Global Liver Diseases Therapeutics Market: Snapshot
The global market for liver diseases therapeutics is witnessing increasing traction globally owing to factors such as the rapid rise in the world’s population of geriatrics, rising prevalence of liver diseases, and the presence of vast unmet needs in the field of liver cancer treatment. The liver disease therapeutics market is also driven by the increased focus of developing economies on undertaking vaccination drives to reduce the occurrence of chronic diseases. The large number of highly anticipated and potentially strong and effective liver disease drugs presently undergoing clinical trials or in the pipeline is also expected to lead to promising growth opportunities for the global liver disease therapeutics market.
Transparency Market Research states that the global liver diseases market will witness vast developments in the next few years as pharmaceutical companies continue to invest vast funds on the development of new drug varieties and newer technologies such as nanotechnology become increasingly accessible. As a result, the global liver diseases therapeutics market will exhibit a healthy 8.60% CAGR from 2012 through 2018, rising from a valuation of US$6.5 bn in 2011 to US$10.9 bn by 2018.
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Emerging Economies to Provide Lucrative Growth Opportunities
High incidence of liver diseases across emerging economies in regions such as Asia Pacific, Latin America, and Eastern Europe is a leading factor bolstering the growth prospects of the liver diseases therapeutics market in these regions. It is estimated that these regions and the development of the market across them will be a key determinant of the growth of the global liver diseases therapeutics market.
To exploit the vast growth opportunities across these regions, companies such as Novartis and GSK are establishing their operations across countries such as China and India to begin a sustainable and parallel source of revenue generation. Many other pharmaceutical companies are also establishing research laboratories and R&D facilities across these regions and the number is expected to continue to rise in the next few years.
The global liver diseases therapeutics market features an oligopolistic competitive landscape and the top five vendors collectively account for a massive chunk of the overall market. The market exhibits very high entry barriers for new vendors owing to capital intensive drug development and research activities and strict FDA norms regarding drug approval. Some of the key vendors in the market are GlaxoSmithKline Pharmaceuticals Limited, Crucell, Pfizer, Merck & Co., Gilead Science Inc., Astellas Pharma Inc., Abbot Laboratories, Novartis, Bristol-Myers Squibb, and Roche.
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