According to the report, global demand for hepatitis C drug market is expected to reach USD 27.63 billion in 2021 and is anticipated to grow at a CAGR of 17% till 2021.
Hepatitis c is an infection caused by a hepatitis C virus (HCV) that attacks the liver and leads to inflammation. This infection can bring both acute and chronic hepatitis disease. According to world health organization (WHO) 130 to 150 million people globally have chronic hepatitis C infection yearly. No vaccine yet exists for prevention of hepatitis C. Hepatitis C is the most hazardous among all types of hepatitis as 80% of patients get chronically infected. This leads to increased worldwide efforts for the development of hepatitis C drugs. Hepatitis C infection (HCV) spreads through the blood of a contaminated individual by the utilization of shared needles or supplies used to infuse drugs.
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Increasing incidences of this disease are major driving factors for hepatitis C drug market. New efficient therapies are expected to drive the hepatitis C drug market in the near future. Furthermore, the comparatively smaller period of treatment and rising government funding are the factors that drive the growth of the HCV market. Treatment of the warehoused patients those seek for a better-quality treatment, discounts and better regimens are also expected to fuel the market growth. However, lack of awareness and information about HCV, treatment cost, and threat-related with regulation and development of drug may hamper hepatitis C drug market.
Hepatitis C drug market is segmented based on different application sectors of hepatitis C infection drugs. Hospitals, private labs, physician offices, public health labs, and blood banks are the key application areas of the hepatitis C drug market.
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Hospital and labs are the major segments and expected to be the fastest growing applications in forthcoming years.
North America was the largest regional market for hepatitis C Market in 2015. It accounted for over 40% share of the total revenue generated in the same year. In this region, U.S. is the largest revenue contributor for global Hepatitis C drug market. Further, it is expected to continue this trend during near future owing to ongoing research and development in pharmaceutical industry. Europe was the second largest market for Hepatitis C drugs. Further, demand for Hepatitis C drug is increasing in Asia Pacific, Latin America and Middle East & Africa region due to the prevalence of the diseases in these regions coupled with increasing expenditure on healthcare infrastructure over the years to come.
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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.