(MENAFN- GlobeNewsWire - Nasdaq) As healthcare providers prioritize the care of patients infected with the virus, the market for drugs used to treat Hepatitis C is experiencing a significant boost.
Fort Collins, Colorado, Feb. 02, 2024 (GLOBE NEWSWIRE) -- The Hepatitis C Drug Market was valued at USD 20.8 Billion in 2022 and is anticipated to reach USD 26.9 Billion by 2032 at a CAGR of 2.7%.
Hepatitis C is a viral disease that can cause severe damage to the liver. It is transmitted through the blood and is one of the leading causes of liver failure and transplants, as noted by the Cleveland Clinic. The virus is commonly spread through the use of contaminated syringes and equipment. The disease can manifest in two forms: acute and chronic. Acute Hepatitis C occurs within six months of exposure to the virus. If left untreated, it can develop into Chronic Hepatitis C, which can have long-term impacts on the health of the patient.
Market players are continuously investing in research and development to create innovative technologies for developing medications. This helps improve the efficiency and outcomes of treatments for patients. Fixed-dose combination hepatitis C medications are currently one of the most sought-after products in the global market. These factors are driving the global hepatitis C treatment market in 2018. However, the hepatitis C drug growth in the global market is limited due to the significant decline in the patient population, the steady and drastic revenue erosion of key market leaders such as Gilead, and the anticipated generic introduction by Gilead.
Despite negative factors, market leaders continue to develop and market Hepatitis C therapeutics. Despite declining market revenues, the growing awareness of the burden of this disorder and government healthcare initiatives are expected to sustain the adoption of these therapeutics. The increasing incidence of hepatitis C has prompted companies to invest in developing faster and more effective drugs, contributing to market growth. Introducing direct-acting antiviral drugs has facilitated quicker and more effective treatment, boosting demand for these drugs.
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Segmentation Overview:
The global hepatitis C drug market has been segmented into product type, disease type, distribution channel, and region. NS5A inhibitors effectively reduce and control the spread of the hepatitis C virus in the patient's body. These inhibitors decrease the virus's ability to replicate, reducing viral spread. Chronic hepatitis C is a significant disease type, with late detection being a major factor contributing to its rise. The virus often remains undetected for six months, leading to widespread infection.
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Hepatitis C Drug Market Report Highlights:
The global hepatitis C drug market growth is anticipated at a CAGR of 2.7% by 2032.
Hepatitis C is a viral disease that causes liver damage and is transmitted through blood. Innovative medications like fixed-dose combination hepatitis C drugs are popular. However, the declining patient population and revenue erosion of key market leaders limit the growth of hepatitis C drugs. But, the increasing incidence has prompted companies to invest in developing faster and more effective drugs, contributing to market growth.
In Europe, the prevalence of hepatitis C is high, with around 12 million people affected. This has led to a significant demand for hepatitis C drugs in the region. Unsafe medical practices are a major contributing factor, particularly in Eastern Europe.
Some prominent players in the hepatitis C drug market report include AbbVie Inc., Vertex Pharmaceuticals Inc., Merck and Co. Inc., Roche Holding AG, Zydus Life sciences Ltd., The Bristol-Myers Squibb Company, Gilead Sciences, Sanofi S.A., Teva Pharmaceuticals Industries Ltd., Aurobindo Pharma, and others.
Industry Trends and Insights:
- AbbVie launched PRODUODOPA® in the European Union to treat advanced Parkinson's disease. The medication aims to alleviate symptoms and improve patients' quality of life.
- Vertex's CASGEVYTM therapy has obtained FDA approval to treat Transfusion-Dependent Beta Thalassemia, a rare blood disorder causing severe anemia. Patients now have access to a potentially life-changing treatment option.
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Hepatitis C Drug Market Segmentation:
By Product Type : NS5A Inhibitor, Fixed Dose Combination, and Others
By Disease Type : Acute Hepatitis C and Chronic Hepatitis C
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies and Online
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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