Collaborations like that of HemoShear Therapeutics, LLC with Takeda Pharmaceuticals to Offer the Global Liver Disease Treatment Market with Ample Opportunities

Liver is the strongest solid organ in the human body and plays a crucial role in various bodily functions, such as production of protein, cholesterol, regulation of iron homeostasis, toxins, blood clotting, blood sugar levels, and many more. All the potential problems leading to liver failure, restricting the liver to perform its intrinsic functions can be specified as a liver disease. Certain liver problems can be treated with lifestyle improvements such as abstinence from alcohol, adopting of healthy foods, and losing weight, while others may require rigorous medications and even surgery.

Forecast Analysis of the Global Liver Disease Treatment Market

The global liver disease treatment market is expected to witness a remarkable growth during the forecast period (2021-2028), owing to the increasing initiatives taken by the government of various countries for the treatment of surging problems of liver diseases. Increasing prevalence of non-alcoholic fatty liver disease (NAFLD) leading to chronic liver disorders among various people across the globe are expected to drive the growth of the liver disease treatment market during the forecast period. But extortionate investment cost in the development of liver disease treatment drugs is expected to impede the growth of the market in the coming years. However, significant increase in the consumption of alcohol among millennials worldwide and growing prevalence of various non-government awareness programs across the globe are expected to create immense opportunities for the growth of the liver disease treatment market during the analysis period.

According to the report published by Research Dive, the global liver disease treatment market is expected to generate a revenue of $32,028.5 million by 2028, growing exponentially at a CAGR of 11.7% during the forecast period. The major players of the market include Pfizer Inc., AbbVie, Bayer AG, Sanofi, Novartis AG, Gilead Sciences Inc., Bristol Byers Squibb, GlaxoSmithKline plc, F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, and many more.

Recent Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global liver disease treatment market to grow exponentially.

For instance, in March 2020, Zydus Cadila, an Indian multinational pharmaceutical company engaged in the manufacture of generic drugs, received approval for its new drug application for Saroglitazar from the Drug Controller General of India (DCGI) in order to treat Non-Cirrhotic, Non-Alcoholic SteatoHepatitis (NASH) in India, making it the first ever drug in the world for the treatment of the disease.

In October 2020, HemoShear Therapeutics, LLC, a dominant biotechnology company collaborated with Takeda Pharmaceuticals, global, research and development-driven pharmaceutical company, in order to discover, analyze and develop novel therapeutics for liver diseases, along with nonalcoholic steatohepatitis (NASH).

In December 2020, Gilead Sciences, Inc., an American biopharmaceutical company acquired MYR GmbH, a German biotechnology company in order to maximize Gilead Sciences’ market share and presence in the global liver disease treatment market.

Most Profitable Region

The Asia-Pacific region is expected to have the largest market share and generate a revenue of $4,099.7 million during the forecast period. Significant rise in the aging population and the surging obesity rate in this region is expected to drive the growth of the market in this region. In addition, growing need for advanced liver disease therapeutics due to the extensive prevalence of hepatitis and NAFLD in the Asia Pacific region is further expected to bolster the regional market growth by 2028.

Impact of COVID-19 on the Market

The outbreak of COVID-19 has had an adverse impact on the growth of the global liver disease treatment market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns disrupted the production, distribution, and supply chain of liver disease treatment medications around the world. Stringent travel restriction imposed by the government of various impeded the import and export of raw materials as well as the medications. Thus, the pandemic has had a negative impact on the growth of the global liver disease treatment market.