According to a new report published by Allied Market Research, titled, "North America Liver Disease Treatment Market by Treatment Type, and Disease Type: Opportunity Analysis and Industry Forecast, 2019–2027," the North America liver disease treatment market was valued at $6.97 billion in 2019, and is expected to reach $8.31 billion by 2027, registering a CAGR of 5.2% from 2019 to 2027.
Liver is the largest solid organ and largest gland in the human body. In addition, it suffers from various ailments, which are treated using different types of products. In addition, these products include different kinds of drugs and vaccines. For instance, anti-viral drugs are used to treat hepatitis that cause liver inflammation. In addition, hepatitis is fatal and thus, sometimes requires liver transplant. In such cases, immunosuppressant drugs that prevent rejection of transplanted liver in the body are used.
Furthermore, immunoglobulin is also used in treatment of certain types of hepatitis. Moreover, vaccines are also used to prevent hepatitis viral infection. For instance, vaccines are available for prevention of hepatitis A, B, and C. Furthermore, other products such as corticosteroids are used in the treatment of liver related autoimmune diseases such as autoimmune hepatitis. Thus, there are various liver related conditions such as hepatitis, autoimmune diseases, non-alcoholic fatty liver, cancer, and genetic disorders which are treated by using different types of products such as anti-viral drugs, immunosuppressants, vaccines immunoglobulins, corticosteroids, targeted therapy, and chemotherapy.
Increase in alcohol consumption & use of illegal drugs and rise in prevalence of liver disease is the major factors that contributes toward the market growth. Moreover, factors such as surge in geriatric population and rise in government and non-government awareness programs also boost growth of the North America liver disease treatment market.
However, stringent approval process related to drugs and resistance to antiviral drugs used in the treatment of hepatitis B and hepatitis C restrict the market growth. Conversely, presence of strong pipeline products offer lucrative opportunities for the North America liver disease treatment market.
COVID-19 Impact Analysis on North America Liver Disease Treatment Market
Lockdowns had an adverse impact on every type of business in North America. For instance, non-essential businesses such as retail business that operate with a physical location with access to public were closed. Furthermore, non-essential construction was also halted, recreational and entertainment businesses such as gyms, movie theaters, art centers, race tracks, salon, and public & private social clubs were also closed under the lock downs. However, essential businesses such as grocery stores, chemist stores, hospitals, veterinary hospitals remained functional during lockdowns. Furthermore, the spread of pandemic has had a varying impact on different segments of the North America liver disease treatment market. For instance, The COVID-19 impacted the vaccines segment in a negative manner. This is attributed to the fact that vaccination efforts that help to control infectious diseases were put on hold to concentrate on medical care for COVID-19. In addition, immunosuppressants faced a negative impact and the demand decreased during the outbreak. However, there was moderate impact on other drugs such as corticosteroids. Furthermore, drugs such as targeted therapy and chemotherapy drugs used in treatment of liver cancer has likely suffered a stagnation.
The North America liver disease treatment market is segmented on the basis of treatment type, disease type, and country to provide a detailed assessment of the market. By treatment type, the market is divided into antiviral drugs, immunosuppressants, vaccines, immunoglobulins, corticosteroids, targeted therapy, and chemotherapy. By disease type, it is divided into hepatitis, autoimmune diseases, non-alcoholic fatty liver disease (NAFLD), cancer, genetic disorders, and others. By country, it is classified into the U.S., Canada, and Mexico.
On the basis of treatment type, anti-viral drugs occupied the major share of the North America liver disease treatment market in 2019, and is expected to remain dominant throughout the forecast period. The growth of this segment is attributable to rise in incidences of hepatitis in North America, which requires use of anti-viral drugs. Furthermore, the vaccines segment is expected to acquire the fastest growth rate during the forecast period, owing to presence of government bodies and pharmaceutical companies, which work to ensure proper vaccine coverage in North America. In addition, surge in awareness related to importance of immunization against hepatitis is another major factor that drives growth of the vaccines segment.
By disease type, the hepatitis segment occupied the major share of the market in 2019 owing to widespread prevalence of the disease in North America. In addition, cancer segment is expected to witness highest growth rate during the forecast period due to rise in R&D expenditures related to cancer treatment. Furthermore, rise in focus of key players on developing new liver cancer treatments is also expected to drive the market.
In 2019, the U.S. accounted for the major share of the North America liver disease treatment market size, and is expected to continue this trend owing to surge in prevalence of hepatitis, presence of huge number of geriatric populations, and easy availability of liver disease treatments. Moreover, other factors such as surge in health expenditure also boost growth of the liver disease treatment market in North America.
Mexico is expected to exhibit fastest growth rate, owing to surge in awareness related to use of liver disease treatments. In addition, surge in awareness related to importance of immunization against hepatitis in the country also propels the market growth.
Key Findings Of The Study
- By treatment type, the antiviral drugs segment occupied more than half the share of the North America liver disease treatment market in 2019
- By disease type, the cancer segment is anticipated to grow with the highest CAGR throughout the forecast period.
- By treatment type, the immunosuppressants segment accounted for one-fifth share of the market in 2019.
- By country, Mexico is anticipated to grow at the highest rate during the analysis period.