Hepatitis C Drug Market Poised to Bring in $27.63 billion by 2021

Hepatitis C Drug Market Poised to Bring in $27.63 billion by 2021

Zion Market Research has published a new report titled “Hepatitis C Drug Market for (Hospitals, Private Labs, Physician Offices, Public Health Labs and Blood Banks) by Application – Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021” According to the report, global demand for hepatitis C drug market was valued at USD 11.81 billion in 2015, is expected to reach USD 27.63 billion in 2021 and is anticipated to grow at a CAGR of 17% between 2016 and 2021.

HCV is a major public health problem that attacks the liver and leads to inflammation. Certain drugs, toxins, heavy alcohol use, bacterial and viral infections can cause hepatitis infection. The most common types of hepatitis infections are Hepatitis A, Hepatitis B, and Hepatitis C and they are caused by three dissimilar viruses. Although each virus can cause similar symptoms, they have different modes of transmission and can affect the liver differently. Hepatitis C infection can bring both acute and chronic hepatitis disease. Approximately, 80% of patients get chronically infected with hepatitis C disease. Hepatitis C infection (HCV) spreads through the blood of an infected individual by the use of shared needles or supplies used to infuse drugs. Vaccines are available only for Hepatitis A and Hepatitis B viruses. Research into the development of a vaccine for hepatitis C is underway.

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The prevalence of the infection, new productive treatments, relatively lesser time of treatment from before, and rising government subsidizing, can drive the hepatitis C drug market. Lack of awareness and information about HCV and treatment expense of disease can influence the hepatitis C market. In the last few years, a couple of new drugs have been launched in the market which has huge success and captured the maximum market share of the hepatitis C market. However, cost of these drugs is too high. Hospitals, private labs, physician offices, public health labs, and blood banks are the key application of hepatitis C drug market.

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North America was one of the fastest growing hepatitis C drug markets across the world with more than 40% share of the total revenue generated in 2015. U. S. is the largest revenue contributor for worldwide Hepatitis C market. Government funding for drug development will continue to play an essential role in the growth of U.S. HCV treatment market. Europe was the second major market for Hepatitis C in 2015.

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Ongoing research and development in the pharmaceutical industry for hepatitis C drug development is expected to propel the market growth in the coming years. Moreover, interest for Hepatitis C medication is expanding in Asia Pacific, Latin America and the Middle East and Africa due to the prevalence of the disease in the regions combined with expenditure on healthcare infrastructure.

Harvoni and Sovaldi are newly discovered drugs for Hepatitis C. Marketed by pharmaceutical giant Gilead Sciences and has more than 95% cure rate. The problem with this drug is its high cost, Harvoni drug is one of the expensive drugs in the world. Some of the key player in the hepatitis C drug market includes Merck & Co, Kenilworth, Roche, Basel GlaxoSmith, Gilead Sciences, AbbVie, Johnson & Johnson and Bristol-Myers Squibb.