New York, USA, Nov. 08, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global liver disease treatment market is predicted to garner $32,028.5 million at a CAGR of 11.7% during the forecast period, (2021–2028), rising from $13,348.3 million in 2020.
The all-inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Liver Disease Treatment Market
- Drivers: Nonalcoholic fatty liver disease or NAFLD is a chronic liver condition being recorded around the world. New and efficient diagnosis and treatment procedures have been developed by the leading healthcare institutes. This is the main factor behind the growth of the global liver disease treatment market during the forecast period.
- Restraint: The high expenses required for liver disease treatment procedures are expected to restrain the growth of the market during forecast period.
- Opportunity: Prevalence of chronic liver diseases because of unhealthy urban lifestyle is expected to create many opportunities for the liver disease treatment market in upcoming years.
Key Segments of the Market
The report has divided the global liver disease treatment market into different segments based on treatment, disease type, end-user, and regional analysis.
Treatment: Antiviral Drugs Sub-Segment Expected to be the Most Lucrative
The antiviral drugs sub-segment is expected to garner the maximum revenue of $13,503.3 million by the end of 2028. Effectiveness of antiviral drugs in the treatment of liver diseases is expected to enhance the growth of the market segment in analysis period.
Disease Type: Non-Alcoholic Fatty Liver Disease Sub-Segment Predicted to be the Most Lucrative
The non-alcoholic fatty liver disease sub-segment is expected to garner $3,667.2 million during the forecast period. Increasing obesity and liver conditions around the world because of the changing eating habits and unhealthy lifestyle are expected to fuel the growth of the market segment during the forecast period.
End-User: Hospitals Sub-Segment Predicted to be the Most Beneficial
The hospitals sub-segment of the global liver disease treatment market is anticipated to register a revenue of $22,276.3 million by 2028, rising from $9,325.8 million in 2020. The main attributor behind this growth is the availability of the liver treatment healthcare centers across the world.
Get Access to Comprehensive Analysis of the Impact of Covid-19 on Liver Disease Treatment Market
Regional Analysis: Asia-Pacific Expected to Lead the Market
Asia-Pacific liver disease treatment market is predicted to garner a dominating revenue of $4,099.7 million by the end of 2028. One of the main factors behind the growth of the market is the lack of awareness about the liver conditions such as NAFLD in the region.
Key Market Players & Strategies
The most prominent players of the global liver disease treatment market include -
- Johnson & Johnson Services, Inc.
- Pfizer Inc.
- GlaxoSmithKline plc.
- Sanofi
- F. Hoffmann-La Roche Ltd
- Bayer AG
- Bristol Myers Squibb (BMS)
- Novartis AG
- AbbVie
- Gilead Sciences, Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
In October 2020, HemoShear Therapeutics, LLC, a biotechnology company collaborated with Takeda Pharmaceuticals, a pharmaceutical company. The two companies will collaboratively analyze, discover, and develop novel therapeutics for liver diseases.
Impact Analysis of COVID-19 on the Market
During the COVID-19 pandemic, the global liver disease treatment market has witnessed a decline in its growth. This is mainly because of the overflowing admission of COVID-19 patients and unavailability of infrastructure or medical staff for other treatments apart from COVID-19. Moreover, during the pandemic, most of the countries imposed restrictions on supply chain and new drug development projects. These factors impacted the global liver disease treatment market during the pandemic.
Porter’s Five Forces Analysis for the Global Liver Disease Treatment Market
- Bargaining Power of Suppliers: The suppliers of global liver disease treatment are high and more globalized. So, there will be less threat from the supplier. Thus, the negotiation power of liver disease medication provider decreases.
Hence, the bargaining power of the supplier is low. - Bargaining Power of Buyer: Buyers have high bargaining power, mainly because of increasing buyers’ demand for advanced liver disease treatment in lower cost. Thus, multiple suppliers are providing best yet cost-efficient liver disease treatment. Hence, the buyers can select the service that best fits their preferences.
The bargaining power of the buyer is high. - Threat of New Entrants: The startups entering this market are providing advanced solutions to clients. Moreover, these organizations are mainly focusing on the implementation of multiple strategies, brand development, product innovation, and many others.
Thus, the threat of the new entrants is high. - Threat of Substitutes: There is no substitute available for the liver disease treatment.
Therefore, the threat of substitute is low. - Competitive Rivalry in the Market: The ventures operating in the global liver disease treatment industry are opting for multiple business development strategies to stronghold their market position in the industry. Also, the key players like F. Hoffmann-La Roche Ltd, GlaxoSmithKline plc. And Sanofi are investing heavily to provide integrated services to the customers.
Therefore, competitive rivalry in the market is high.
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