Liver carries out important functions in the body such as protein production, metabolizing of fat & carbohydrate, and detoxification of drugs, alcohol, and environmental toxin.
Liver Cirrhosis Treatment Market: Introduction
- Liver carries out important functions in the body such as protein production, metabolizing of fat & carbohydrate, and detoxification of drugs, alcohol, and environmental toxin
- Liver disease is a broad term that covers all the potential problems that cause the liver to fail in performing its designated function. The different types of liver diseases are hepatitis, cirrhosis, liver cancer, and liver abscess (collection of pus).
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- Liver cirrhosis is a late stage of scarring of liver caused by liver disease and conditions such as chronic alcoholism, hepatitis, and non-alcoholic fatty liver disease
- Signs and symptoms of liver cirrhosis include abdominal pain, fatigue, intestinal bleeding, jaundice, weakness, and weight loss
- Around 20% to 30% of subjects chronically infected with hepatitis C virus are likely to develop liver cirrhosis 15 to 25 years later. Alcoholic cirrhosis is an advanced form of liver disease caused due to alcohol consumption. About 10% to 15% of people with alcoholism develop liver cirrhosis.
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Key Drivers and Restrains of Global Liver Cirrhosis Treatment Market
- Increase in the occurrence of liver cirrhosis due to rise in hepatitis infections is projected to drive the global liver cirrhosis treatment market. Hepatitis is a viral infection that causes inflammation of the liver. Of the various types, hepatitis B and C are the infections that most commonly cause cirrhosis (worldwide). However, hepatitis A and D are also known to result in severe scarring of the liver, although more rarely.
- According to the National Center for Biotechnology Information (NCBI), liver disease accounts for nearly 2 million deaths per year globally; 1 million due to complications of cirrhosis and 1million due to viral hepatitis and hepatocellular carcinoma. Cirrhosis is currently the 11th most common cause of death globally and liver cancer is the 16th leading cause of death; combined, these account for 3.5% of all global deaths.
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- The rise in number of people suffering from liver cirrhosis can be attributed to rapidly changing lifestyles such as increase in alcohol consumption and unbalanced diet. Hence, rise in prevalence of the disease is projected to fuel the growth of the global market during the forecast period.
- According to the National Center for Biotechnology Information (NCBI), around 2 billion people consume alcohol worldwide and upwards of 75 million are diagnosed with alcohol-use disorders and are at risk of alcohol-associated liver disease. Nearly 2 billion adults are obese or overweight and over 400 million have diabetes; both of which are risk factors for non-alcoholic fatty liver disease and hepatocellular carcinoma.
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- Increase in awareness programs and rise in research & development investment for the development of new drug molecules are projected to propel the global liver cirrhosis treatment market in the near future
- Rise in government driven initiatives in the field of liver cirrhosis treatment is anticipated to augment the global market during the forecast period
- Stringent regulations for approval process and high cost associated with drug development are the key factors restraining the global liver cirrhosis treatment market
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North America to Lead Global Liver Cirrhosis Treatment Market
- In terms of region, the global liver cirrhosis treatment market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is expected to account for the largest share of the global market due to favorable reimbursement scenario, increase in R&D investments in pharmaceutical companies & research institutes for new drug development, and the presence of major players in the region
- Europe is likely to be the second largest market for liver cirrhosis treatment during the forecast period due to rise in awareness about new treatment options and developed regulatory framework
- The liver cirrhosis treatment market in Asia Pacific is projected to grow at a rapid pace during the forecast period. Growth of the market in the region can be attributed to rise in prevalence of liver diseases and improving health care infrastructure.
- The market in Latin America and Middle East & Africa is anticipated to expand at a steady pace due to the presence of rapidly developing economies and evolving healthcare infrastructure in these regions
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