Hepatitis C Drug Market
Hepatitis C is a serious liver disease that is caused as a result of infection with the hepatitis C virus. From a long time, hepatitis C has been called a silent disease because people can get infected and not know it for years. Some people who get infected with hepatitis C virus are able to clear or get rid of the virus, but most people who get infected develop a chronic, or lifelong, infection. Over time, chronic hepatitis C can cause serious health problems including liver damage, liver failure, and even liver cancer.
Globally, hepatitis C drug market has been accelerated due to the continuous rise in the percentage of hepatitis C infections among individuals. Furthermore, lack of awareness is considered as a major key factor which is expected to promote the growth of hepatitis C drug market. Moreover, many lifestyle-related factors, such as unprotected sex, unhygienic precautions by the medical institution can also promote the hepatitis C infection. In addition, rising government funding coupled with a smaller period of treatment are likely to fuel the growth of hepatitis C drug market. However, the high cost of drugs coupled with threat-related to regulation and development of the drug is a key restraining factor for the growth of hepatitis C drug market. Nonetheless, ongoing research and upcoming new efficient therapies are expected to bring growth avenues in nearby future.
On the basis of end-users, hepatitis C drug market is segmented into five types: hospitals, private labs, physician offices, public health labs and blood banks. These segments are the key end-users of hepatitis C drug market. Among all, hospital and labs are the major segments and are expected to be the fastest growing applications in forthcoming years.
On the basis of geographical regions, the global hepatitis C drug market is segmented into five regions which include North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. These regions are further sub-segmented into the U.S., U.K., Germany, France, China, Japan, India, and Brazil. North America was the largest regional market for hepatitis C drugs in 2016. In this region, the U.S. was 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 disease in these regions coupled with increasing expenditure on healthcare infrastructure over the years to come.
Major key players in the global hepatitis C drug market includes Merck & Co, Kenilworth, Roche, Basel GlaxoSmith, Gilead Sciences, AbbVie, Johnson & Johnson and Bristol-Myers Squibb.