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Global Cryptococcosis Market Projected to Reach US$ 6.27 Billion by 2024
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One of the key factors driving the global cryptococcosis market is the increasing incidence of cryptococcosis infections across the world. The number of patients suffering from cryptococcosis has been found to be on the rise at a faster rate than previously thought. The patients suffering from the fungal infection are found to be in high numbers among HIV positive patients. Consequently, the growing number of HIV patients is also spurring the demand for advanced and effective treatment for the disease. Rising initiatives by government and non-government organizations is also putting the pipeline development in the global cryptococcosis market on the fast track in many countries, especially in developed ones. However, the global cryptococcosis market is currently being affected by restraining factors such as the increased mortality among cryptococcosis infected patients, which reduces the overall scope of testing and diagnostics, and the imminent patent expiry of key drugs which will result in the large scale entry of cheaper generics.
The global cryptococcosis market was valued at US$4.12 bn in 2015 and is projected to reach US$6.27 bn by 2024, after expanding at a CAGR of 4.8% from 2016 to 2024.
Middle East and Africa HIV Numbers Boost Demand for Cryptococcosis Treatment
The global cryptococcosis market is segmented into the key regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the leading share on the global cryptococcosis market for 2015, due to the rising prevalence of the infection in endemic areas of the U.S., coupled with a higher penetration of healthcare services across the country. The region is projected to continue to dominate the global cryptococcosis market till 2024, a fact attributed to the rising numbers of the HIV infected population in the region, a highly structured and advanced healthcare industry, and well-defined reimbursement policies from public as well as private health insurance firms.
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The cryptococcosis market in the Middle East and Africa is projected to expand at a substantial growth rate owing to the contribution of Sub-Sahara African countries in terms of demand, where the count of HIV patients is exceptionally high. North America and the Middle East and Africa are projected to be highly lucrative regions in the global cryptococcosis market, while Europe, Asia Pacific, and Latin America expected to remain relatively smaller in terms of demand and growth rate.
Larger Demand for Cryptococcosis Treatment Generated from Retail Pharmacies
Based on the distribution channel, the global cryptococcosis market is segmented into hospital pharmacies, retail pharmacies, drug store, and mail order pharmacies. Retail pharmacy was the leading segment in the global market on the basis of revenue, for 2015. This segment is also expected to continue dominating the market till 2024, owing to the growing contribution of long-term medication needed for successful cryptococcosis treatment. Online purchase of drugs has been highly popular in a lot of developed economies, including the U.S. and Japan. Online pharmaceutical retailers are also generating a high volume of preference in in emerging economies such as Brazil, China, and India as well, further increasing the scope of growth for the global cryptococcosis market over the coming years.
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