Why is Hepatitis Drugs Market Booming in North America?

The hepatitis drugs market registered a CAGR of 29.7% from 2015 to 2020 and reached a revenue of $118.5 billion in 2020. Furthermore, the market is set for lucrative growth in the coming years, as per the forecast of P&S Intelligence, a market research company based in India. The major factors driving the progress of the market are the growing incidence of hepatitis, surging investments being made by private and public organizations in research and development (R&D) projects for facilitating faster drug discovery, and the mushrooming population of aging people across the world.

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The surging incidence of various types of hepatitis such as hepatitis C and B, is massively boosting the advancement of the hepatitis drugs market. As per an article published by the Hepatitis B Foundation, hepatitis is one of the leading causes of deaths across the world. According to the World Health Organization (WHO), hepatitis B and the several complications associated with the disease are responsible for 1 million deaths every year and hepatitis C claims nearly 500,000 lives every year.

Due to the aforementioned factors, the demand for hepatitis drugs is shooting up, thereby propelling the expansion of the market. Depending on type, the hepatitis drugs market is divided into hepatitis A, B, C, and others. Amongst these, the hepatitis C category dominated the market and held over 80% of the market shares in 2020. Additionally, the category also recorded the fastest growth in the market from 2015 to 2020. Geographically, North America dominated the market during the last few years.

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This was because of the presence of a large geriatric population and the implementation of various initiatives by the governments of the regional countries and private organizations for raising public awareness about hepatitis diseases, their types and forms, management, severity, and treatment. In addition, the huge investments made by many public and private enterprises for improving healthcare infrastructure also contributed toward the growth of the hepatitis drugs market in the region in the years gone by. The U.S. contributed significantly to the market revenue in 2020.

Thus, it can be safely said that the market will grow sharply in the coming years, primarily because of the rising incidence of various kinds of hepatitis diseases, soaring population of geriatric people, and the surging investments being made in hepatitis research and drug discovery and development by many private and public organizations around the world.

About P&S Intelligence
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This release was published on openPR.