Neglected Tropical Disease Drugs and Vaccines Market: Europe is anticipated to be a lucrative market in the next few years
Neglected Tropical Disease Drugs and Vaccines Market: Introduction
- Pertinent issues such as sanitation, cleanliness, and hygiene are still a major concern in several parts of the world. This results in spike of infections and diseases that more often than not, are neglected. These are termed as neglected tropical diseases. The World Health Organization claims that these diseases affect nearly 1 billion people across the globe. This explains the potential for companies in the global neglected tropical disease drugs and vaccines market. The global neglected tropical disease drugs and vaccines market has witnessed strong growth in the past few years, attributed to rise in measures taken by WHO and members of the United Nations to reduce disease burden.
Global Neglected Tropical Diseases Drugs and Vaccines Market: Notable Developments
Inundated with infections and diseases, the number of developments in the global neglected tropical diseases drugs and vaccines market is exhaustive. Some of the prominent developments that could boost growth include:
- Takeda’s dengue vaccine, Dengvaxia, is expected to hit the market by 2020. This will instill competition among players. Moreover, Zika virus vaccine is under clinical trial phase II or III.
- In 2017, the World Health Organization (WHO) decided to add new diseases such as deep mycoses, snakebites, chromoblastomycosis, and other ectoparasites to the list of rare diseases. The development came after WHO received proposals from different stakeholders to include them in the list of neglected tropical diseases.
- During the Global Partners Meeting in April 2017, several players in the global NTD drugs and vaccines market along with philanthropists, and governments decided to pump in US$ 800 Mn in the next five to seven years to eliminate NTDs.
- At least nine leading pharmaceutical companies, the WHO, technoprenuer and philanthropist Bill Gates, and several political leaders across the world came together to sign the London Declaration. The agreement aims to raise funds to eradicate at least 10 out of the 17 targeted NTDs.
Most players in the global NTD drugs and vaccines market invest in research & development to launch new drugs for the targeted diseases. Some of the leading brands in the global neglected tropical diseases drugs and vaccines market are GSK, Merck, and Takeda.
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Key Drivers, Restrains, and Opportunities of Global Neglected Tropical Diseases Drugs and Vaccines Market
Increase in Public Private Partnerships
- The last decade has been about collective efforts from all the stakeholders of health care to eliminate NTDs. Several new programs have been launched to roll out measures that will increase awareness, provide treatment, and reduce disease burden, especially in underdeveloped countries. Demand for vaccines and drugs for NTDs is likely to increase as more such programs are initiated.
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Rise in Migrant Population in Developed Countries
- According to the International Migration Report of 2017, out of the 85 million total migrants since 2000, 64 million are into developed or developing countries. This trend has affected the disease burden due to NTDs in the past few years. Consequently, most developed countries have enforced laws to protect natives from NTDs. This has increased demand in the past 10 years for drugs and vaccines to treat or prevent neglected tropical diseases.
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Need of Quality Drugs
- High quality drugs has been a long unsolved issue in the global neglected tropical diseases drugs and vaccines market. The last decade has witnessed increase in funding to develop better drugs to treat NTDs. About 70 drugs have entered clinical phase trial I, and some of these are in the final stages of development. One or more drugs are expected to be launched during the forecast period.
North America to Capture Major Share of Global Neglected Tropical Diseases Drugs and Vaccines Market
- North America is projected to dominate the global market during the forecast period. Increase in inflow of migrant population from underdeveloped or developing countries propels demand for neglected tropical diseases drugs and vaccines in the region. Europe is anticipated to be a lucrative market in the next few years. However, Asia Pacific is expected to emerge as the most attractive market during the forecast period. Developing health care, thrust from governments to reduce NTDs, and increase in awareness among people are likely to drive demand in the region.
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Key Players Operating in Global Neglected Tropical Diseases Drugs and Vaccines Market
The global neglected tropical diseases drugs and vaccines market is highly consolidated due to the presence of small number of key players. These players hold major share in their respective regions. Demand for products to treat chronic diseases has increased in emerging as well as developed markets. Growth strategies adopted by leading players are projected to drive the global neglected tropical diseases drugs and vaccines market.
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