North America Liver Disease Treatment Market to Hit $8.31 Bn, by 2027, at 5.2% CAGR: AMR
- Rise in consumption of alcoholic beverages, use of illegal drugs, increase in the geriatric population, surge in prevalence of liver diseases, increased government and private awareness programs have augmented the growth of the market.
PORTLAND, Ore., Oct. 28, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "North America Liver Disease Treatment Market by Treatment Type (Antiviral Drugs, Immunosuppressants, Vaccines, Immunoglobulins, Corticosteroids, Targeted Therapy, and Chemotherapy) and Disease Type (Hepatitis, Autoimmune Diseases, Non-Alcoholic Fatty Liver Disease, Cancer, Genetic Disorders, and Others): Opportunity Analysis and Industry Forecast, 2020–2027" . According to the report published by Allied Market Research, the North America liver disease treatment market accounted for $6.97 billion in 2019, and is projected to reach $8.31 billion by 2027, growing at a CAGR of 5.2% from 2020 to 2027.
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Key determinants in the market-
Rise in consumption of alcoholic beverages, use of illegal drugs, increase in the geriatric population, surge in prevalence of liver diseases, and increased government and private awareness programs have augmented the growth of the North America liver disease treatment market. On the other hand, strict regulatory approvals about liver disease treatment drugs and vaccines and resistance to antiviral drugs used in treatment of hepatitis B and hepatitis C restrain the market to certain extent. Nevertheless, presence of strong pipeline products are anticipated to create new opportunities for the market players.
Covid-19 scenario-
- Lockdown disrupted the supply-chain of medicines. Additionally, the lack of healthcare professionals for liver disease treatment has further impacted the market.
- The immunization programs, on the other hand, were put on hold and the demand for immune suppressants has declined owing to reduction in liver transplant during this period.
The antiviral drugs segment to dominate the market throughout the forecast period-
Based on treatment type, the antiviral drugs segment dominated the market in 2019, accounting for more than half of the North America liver disease treatment market. This is owing to rise in prevalence of hepatitis which requires the use of antiviral drugs. However, the immunosuppressant segment is expected to manifest the highest CAGR of 7.3% during the forecast period. The rise in prevalence of liver related medical conditions which are leading to surge in the liver transplants performed in North America drives the growth of the segment.
The hepatitis segment to lead the trail throughout the forecast period-
On the basis of disease type, the hepatitis segment held the largest share in 2019, accounting for more than four-fifths of the North America liver disease treatment market. This is owing to surge in prevalence of the medical condition. In addition, the fact that treatment of hepatitis involves the use of various types of treatments such as vaccines, antiviral drugs and immunoglobulins, which further boost the growth of this segment. On the other hand, the cancer segment is projected to portray the highest CAGR of 7.6% during the forecast period. Surge in prevalence of liver cancer and launch of new treatment options which leads to surge in demand of liver disease treatments are the major factors that drives the growth of the segment.
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U.S to rule the roost throughout the forecast period-
The market across U.S. held the lion's share in 2019, contributing to more than four-fifths of the North America liver disease treatment market. Easy availability of drugs and vaccines used in treatment of liver diseases, surge in prevalence of liver related medical conditions in the country, and rise in awareness toward the importance of immunization against hepatitis leads to fuel the growth of the market in this province. On the other hand, the market across Mexico is expected to manifest the highest CAGR of 6.8% during the forecast period. This is owing to factors such as surge in awareness related to early detection and treatment of liver diseases such as liver cancer and hepatitis. In addition, rise in prevalence of liver diseases such as liver cancer further boosts demand for targeted therapy and chemotherapy in the country. This in turn, increases the market growth in this region.
Major Market Players-
- Astellas Pharma Inc.
- Merck & Co., Inc. (Merck Sharp & Dohme Corp.)
- Mylan, AbbVie Inc.
- Dynavax Technologies
- Eli Lilly and Company
- Gilead Sciences, Inc.
- Pfizer Inc.
- Emergent BioSolutions (Cangene bioPharma)
- Bristol Myers Squibb.
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