San Francisco, March 03, 2016 (GLOBE NEWSWIRE) -- The liver diseases therapeutics market had value over USD 7,498.0 million in 2014. The major driving factors are increasing numbers of liver diseases like hepatocellular carcinoma and vast unexploited need of patients with these types of diseases. In addition, increasing geriatric population globally is estimated to augment the market demand in the future period.
Huge expenditure by biotechnology and pharmaceutical industries on R&D and availability of sturdy pipeline are the major expected boosting factors for the growth of liver diseases therapeutics market in future period. Governments’ and big companies’ vaccination program are creating awareness about the illness and prevention is boosting the growth of the market.
The market is bifurcated into products and regions. New products are rapidly being launched boosting the market growth. The growth of the market is boosted by the strategic alliances, joint venture between the major players, and growing awareness of healthcare in the upcoming nations.
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Nonetheless, risks and side effects linked with existing medication & stringent FDA and other norms approved by the government along with accessibility of varying treatment measures perform as barriers to the industry. The market was dominated by the antiviral drug sector with a value over USD 2631 million in revenue terms in 2014.
Rising population with liver diseases due to increasing number of alcohol consumers is estimated to boost the market share. Alternatively, the antiviral drug is estimated to observer profitable raise of over 8.8% from 2015 to 2022. This is due to the occurrence of drugs in the pipeline.
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The market is estimated to be at over USD 12095.0 million by 2022. This is going to happen due to the increasing geriatric population, rising liver ailments like hepatocellular and hepatitis carcinoma along with high requirement for programs on vaccination in developing nations and high spending on growing healthcare in the developed nations.
North America is dominating the global market due to academic and research institutions performing studies related to medical trials. North America had more than 39% share of the global market in 2014 and is anticipated to carry on leading till 2022. Asia Pacific had share over USD 1615.5 million in 2014 and is estimated at CAGR over 8.5% in the future.
Few of the major industries are Abbott Laboratories, Gilead Sciences, Astellas Pharma Inc., GlaxoSmithKline plc, Bristol-Mayers Squibb, and Merck & Co., Inc.
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