LONDON--(BUSINESS WIRE)--Technavio’s latest global liver cirrhosis medication market report highlights four key emerging trends predicted to impact market growth through 2020. Technavio defines an emerging trend as something that has potential for significant impact on the market and contributes to its growth or decline.
“As there are no approved drugs to treat liver cirrhosis, the market presents an immense opportunity for companies to develop therapies that meet unmet medical needs of liver cirrhosis patients. The market will likely witness intense competition among small and large players during the forecast period. As vendors in the market compete on price, quality, and innovation, smaller entities are being acquired by, or merged with the major players. Gilead Sciences, Johnson & Johnson, Merck, F. Hoffmann-La Roche, and GlaxoSmithKline are the leading pharma companies of this market,” said Barath Palada, one of Technavio’s lead industry analysts for life sciences.
Technavio’s market research study identifies the following four emerging trends expected to propel the global liver cirrhosis medication market:
- Rise in public awareness
- Increase in R&D
- Patient assistance programs
- Use of off-label drugs
Rise in public awareness
Early detection of the infection is crucial to reduce the progression of Cirrhosis. For instance, screening and diagnosis of hepatitis C and B at an early stage can prevent or reduce the extent of liver damage. Government and nongovernmental organizations organize awareness campaigns, seminars, summits, and fundraising events to help people understand the disease as well as therapeutic measures available for it. For instance, the US celebrates May 19th as Hepatitis Testing Day and deems May as the Hepatitis Awareness Month every year to raise and spread awareness about hepatitis infections, and encourage people to undertake tests in high-risk populations. Similarly, the American Liver Foundation and Canadian Liver Foundation celebrate October as Liver Awareness Month to spread awareness of liver cancer, non-alcoholic fatty liver disease, and liver cirrhosis in the US and Canada.
Increase in R&D
The need for efficacious and better-tolerated medications drives R&D in the global liver cirrhosis medication market. To fulfill growing patient needs, many companies are developing novel drugs, for instance, Emricasan by Conatus Pharmaceuticals, Stempeucel by Stempeutics Research, and Rifaximin SSD by Salix Pharmaceuticals are in Phase II stage of development for the treatment of liver cirrhosis. Similarly, NRL972 by Norgine and Adipose-derived stem cells by Gwo Xi Stem Cell Applied Technology are in Phase I stage of development. Apart from this, molecules are also present in preclinical and discovery stages, thereby forming a strong pipeline for liver cirrhosis. The launch of drug candidates, currently under the late developmental stage, will also contribute immensely to market growth over the next four years.
Patient assistance programs
Patient assistance programs provide access to medications that are required to treat liver diseases. These programs are designed to fit an individual's needs in regards to liver diseases, and these encourage patients to seek treatment by lowering its cost. For instance, Gilead Sciences, F. Hoffmann-La Roche, GlaxoSmithKline, Johnson & Johnson, and Merck offer popular patient assistance programs that help patients access their products with relative ease. Vendors offer solutions such as co-pay assistance and coupons that cater to their needs. The forecast period will likely witness a surge in the launch of similar programs by other pharma companies in this market.
Use of off-label drugs
Off-label drugs are unapproved medicines used for treating diseases. For instance, apart from multivitamins and mineral supplements, disulfiram, naltrexone, acamprosate, ciprofloxacin, norfloxacin, ceftriaxone, ofloxacin, amoxicillin-clavulanate, and phytonadione are some off-label drugs, available for the treatment of liver cirrhosis. The growing prevalence of these drugs therefore constitutes a key trend in this market.
Browse related reports:
-- Global Liver Diseases Therapeutics Market 2015-2019
-- Global Hepatitis Drugs Market 2015-2019
-- Cystic Fibrosis Market in Europe 2015-2019
Purchase these three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio’s reports allows you to download any three reports per month for the price of one. Contact enquiry@technavio.com with your requirements and a link to our subscription platform.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at media@technavio.com.
