NEW YORK, Feb. 4, 2016 /PRNewswire/ -- The global hepatitis drugs market accounted for revenue of $23,222.1 million in 2014, and it is expected to grow with a CAGR of 29.7% during 2015 - 2020. Among the various types, the hepatitis C segment dominated the global hepatitis drugs market, with 76.1% share in 2014.
The global market of hepatitis drugs is up surging with a significant rate, due to increasing incidences of hepatitis, and increasing support from government organizations. Hepatitis is one of the leading causes of death around the world. According to the Hepatitis B Foundation, every year around 1 million deaths are recorded due to hepatitis B and its complications around the world. In the case of hepatitis C, the WHO stated that approximately 500,000 deaths are reported globally every year from hepatitis C related infections.
The increasing participation of various government organizations is leading to increasing awareness about various types of hepatitis infections and their management. Several government organizations are providing support, in form of funding and initiatives implemented by them for enhancing prevention, offering drug therapies, encouraging testing, and providing patient-centric services.
The major organizations include Centers for Disease Control and Prevention (CDC), WHO, U.S. Department of Health and Human Services (HHS), Hepatitis Foundation International, Immunization Action Coalition, and American Liver Foundation. Additionally, the growing geriatric population and increasing R&D investments on hepatitis research and drug discovery are also driving the growth of the market.
The aging population is increasing rapidly around the world. As per the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, the population of people aged 60 years or above is growing with a very high rate. The number increased from a global share of 9.2% in 1990 to 11.7% in 2013, and is expected to reach 21.1% by the end of 2050.
The restraints associated with the growth of the global hepatitis drugs market include high capital expenditure and stringent regulatory requirements. The growing number of collaboration and partnerships is one of the latest trends observed in the market.
Geographically, North America is expected to maintain its dominance in the global market of hepatitis drugs during 2015 - 2020. This is due to increased awareness about various types of hepatitis infections and their management; and aging population in the region. In addition, the increasing R&D investments and improved healthcare infrastructures are also driving the growth of market in the region.
Europe is expected to witness marginal growth in the global market of hepatitis drugs in the near future. However, the Asian market of hepatitis drugs is expected to witness the highest growth globally, during the forecast period. This is mainly due to aging population, increasing prevalence of hepatitis, and improving healthcare infrastructure. According to WHO, most children (90%) are infected with the hepatitis A, before the age of 10 years in the developing countries, such as India and China, due to unhygienic practices and poor sanitary conditions.
The key companies operating in the global hepatitis drugs market include Gilead Sciences Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson, Merck & Co. Inc., GlaxoSmithKline PLC, AbbVie Inc., Novartis AG, Bristol-Myers Squibb Company, Dynavax Technologies Corporation, and Mitsubishi Tanabe Pharma Corporation.
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