Global Hepatitis C Drugs Market to Witness a CAGR of -0.9%
Global Hepatitis C Drugs Market to Reach US$ 7,351.7 Mn; Increasing Demand for Hepatitis C Drugs Will Favor Growth, says Fortune Business Insights
The global hepatitis C drugs market will derive growth impetus from the high prevalence of hepatitis C across the world. According to a report published by Fortune Business Insights, titled “Hepatitis C Drugs: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 7,866.6 Mn in 2018. Fortune Business Insights states that the market is projected to reach US$ 7,351.7 Mn by 2026, exhibiting a CAGR of -0.9% in the forecast period.
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Hepatitis C is a viral infection that causes severe damage such as inflammation of the liver and can spread through contaminated blood. The advanced stages of hepatitis C can also lead to liver damage, thereby creating severe health risks. The severity of hepatitis C has created a huge emphasis on the research and development of drugs associated with the treatment of this disease. Several new drugs have been launched in recent times, due to the high prevalence of hepatitis C across the world. Hepatitis C requires oral injections and dosages on a weekly basis, and it also has several side effects that can also lead to permanent damage. Increasing clinical trials and successful drug clearances have aided the overall growth of the global hepatitis C market. Increasing number of regulatory approvals will boost the global hepatitis C market in the forthcoming years.
Increasing Drug Approvals Will Favor Market Growth
The escalating demand for hepatitis C drugs has yielded several regulatory approvals for associated drugs. Fortune Business Insights has predicted that increasing regulatory approvals for related drugs and recombinant products will constitute an increase in the global hepatitis C drugs market value in the coming years. The hepatitis C drugs industry has witnessed numerous drug approvals in recent years driven by the increasing fatality rate of the disease. In April 2019, the United States Food and Drug Administration passed approval for Mavyret for the treatment of hepatitis C in pediatric patients. The Mavyret was the first treatment for all genotypes of hepatitis C. The 2017 approval for the same drug was aimed at the treatment of hepatitis C, but in patients without cirrhosis or mild cirrhosis of the liver. Fortune Business Insights has predicted that AbbVie’s successful drug approval will help the company generate a substantial amount of hepatitis C market value. The report includes some major regulatory approvals of recent times and gauges the impact of these drug approvals on the global hepatitis C drugs market.
Huge Hepatitis C Patient Pool Will Offer Growth Opportunities for the Market in North America
The high prevalence of hepatitis C has created a need for efficient drugs at low cost. Fortune Business Insights has identified increasing hepatitis C incidence as a primary growth driver. The increased adoption of hepatitis C drugs will favor the growth of the market in North America. Fortune Business Insights has predicted that the hepatitis C drugs market in North America will witness considerable growth, driven by the high demand for hepatitis C drugs. Furthermore, recent drug advancements will fuel the demand for related drugs, subsequently aiding market growth. Fortune Business Insights states that the hepatitis C drugs market in North America was valued at US$ 3,736.6 Mn in 2018.
Fortune Business Insights profiles a few of the prominent companies that are operating in the global market. Some of the leading companies that have established standout market positions are AbbVie Inc., Gilead Sciences, Inc., Bristol-Myers Squibb Company, Janssen Pharmaceuticals, Inc., Merck Sharp & Dohme Corp., F. Hoffmann-La Roche Ltd, and Vertex Pharmaceuticals Incorporated.
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