by Liver fibrosis is a condition characterized by the excessive accumulation of scar tissue (fibrous connective tissue) in response to liver damage. It is caused due to chronic inflammation of the liver, which can be attributed to a number of factors like chronic viral hepatitis, autoimmune diseases, alcoholism and fatty liver disease. If left untreated, it can progress to cirrhosis or liver cancer. Current treatment options include antivirals, immunosuppressants and experimental drugs targeting enzymes that lay down scar tissue.
The global liver fibrosis treatment market is estimated to be valued at US$ 16.29 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
As per estimates by the World Health Organization (WHO), around 30 crore people suffer from chronic hepatitis B and C globally every year. Drug overdose deaths have also risen exponentially, with fatal liver diseases attributable to alcohol use disorders increasing by 8.6% per year from 2007 to 2016. Additionally, the rising prevalence of obesity and diabetes has contributed significantly to the incidence of NAFLD, which if untreated, can progress to fibrosis and cirrhosis. Experimental drugs targeting enzymes and pathways involved in fibrosis development are expected to open attractive opportunities. However, lack of approved treatment options remains a key challenge for the market.
SWOT Analysis
Strength: The liver fibrosis treatment market has witnessed significant research and development activities in the recent past. Several newly approved drugs such as Elysium provide improved treatment outcomes for patients. Government initiatives to spread awareness about liver health have further augmented market growth.
Weakness: High costs associated with novel drug development ad clinical trials pose major challenges for small players. Poor access to healthcare facilities in underdeveloped regions limits market expansion.
Opportunity: Increasing research on gene therapy and stem cell therapy offers lucrative opportunities. Growing non-alcoholic fatty liver disease prevalence has opened new avenues. Partnerships between pharma companies and healthcare organizations can help expand patient reach.
Threats: Stiff competition exists from generic drug manufacturers. Poor long-term efficacy and safety data of new therapies is also a concern. Stringent regulations delay market approval and entry of new players.
Key Takeaways
The global liver fibrosis treatment market is expected to witness high growth. The market size is projected to reach US$ 16.29 Billion by 2024 from US$ 10 Billion in 2019, at a CAGR of 4.9% during the forecast period.
Regional analysis: North America holds over 35% of total market share currently led by the US. Europe follows with a share of around 30% with Germany and the UK capturing major country-level markets. Asia Pacific is poised to witness strongest growth at 7.2% CAGR during the forecast period with India and China emerging as highly lucrative countries.
Key players: Key players operating in the liver fibrosis treatment market are Abbott Laboratories, Baxter International Inc., Fresenius Kabi AG, NESTLE S.A., DANONE S.A., B.Braun Melsungen AG, Mead Johnson & Company, LLC, Perrigo Company PLC, Koru Nutrition Inc., and Koninklijke DSM N.V. Abbott and Baxter dominate sales while DSM and Nestle are pioneering research on nutritional therapies. Partnerships between pharma giants and regional players will expand market reach.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
