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(Medical-NewsWire.com, August 24, 2016 ) According to a new report by Allied Market Research, titled, "World Liver Disease Treatment Market - Opportunities and Forecast, 2014 2022, the global market for liver disease treatment is projected to reach $19,536 million by 2022, registering a CAGR of 11.72% from 2016 to 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.
Liver disease is characterized by improper functioning of liver, causing disorders like hepatitis, fatty liver, and cirrhosis. Some of the major drug categories used in the treatment of various types of liver diseases includes antirejecting drugs, vaccines, immunosuppressant, chemotherapy drugs and antiviral drugs
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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.
Key findings of the study:
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.
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. Number of novel agents has shown improvements in clinical trials such as obeticholic acid, thiazolidinediones and vitamin E for treatment of nonalcoholic fatty liver diseases. Additionally, according to American Cancer Society liver cancer rates increases 2.7% every year propelling the growth of market.
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Changing lifestyle such as increasing consumption of alcohol, unhealthy diets have increased the incidences of liver disease. Whereas, growing geriatric population has lead to significant addition in the world liver disease treatment market. There is huge market potential for this market as the occurrences of disorders have become common. Government and non government awareness programs would help the growth of liver disease treatment Industry.
However, stringent government regulations (FDA, MHRA), high cost incurred in drug research and development pose a crucial challenge for liver disease treatment Industry. Side effect associated with medication is the growing concern expected for declining of market value. Patent expiry and growing health awareness in public would encourage the growth of the market. New research and development will provide immense opportunity for market players. For instance, Yaqrit Limited has developed a new product, Yaq-001 which will be introduced in 3 years for treatment of chronic liver diseases.
The liver disease treatment market is segmented into treatment type and geography. By treatment type the market is bifurcated into Chemotherapy drugs, targeted therapy, anti-viral drugs, immunoglobulins, corticosteroids, vaccines, anti-rejection drugs/immunosuppressant. By geography segmented into North America, Europe, APAC and LAMEA. North America is bifurcated into the U.S., Mexico and Canada whereas Europe have been further segmented into UK, Russia, Germany, Italy, France and rest of Europe. APAC comprises of China, India, Japan, South Korea, Taiwan and rest of Asia Pacific. LAMEA includes Latin America, Middle East and Africa.
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Connect for more details:
Sam Collins
Market Reports Center
1-646-883-3044 (US)
info@marketreportscenter.com
Market Reports Center
Sam Collins
1-646-883-3044
sam@marketreportscenter.com
Source: EmailWire.Com 
Source: EmailWire.com
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