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Hepatitis Therapeutics Market Key Trends, Demand, Share, Size, and Analysis 2024-2033
Hepatitis Therapeutics Market
According to The Business Research Company's, The hepatitis therapeutics market size has grown steadily in recent years. It will grow from $18.35 billion in 2023 to $18.89 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth in the historic period can be attributed to vaccine development, antiviral medications, public health initiatives, research funding, emerging therapies. .
The hepatitis therapeutics market size is expected to see steady growth in the next few years. It will grow to $21.79 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to continued research and development, global health efforts, shift in patient care, government initiatives, rising disease awareness.. Major trends in the forecast period include patient advocacy and support, continuous monitoring and follow-up, healthcare equity, telemedicine and remote care, focus on hepatitis c elimination..
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Market Drivers and Trends:
The rise in hepatitis infection globally is expected to propel the growth of the hepatitis therapeutic market going forward. The rise in hepatitis infection is due to inadequate access to healthcare and vaccinations, an increase in intravenous drug use, unsafe blood transfusion practices, and poor sanitation and hygiene conditions in some parts of the world. For instance, in April 2022, according to World Health Organization (WHO), a US-based united nations public health agency, from 11 nations, at least 169 cases of acute hepatitis of unknown origin have been documented and 350 million individuals worldwide have viral hepatitis B or C, yet for the majority, testing, and treatment are still out of reach. Therefore, the market for hepatitis therapeutics is expanding due to the rise in hepatitis infection.
Product innovations have emerged as the key trend gaining popularity in the hepatitis therapeutics market. Major companies operating in the hepatitis therapeutics market are developing new products to sustain their position in the market. For instance, in November 2022, Gilead Sciences, Inc., a US-based biopharmaceutical company received approval from FDA for a medicine called Vemlidy (tenofovir alafenamide) for the treatment of paediatric patients with chronic hepatitis B virus infection. Vemlidy is a targeted prodrug of tenofovir that received FDA approval in 2016 as a once-daily treatment for individuals with chronic hepatitis B virus (HBV) infection and compensated liver disease. According to recommendations from the American Liver Foundation, it is a preferred or first-line treatment for persons with chronic HBV and compensated liver disease.
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Major Key Players of the Market:
Gilead Sciences Inc.; Bristol-Myers Squibb Co.; AbbVie Inc.; Merck & Co. Inc.; Johnson & Johnson Services Inc.; Cipla Inc.; F Hoffmann-La Roche Ltd.; Biocon Limited; LAURUS Labs Ltd.; Zydus Lifesciences Limited; Hetero Healthcare Limited; Novartis AG; Sanofi SA; GlaxoSmithKline plc; Lupin Ltd.; Teva Pharmaceutical Industries Ltd.; NATCO Pharma Limited; Mylan NV; Pfizer Inc.; AstraZeneca plc; Bayer AG; Boehringer Ingelheim International GmbH; Eli Lilly and Company; Novo Nordisk A/S; Takeda Pharmaceutical Company Limited; Biogen Inc.; Vertex Pharmaceuticals Incorporated; Biocon Biopharmaceuticals Pvt. Ltd.; Zealand Pharma A/S; Zenyaku Kogyo Co. Ltd.; Zosano Pharma Corporation
Hepatitis Therapeutics Market 2024 Key Insights:
• The hepatitis therapeutics market will grow to $21.79 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%.
• Global Surge In Hepatitis Infections Drives Growth In The Hepatitis Therapeutic Market
• Advancing Hepatitis Therapeutics: Recent Innovations And Fda Approval Of Vemlidy By Gilead Sciences, Inc
• North America was the largest region in the hepatitis therapeutics market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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