Global Hepatitis C Treatment Market to Register a Stellar Growth Rate of US$ 71 Billion by 2024
Demand for Hepatitis C Treatment Expected to Remain High in North America during 2016-2024
According to a recent study conducted by RRI, the global market for hepatitis C treatment is expected to expand at a CAGR of over 13% during the forecast period (2016-2024). By the end of 2016, market is anticipated to stand at US$ 26.6 and is estimated to surpass US$ 71 Billion by 2024.
Factors such as higher per capita healthcare expenditure worldwide and growing prevalence of hepatitis C infections in countries such as U.S. and Canada is expected to drive the global market for global hepatitis C treatment during the forecast period. Moreover, increasing awareness campaigns by private NGPOs and encouraging government initiatives to limit infection is also supporting the market growth. On the other hand, expensive drugs for hepatitis C treatment and lack of awareness about hepatitis C infection amongst the people in developing regions across the globe may inhibit the growth of the market during the forecast period.
On the basis of drugs, the global market for hepatitis C treatment has been segmented into HCV NS5A inhibitors, HCV protease inhibitors, interferon & antiviral, HCV polymerase inhibitors, and combination therapy. Amongst these, combination therapy is expected to be the largest, accounting for the highest share of the market. The segment is expected to expand at a CAGR of over 13% during 2016-2024.
On the basis distribution channel, the market has been segmented into online pharmacies, hospital pharmacies and retail pharmacies. Hospital pharmacy is expected to be the most dominant segment during the forecast period. By 2024, the segment is anticipated to account for over 43% share of the market in terms of revenue. Due to increasing occurrence of hospitalization and improved services and accessibility, demand for the segment is expected to grow higher in the near future.
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On the other hand, the online pharmacies segment is anticipated to witness the highest CAGR over the forecast period. The growth of the segment is due to ample stock of hepatitis C treatment drugs with added discount offered by online drug pharmacies.
On the basis of region, North America is expected to be the leading market for hepatitis C treatment, estimated to account for 45% share by the end of 2016. Whereas, the market in Asia Pacific is anticipated to expand at an overwhelming CAGR of over 14%. By 2016, Europe is estimated to contribute over 19% share to the global market for hepatitis C treatment. The market in Latin America is expected to witness a sound growth, which was estimated at US$ 2,915.8 Million in 2015 and is expected to surpass US$ 3,311 by 2016 year end. In 2015, the market in the Middle East and Africa (MEA) region stood at US$ 1,792.5 Million and is anticipated to cross US$ 1,988 Million by the end of 2016.
Key participants operating in the global market for hepatitis C treatment include F Hoffmann-La Roche Ltd, Bristol-Myers Squibb Company, Gilead Sciences, Inc., Johnson & Johnson, Merck & Co., Inc., AbbVie Inc., and Kadmon Holdings, Inc. Most of these companies are actively focusing on partnering with healthcare solutions and service providers in order to offer better patient treatment and enhance operational efficiency.
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Summary: The global market for hepatitis C treatment expected to grow at a pronounced rate.