Global Liver Disease Treatment Market Anticipated to Register a Revenue of $32,028.5 Million, Growing at a CAGR of 11.7% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
The global liver disease treatment market is expected to be valued at $32,028.5 million by 2028, surging from $13,348.3 million in 2020, at a noteworthy CAGR of 11.7%.
Covid-19 Impact on Liver Disease Treatment Market
The corona virus pandemic has had disrupted the industrial growth worldwide, creating a disturbance for buyers and sellers. Furthermore, the communal transmission of COVID-19 has also impacted the global liver disease treatment market in a negative way. Furthermore, multiple manufacturers namely Sanofi, Novartis AG, and Bayer AG, in liver disease medicine faced challenges in supply of their products and witnessed declined growth in the market, during the analysis period.
On the other hand, the extensively growing number of COVID-19 patients has found the involvement of liver disease. The liver injury in COVID?19 patients is mainly attributed to various disorders, such as hypoxia, virus?induced systemic inflammation, drug-induced liver disease, and hepatic congestion. In addition to this, owing to the pandemic, alcohol consumption has risen exponentially among the people; and hence multiple citizens are getting hospitalized with liver disease. Further, as per information of Public Health England, executive agency of the department of health and social care, the number of deaths in the country from diseases caused by alcohol consumption rose by 20% in 2020 as compared to 2019. Among them, around 21% of patients were suffering from alcoholic liver disease (ALD). Abovementioned factors conclude that, global liver disease treatment market might have huge opportunities after COVID-19 pandemic.
Global Liver Disease Treatment Market Analysis
Obesity is the major cause of chronic liver disease across the globe. According to the key facts of World Health Organization (WHO), a specialized agency of the United Nations (UN) responsible for global public health, the obesity disorder has nearly tripled since 1975, across the world. Moreover, in 2020, almost 39 million children under the age of 5 were obese or overweight. These figures showcase that the demand for liver disease medications is expected to increase exponentially, which may accelerate the global market, during the forecast period.
Thus, various healthcare players are partnering in order to develop advanced medication to combat the obesity associated liver disease. For instance, in July 2021, Regeneron Pharmaceuticals, Inc., the US based leading biotechnology company and AstraZeneca, a British-Swedish multinational pharmaceutical and biotechnology organization, announced that the companies have entered into a collaboration. A per this agreement, both companies will focus on the research & development and commercialization of novel small molecule compounds with the potential to treat obesity and related co-morbidities including liver disease and other complications. Such company collaborations may also further drive the market, in the analysis period.
However, high cost incurred in liver disease drug research and development is one of the major reasons hampering the global liver disease treatment industry, during the analysis period. In addition to this, lack of skilled personnel in the global liver disease treatment market is also restraining the industry growth.
The license expiration of the drugs combined with robust pipeline drugs for the liver disease treatment is accelerating the global market growth. Further, introduction of 3D bioprinted liver tissue models might also have positive impact on liver disease treatment market. In-vitro liver tissue model play key role in reproducing vital functions of the liver along with it can be the excellent platform for diagnosing liver diseases as well as developing new drugs. The newly invented 3D bio-printing technologies have the capability to develop in-vitro liver tissue models by both liver-on-chip and static scaffolds manners. Such technological advancements are further expected to create lucrative opportunities in the global liver disease treatment market.
Global Liver Disease Treatment Market, Segmentation
The global liver disease treatment market is segmented based on treatment, disease type, end-user, and region.
The treatment type segment is further classified into anti-rejection drugs/immunosuppressants, chemotherapy drugs, targeted therapy, vaccines, and anti-viral drugs. Among these, the antiviral drugs sub-segment is projected to have the largest share of the liver disease treatment market size in 2020, and it is estimated to generate a revenue of $13,503.3 million by 2028.
The growth of antiviral drug sub-segment of liver disease treatment market is mainly attributed to the extensive surge in the public awareness, rising incidence of hepatitis B and C particularly in the Middle East and Latin American economies, and massive growth in healthcare expenditure worldwide. Moreover, notable upsurge in the investments in the sector of antiviral therapeutics is expected to create significant opportunities for the sub-segment’s growth, in the forecasted years.
Moreover, growing incidence of NALFLD and liver cancer along with noticeable increase in geriatric population specifically in the US and European countries to drive the demand medications, which will increase the revenue of sub-segment in the forecast period.
The disease type segment is further classified into hepatitis, liver cancer, non-alcoholic fatty liver disease, and others. Among these, the hepatitis sub-segment is expected to have the dominating share, and surpass $21.729.3 million by 2028, with the increase from $9,124.4 million in 2020.
Extensively increasing prevalence of hepatitis C & B across the globe is one of the foremost reasons propelling the sub-segment’s growth. For example, as per data published by WHO, in 2020, approximately 325 million patients were projected to be infected with hepatitis C or B. Moreover, in 2019, the prevalence of Hepatitis B was the highest in the WHO African region and WHO Western Pacific region, where 6.1% and 6.2% of the adult population was infected, respectively.
Hence, notable players are coming up with novel strategies to reduce the transmission of hepatitis in the developing nations. For example, in July 2018, Natco Pharma, Indian multinational pharmaceutical company headquartered in Hyderabad, announced the official launch of ‘fixed dose combination’ of Sofosbuvir-Daclatasvir tablets for Hepatitis C treatment. The medicine is a generic fixed dose combination of Daclatasvir 60mg and Sofosbuvir 400 mg tablets, highly effective on patients with chronic Hepatitis C virus (HCV) infection. Such strategic steps may help rise the revenue of the sub-segment, in the coming years.
The end-user segment is further classified into hospitals, ambulatory surgery centers, and other end-users. Among these, the hospitals sub-segment is expected to have the dominating share and surpass $22,276.3 million by 2028, with the increase from $9,325.8 million in 2020. Strategic collaborations between government authorities and hospitals in order to fulfill rising need for cost-effective drugs is one of the major factors that may boost the hospital sub-segment’s growth. Also, growing adoption of high-end hospitals with the department of liver care particularly in Asian countries is creating significant impact on the hospital sub-segment.
The liver disease treatment market for the Asia-Pacific region is anticipated to have a lucrative growth. Liver disease treatment market in Asia-Pacific region is competitive and key players operating in the region have adopted numerous strategies to gain largest Asia-Pacific liver disease treatment market share. Asia-Pacific liver disease treatment market accounted $1,455.0 million in 2020 and is expected to register a revenue of $4,099.7 million by 2028.
The massive support from the government authorities to fortify effective drug development in Asian countries is one of the major reasons driving liver disease treatment market, in the APAC region. Moreover, the increasing geriatric population along with awareness programs initiated by government as well as non-governmental bodies are contributing to the growth of the liver disease treatment market in Asia-pacific region. In addition, massively increased alcohol consumption has also accelerated the APAC liver disease treatment market growth.
Top 10 Major Key Players in the Global Liver Disease Treatment Market are -
- Pfizer Inc.
- Johnson & Johnson Services, Inc.
- F. Hoffmann-La Roche Ltd.
- GlaxoSmithKline plc.
- Novartis AG
- Bayer AG
- Bristol Myers Squibb (BMS)
- Gilead Sciences, Inc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Liver Disease Treatment Market
- Bargaining Power of Suppliers: The suppliers of global liver disease treatment are high and more globalized. So, there will be less threat from the supplier. Thus, the negotiation power of liver disease medication provider decreases.
Hence, the bargaining power of the supplier is low.
- Bargaining Power of Buyer: Buyers have high bargaining power, mainly because of increasing buyers’ demand for advanced liver disease treatment in lower cost. Thus, multiple suppliers are providing best yet cost-efficient liver disease treatment. Hence, the buyers can select the service that best fits their preferences.
The bargaining power of the buyer is high.
- Threat of New Entrants: The startups entering this market are providing advanced solutions to clients. Moreover, these organizations are mainly focusing on the implementation of multiple strategies, brand development, product innovation, and many others.
Thus, the threat of the new entrants is high.
- Threat of Substitutes: There is no substitute available for the liver disease treatment.
Therefore, the threat of substitute is low.
- Competitive Rivalry in the Market: The ventures operating in the global liver disease treatment industry are opting for multiple business development strategies to stronghold their market position in the industry. Also, the key players like F. Hoffmann-La Roche Ltd, GlaxoSmithKline plc. And Sanofi are investing heavily to provide integrated services to the customers.
Therefore, competitive rivalry in the market is high.