NEW YORK, Sept. 30, 2021 /PRNewswire/ -- The global liver disease treatment market is expected to witness a noteworthy growth by 2028, owing to the government initiatives. The Asia-Pacific region is expected to dominate in the global market in the projected timeframe.
According to the report added by Research Dive to its offerings, the Global Liver Disease Treatment Market is expected to generate a revenue of $32,028.5 million by 2028, growing expeditiously at a CAGR of 11.7% during the forecast period.
Dynamics of the Market
Increasing prevalence of non-alcoholic fatty liver disease (NAFLD) leading to chronic liver disorder among people in developing countries is expected to drive the growth of the liver disease treatment market during the forecast period. In addition, increasing consumption of alcohol among people and numerous initiatives taken by the governments by organizing various awareness programs on liver diseases are further expected to bolster the growth of the market by 2028. But, high cost of investment in the development of liver disease treatment drugs is expected to impede the growth of the market in the coming future. However, extensive prevalence of liver diseases, especially in Middle East and Latin American countries are expected to create massive opportunities for the growth of the global market during the forecast period.
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Impact of COVID-19 on the Liver Disease Treatment Market
The outbreak of coronavirus has had a negative impact on the global liver disease treatment market, owing to the prevalence of lockdowns in various countries across the globe. During the pandemic more and more researchers were inclined towards the trials on COVID-19-related medications, and hence the liver disease research projects were delayed. In addition, disruption in the supply chain and import-export restrictions imposed by the government further decreased the demand for liver disease treatment medicines.
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Segments of the Market
The report has divided the market into various segments based on treatment type, disease type, end-user, and region.
- By treatment type, the antiviral drugs sub-segment is expected to be most profitable, and generate a revenue of $13,503.3 million during the forecast period. Increasing healthcare expenditure and surging prevalence of hepatitis B and C among people are expected to drive the growth of the sub-segment during the forecast period.
- By disease type, the hepatitis sub-segment is expected to be most beneficial, and generate a revenue of $21,729.3 million during the forecast period. Increasing prevalence of inflammation condition of liver tissue due to excessive alcohol consumption, viral infection, nonalcoholic steatohepatitis, and many more are consequently predicted to bolster the growth of the sub-segment in the analysis period.
- By end-user, the hospitals sub-segment is expected to be most lucrative, and generate a revenue of $22,276.3 million during the forecast period. Growing need for advanced healthcare facilities along with integrated liver treatment hospitals is expected to drive the growth of the sub-segment in the analysis period.
- By region, the Asia-Pacific region is expected to dominate the market, and generate a revenue of $4,099.7 million during the forecast period. Prevalence of innovative liver disease therapeutics along with the growing cases of NAFLD and hepatitis in this region are expected to accelerate the growth of the liver disease treatment market during the forecast period.
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Top 10 Key Players of the Liver Disease Treatment Market
The major players of the market include -
- Pfizer Inc.
- Johnson & Johnson Services, Inc.
- F. Hoffmann-La Roche Ltd
- GlaxoSmithKline plc.
- Sanofi
- Novartis AG
- Bayer AG
- Bristol Myers Squibb (BMS)
- Gilead Sciences, Inc.
- AbbVie
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These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in August 2021, Sanofi, a French Multinational Pharmaceutical Company, is set to acquire Translate Bio, clinical-stage mRNA Therapeutics Company, in order to facilitate the development of top-class vaccines and therapeutics and maximize research potential to explore other therapeutic areas.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
More about Liver Disease Treatment Market:
- The Rising Prevalence of Obesity Worldwide to Drive the Global Liver Disease Treatment Market
- Collaborations like that of HemoShear Therapeutics, LLC with Takeda Pharmaceuticals to Offer the Global Liver Disease Treatment Market with Ample Opportunities
- A Happy and Healthy Life Sustains with a Healthy Liver
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