by Market Overview:
Liver fibrosis occurs due to chronic liver injury or inflammation where liver cells are replaced with connective scar tissue. Chronic liver disease such as non-alcoholic steatohepatitis (NASH), hepatitis B and C infections are some of the major causes of liver fibrosis. Common symptoms of liver fibrosis include fatigue, abdominal pain, loss of appetite and jaundice. Products in the market for liver fibrosis treatment include anti-fibrotic drugs, small molecule therapeutics and stem cell therapy.
Market Dynamics:
The liver fibrosis treatment market is primarily driven by growing prevalence of liver diseases globally. According to WHO, around 1.3 million people die each year due to Hepatitis while 325 million people live with chronic hepatitis infection worldwide. Additionally, rising cases of obesity and diabetes is contributing to growing NASH prevalence globally, which is another key factor fueling the market growth. Moreover, increasing research and development activities for developing novel and non-invasive methods of diagnosing and treating liver fibrosis is expected to offer lucrative opportunities for market players over the forecast period. However, high costs associated with anti-fibrotic drugs and lack of FDA approved drugs are some of the factors expected to hamper the market growth.
The global Liver Fibrosis Treatment Market Size is estimated to be valued at US$ 16.29 Bn in 2023 and is expected to exhibit a CAGR of 10.8 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Liver fibrosis treatment market has strong presence of key players that continuously invest in research and development to develop advanced treatment options. The risk factors for liver fibrosis are increasing at an alarming rate creating high demand for effective treatment drugs. Growing awareness among people regarding liver disease treatment is also boosting the market growth.
Weakness: Liver fibrosis treatment has limited approved drug treatment options. The condition is mostly diagnosed at later stages making it difficult to cure completely. Adoption of lifestyle changes is challenging for patients.
Opportunity: Emerging economies with large patient pool present lucrative growth opportunities for players. Ongoing clinical trials of novel drug candidates offer potential for new product approvals in the forecast period. Increasing healthcare expenditure of governments worldwide will drive the market expansion.
Threats: High treatment cost adversely impacts the affordability of therapy. Stringent regulatory approval process for new drugs delays their commercialization. Side effects associated with drugs reduce patient compliance during treatment.
Key Takeaways
The global Liver Fibrosis Treatment market is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing prevalence of lifestyle diseases such as alcoholism and obesity.
Regional analysis – North America is currently the largest market for liver fibrosis treatment, owing to high healthcare expenditure and strong presence of global industry players in the region. Asia Pacific region is expected to exhibit fastest growth during the forecast period with growing patient pool in China and India.
Key players analysis – Key players operating in the liver fibrosis treatment market are Gilead Sciences, Inc., Merck & Co., Inc., Bristol-Myers Squibb, Johnson and Johnson, Novartis AG, Vertex Pharmaceuticals Incorporated, Pfizer Inc., FibroGen, Inc., and Pharmaxis Limited. Companies mainly focus on increasing research funding to develop advanced therapeutics for effective treatment of liver fibrosis.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
