also, chronic liver disease mortality is expected to rise in the United States, driven largely by a spike in nonalcoholic fatty liver disease (NAFLD). Therefore increasing of the liver diseases has helped in driving the overall market.
Furthermore, with the increasing prevalence of liver diseases, government and other not-for-profit organizations are playing a crucial role in the rising awareness about liver diseases across the globe. Hence all these organizations are found promoting the awareness of the liver-related diseases and support for research and development for the prevention, treatment and cure of liver diseases.
Key Market Trends
Anti Viral Drugs Segment is Expected to Dominate the Market During the Forecast Period
- Antiviral drugs segment is found dominating the overall market due to the increasing consumption of alcohol and rising increasing prevalence of liver diseases and presence of strong pipeline drugs in this segment.
- On the other hand, chemotherapy drugs segment will also show promising growth rate over the forecast period and emerge as the most lucrative drug class in terms of returns on investment. The segment will chiefly benefit from the approval and commercialization of several anticipated pipeline drugs.
North America is Anticipated to Dominate the Liver Disease Therapeutics Market
- The market is found to be dominated by North America owing to the presence of research and academic institutes conducting clinical trial studies in the region. Changing lifestyle such as increasing consumption of alcohol, unhealthy diets have also increased the incidences of liver disease in the United States. Moreover, growing patient awareness levels and the introduction of new products targeting the unmet medical needs are expected to drive regional market growth over the forecast period.
- Asia Pacific is also expected to grow at the high CAGR due to the presence of unmet healthcare infrastructure needs and increasing the prevalence of liver diseases due to alcohol consumption.
There are various companies that are found investing in their R&D to develop innovative and advanced treatment drugs for liver diseases. Therefore research and development of high efficient and less or no side effects pharmaceutical drugs would drive the market in the near future. The companies are also found focusing on organic growth strategies such as product launches, product approvals and others such as patents and events.
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