Hepatitis C drugs Market Trends, Growth And Regional Outlook and Forecast 2022-2030
Overview:
Hepatitis C drugs market was valued USD 18700 million and expected to reach USD 281.55 million by the end of forecasting period reflecting a sluggish CAGR of 1.17% by 2030.
The hepatitis C drug market trends is getting bolstered by the increasing disease prevalence, effective use of government subsidy and reimbursement schemes, increasing screening opportunities, drug abuse in several countries, unsafe sex, and others. Market Research Future (MRFR) predicts that this market would achieve substantial growth in the coming years and cross a high valuation during the forecast period.
However, the market has several drawbacks like restraints from regulatory boards, herbal treatment in developing countries that comes at a negligible cost, the self-imitating nature of this disease, price war among leading players, and others are holding back the global market growth. Some companies are also refraining themselves from moving ahead with the research related to the disease, which can have a negative impact on the market.
Segmentation:
The study, containing details of the global hepatitis C drugs market insights, has been segmented by drug class, medicine system, route of administration, and end user. This is to simplify the understanding process and make the outcome more reliable as information in these segments is backed by data, fetched using scientific methods.
By drug class, the global discussion on the hepatitis C drugs market has been segmented into immuno-modulators, anti-viral, and others. The anti-viral segment is getting a substantial boost due to the growing demand for some of these drugs to treat coronavirus.
By medicine system, the study on the global market for hepatitis C drugs includes alternative, allopathic, and others. The allopathic section has been gaining much support from the global market.
By route of administration, the hepatitis C drugs market has been segmented into injectable, oral, and others. The oral segment has the chance to get improved valuation due to its convenience.
By end user, the study on the hepatitis C drug market comprises segments like hospitals and private. The hospital segment is getting backed by its superlative infrastructure.
Regional Analysis:
The Americas have a better chance of registering high growth due to the presence of several major market players. In the US, this growth will get backed by a hike in research projects and the FDA’s recent stance in allowing drugs to percolate into the market.
Competitive Landscape:
The global market for hepatitis C drugs is getting ample traction from several quarters as various eminent players from the market are effectively boosting the market prospect. Among these companies, Abbvie Inc, Johnson & Johnson, Gilead Sciences Inc., GlaxoSmithKline plc, Merck & co. Inc., Bristol-Myers Squibb, Novartis AG, Hoffmann-la Roche ltd. and others are impacting the global market with their inspiring business skills and deftly-managed research and development sector. Apart from these, they are investing a lot in building partnerships, forming alliances, acquisition, merger, branding, and others to improve their market position and trigger a holistic growth for the market.
Industry News:
In July 2020, Gilead declared that its drug Remdesivir is experiencing an unprecedented surge due to its effective use in treating people with COVID-19 symptoms. The drug is also known for its efficacy in the treatment of Hepatitis C. In fact, Gilead has given rights to other generic manufacturers for the production of this drug to ensure that people all across the world get access to this. However, this will be for a limited period of time.
In July 2020, Thermo Fisher Scientific declared the availability of the Thermo Scientific MAS Omni Infectious Disease quality control sets that would help in monitoring serological assays for analytes like HIV 1&2, Syphilis, Hepatitis B & C virus, and HTLV I/II.
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