SEATTLE, April 24, 2020 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global antiparasitic drugs market was valued at US$ 7,227.9 million in 2019 and is expected to exhibit a CAGR of 5.2% during the forecast period (2020-2027).
Key Trends and Analysis of the Global Antiparasitic Drugs Market:
The increasing regulatory approvals of drugs are expected to drive growth of the antiparasitic drugs market. For instance, in August 2018, 60 Degrees Pharmaceuticals (60P) in Washington, D.C. received the U.S. FDA approval for Arakoda (tafenoquine) for prophylaxis of malaria in patients aged 18 years and older. Moreover, for the same drug molecule (Krintafel (tafenoquine)), GSK and Medicines for Malaria Venture (MMV) also received the U.S. FDA approval in 2018.
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Moreover, the high prevalence of parasitic diseases in low and middle income countries is expected to drive growth of the global antiparasitic drugs market. For instance, in 2015, the WHO estimated that 218 million people were diagnosed with schistosomiasis, an acute and chronic disease caused by parasitic worms (blood flukes (trematode worms)). Among these, around 66.5 million people have received the treatment. The disease mainly affects people who are engaged in agricultural, domestic, occupational, and recreational activities where there is more chance of exposure to the infested water. Such factors are expected to drive demand for antiparasitic drugs.
Approvals for antiparasitic drugs from regulatory authority are expected to drive growth of the antiparasitic drugs market. For instance, in January 2018, Perrigo Company plc. received tentative U.S. Food and Drug Administration approval to launch generic version of the Soolantra (ivermectin) cream. Moreover, various pharmaceutical companies are actively participating in research and development of novel drug entities for treatment of malaria, a common life-threatening parasitic infectious disease. For instance, in November 2017, Novartis Pharmaceuticals initiated phase 2 clinical trial to test the safety of the maximum dose of the investigational drug KAE609 in adult patients with uncomplicated malaria. The study is estimated to be completed in April 30, 2020. The increasing number of lead candidates is expected to contribute to the growth of the global antiparasitic drugs market in the near future.
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Key Market Takeaways:
- The global antiparasitic drugs market is expected to witness a CAGR of 5.2% over the forecast period (2020 – 2027) owing to the increasing prevalence of parasitic infections such as Chagas Disease is expected to drive the market growth. According to the World Health Organization, in March 2020, around 6-7 million people globally are expected to be diagnosed with Chagas Disease, a parasitic infection caused by the Trypansosoma cruzi parasite.
- Among drug class, anthelmintics segment is expected to witness significant growth in the antiparasitic drugs market during the forecast period owing to product approvals and launches of drugs
Major players operating in the global antiparasitic drugs market are Ipca Laboratories Ltd., Zydus Cadila, Merck KGaA, Pfizer, GlaxoSmithKline Plc., Cipla Ltd, Ranbaxy Laboratories, Novartis AG, Alvizia Health Care, Bayer AG, Roche Inc., Arbor Pharmaceuticals Inc., Sanofi, AstraZeneca plc., and Alkem Laboratories Limited.
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Market Segmentation:
- Global Antiparasitic Drugs Market, By Drug Class:
- Anthelmintics
- Benzimidazoles
- Pyrantel
- Niclosamide
- Praziquantel
- Others
- Antiprotozoals
- Antimalarial Drugs
- Aminoquinolines
- Quinoline-methanol (4-quinolinemethanols)
- Cinchona Alkaloids
- Biguanides
- Sulfonamides and sulfones
- Others
- Other Antiprotozoal Agents
- Antimalarial Drugs
- Others (Ectoparasites, Pediculocides & miticulocides)
- Lindane
- Malathion
- Pyrethrins
- Others
- Anthelmintics
- Global Antiparasitic Drugs Market, By Route of Administration:
- Oral
- Injectable
- Topical
- Global Antiparasitic Drugs Market, By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Global Antiparasitic Drugs Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- Australia
- India
- China
- Japan
- ASEAN
- South Korea
- Rest of Asia Pacific
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America