Tuberculosis Drugs Market Surges past US$ 2 Billion by 2024

The Global Tuberculosis Drugs Market was valued at US$ 1,389.3 million in 2015 and is projected to expand at a CAGR of 5.9% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Growing prevalence of tuberculosis and increasing tobacco smoking is expected to drive growth of the global tuberculosis drugs market.

Drug shortage to treat tuberculosis is a major challenge to effective healthcare in the U.S., with the shortage of drug number tripling from 2007 to 2012. This factor seems to be troublesome and represents a public health threat. U.S. Government Accountability Office reported that there is 16% shortage of anti-infective drugs, including that for tuberculosis. Various healthcare agencies have organized TB awareness campaigns across the U.S. and had difficulty in accessing medicines and products to diagnose the disease and this is due to shortage, supply disruptions, and high costs of the products. The success story of India drugs market is timely and adequate supply of drugs, though it has been hit the hardest due to poor government policies and tough procurement procedures.

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Multidrug-resistant tuberculosis (MDR-TB) is a rising health issue globally. The level and encumbrance of multidrug-resistant tuberculosis differs significantly by region and country. Across the globe, around 3% of all new cases of patients diagnosed with TB have multidrug-resistant tuberculosis and the percentage is more in patients who had already accepted anti-tuberculosis treatment replicating the failure of programs intended to ensure complete cure of patients with tuberculosis. To manage multidrug-resistant tuberculosis is a huge task and that should be accepted by experienced clinicians at centers where there are well-equipped process and with reliable laboratory services and also by implementing the DOTS-Plus strategy.

Asia and Africa provide largely untapped growth avenues for players in the global tuberculosis drugs market

The global spread of tuberculosis cases is tilted predominantly toward low-income and emerging economies countries. The highest prevalence of tuberculosis cases are in Asia, which includes China, India, Bangladesh, Indonesia, and Pakistan contributing 50% of the global tuberculosis burden. Africa is one of the most tuberculosis infested regions globally and unambiguously the sub-Saharan Africa has the highest rate of tuberculosis incidence, with 83 and 290 patients per 100,000, respectively. Tuberculosis cases occur highly between the age group of 15 to 49 year. According to World Health Organization, tuberculosis is projected to yield an annual economic toll of US$12 billion from the income of poor people. Many literature studies explain that the average work time lost by an individual after getting injected by tuberculosis bacteria is around 3–4 months, which further result in a mean lost potential earnings of 20%–30% of the annual household income and over deaths caused by premature tuberculosis deaths the loss of income is ~15 years, estimated by WHO. Thus, the global tuberculosis drugs market is expected to witness steady growth in the foreseeable future.

Key takeaways of the market:

The global tuberculosis drugs market is expected to expand at a CAGR of 5.9% during the forecast period (2016–2024) as there still exists a major unrealized market, especially in Asia Pacific, Latin America, Middle East and Africa

The first line drugs therapy dominates the tuberculosis drugs market in the therapy type segment as it is the primary and basic tuberculosis drugs used to treat the patients who are effected with the tuberculosis for the first time

Incidence of tuberculosis is high in Africa and Asia

There are 4 new treatment drug in clinical trials. Approval of a new drug could be a major breakthrough in the global tuberculosis drugs market.

Some of the major players involved in global tuberculosis drugs market are Pfizer Inc, Lupin Laboratories Ltd, AstraZeneca Plc, Cadila Pharmaceuticals, Novartis AG, Alkem Laboratories Ltd, and Cipla Ltd.

To know the latest trends and insights prevalent in the tuberculosis drugs market, click the link below: https://www.coherentmarketinsights.com/market-insight/tuberculosis-drugs-market-191

About Coherent Market Insights:

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This release was published on openPR.