Communicable Disease Market to See 3.8% Annual Growth Through 2024
Industry Boosted by Rising Prevalence of Sexually Transmitted Diseases
WELLESLEY, Mass., October 16, 2019 (Newswire.com) - A rising prevalence of sexually transmitted diseases and growing awareness regarding communicable disease are two factors driving growth in the global communicable disease market, according to a report by BCC Research, “Communicable Disease Market: A BCC Research Overview.”
The market expects to see a compound annual growth rate (CAGR) of 3.8% through 2024, when it could be worth $69.4 billion.
Major players in the market include: Abbott, Gilead Sciences, Pfizer and Janssen Pharmaceuticals.
- The North American market for communicable disease should grow from $21.9 billion in 2019 to reach $25.9 billion by 2024 at a CAGR of 3.4%.
- The Asia-Pacific market for communicable disease should grow from $11.7 billion in 2019 to reach $14.9 billion by 2024 at a CAGR of 5%.
- The Hepatitis market accounted the highest market share in disease indication segment. The Hepatitis market segment recorded $25.4 billion in revenue in 2018, and it is estimated to grow at a compound annual growth rate (CAGR) of 3.6% during the forecast period.
Read the full report here: https://www.bccresearch.com/market-research/pharmaceuticals/communicable-disease-market-report.html
“North America is estimated to have the highest market share and the Asia-Pacific region is anticipated to have the highest growth rate during the forecast period,” write BCC analysts. “The increase in health care expenditure in the Asia-Pacific market, growing research and development activities, and increase in prevalence of STDs, HIV, and infectious diseases coupled with growing government initiative in creating awareness regarding communicable disease are the major factors augmenting the growth of communicable disease market in the Asia-Pacific region.”
Dominance of Gilead Sciences in the Sexually Transmitted Diseases Therapeutics Market
The report adds that the sexually transmitted disease therapeutics market is dominated by a leading pharmaceutical company, Gilead Sciences, Inc. Gilead Sciences commands nearly 47% of the market, largely attributed to its hepatitis C and HIV franchise, which contributes more than $20 billion each year. The market is highly complex and competitive, and a growing number of antiviral drugs are being launched in the market. GlaxoSmithKline Plc. holds the second largest share—11 to 15%—of the market with ViiV Healthcare (a joint venture by GlaxoSmithKline Plc, Pfizer Inc. and Shionogi Inc.).
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Source: BCC Research
Categories: Medicine and Healthcare