Wilmington, Delaware, United States, July 07, 2023 (GLOBE NEWSWIRE) -- The global non-alcoholic steatohepatitis therapeutics market stood at US$ 10.1 billion in 2021 and the global non-alcoholic steatohepatitis therapeutics market is projected to surpass US$ 20.2 billion by the end of 2031 where it is considered that anticipated value for 2023 is likely to be US$ 33.6 billion. Global non-alcoholic steatohepatitis therapeutics industry is anticipated to expand at a CAGR of 13.6% between 2022 and 2031.
Raise in credibility credentials, manufacturers are engagement in clinical trials of Elafibranor and various other drugs that help in the reduction of fat percentage in the liver. Market stakeholders should focus on mergers and acquisitions and research collaborations with other companies to launch innovative products for the effective treatment of non-alcoholic steatohepatitis in the upcoming years.
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Global non-alcoholic steatohepatitis therapeutics market is considered to witness double-digit growth in the next few years. An increase in awareness among people about therapeutics is also a major factor boosting the growth of the market in various regions across the world. Poor diagnostics and a lack of proper diagnostic techniques are projected to restrain the global market in the next few years.
Governments in both rich and emerging economies are advocating cost-cutting initiatives such as lowering prescription coverage costs and increasing the usage of generic medications where governments, insurers, and individuals are putting substantial cost-cutting pressure on drug makers globally leading to an increase in medication acceptance in developing countries, where there is a considerable need of low-cost treatments which has a negative effect on the performance of various pharmaceutical businesses. Trend is likely to continue during the forecast period, owing to the ongoing demand from insurers and lowering of pharma pricing by personal and corporate payers due to worries about providing more innovative drugs to treat prevalent ailments.
Key Takeaways of Market Report
- Global non-alcoholic steatohepatitis therapeutics market to generate absolute dollar opportunity worth US$ 33.6 billion until 2031.
- Global non-alcoholic steatohepatitis therapeutics market will surpass US$ 33.6 billion by the end of 2031.
- Global non-alcoholic steatohepatitis therapeutics market from 2022 to 2031 is 13.6%
- Global non-alcoholic steatohepatitis therapeutics market is currently valued at US$ 10.1 billion in 2021.
- Global non-alcoholic steatohepatitis therapeutics market is expected to stand at US$ 10.7 billion in 2022.
- Market value of the global non-alcoholic steatohepatitis therapeutics market management from 2018 to 2022 is 12.4%
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Global Non-alcoholic Steatohepatitis Therapeutics Market: Growth Drivers
- Rise in research and development investments by pharmaceutical companies have led to seamless integration or multifunctional outsourcing solutions for drug research and development from the early development phase through the late-stage design phase.
- Outsourcing has grown as a strategic solution to offset the shortage of in-house resources necessary for product innovation, as pharma businesses face massive pressure to minimize operating expenses. Key pharmaceutical corporations are shifting to a simpler business strategy that primarily depends on outsourcing.
- The majority of pharmaceutical companies outsource their testing facilities through research and development to increase profit margins, meet drug discovery timeframes, and save money.
- Rise in the number of patients suffering from non-alcoholic fatty liver disease (NAFLD) and non-alcoholic steatohepatitis (NASH) is high across the globe. However, the number increases in developed economies such as North America. This provides significant opportunities to companies and research centers looking to invest in the market. Number of children suffering from obesity has nearly tripled in the past few years as this requires urgent treatment methods to keep a check and cure the disease in its initial stages.
- People in the U.S. also suffer from high cholesterol levels. There is no exact cure for the disease; however, treatment is still being developed and worked upon. Moreover, advancements in technology and continuous efforts by research firms to develop a more effective treatment method to drive the global non-alcoholic steatohepatitis therapeutics market.
Global Non-alcoholic Steatohepatitis Therapeutics Market: Regional Landscape
- Global non-alcoholic steatohepatitis therapeutics market has been segmented into North America, Asia Pacific, Europe, Latin America, Middle East & Africa where North America is dominating the global market, accounting for a key share with 58.1%.
- North America is significantly affected by NASH due to the rise in the population suffering from diabetes and obesity. Moreover, prevailing cases of high cholesterol and changes in lifestyle make North America an attractive market for future development and growth.
- Europe has countries such as Italy, Spain, Germany, the United Kingdom, and France are the main areas with a high prevalence of NASH as these countries are likely to be highly lucrative markets for non-alcoholic steatohepatitis therapeutics, where Europe holds a market share of 31.1%.
Global Non-alcoholic Steatohepatitis Therapeutics Market: Key Players
- Genfit took the first step toward making this test available, as it had signed a licensing agreement with LabCorp, the leading drug development and NASH clinical trial company, to expand access to NIS4 in the global clinical research community
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Global Non-alcoholic Steatohepatitis Therapeutics Market: Segmentation
- Drug Type
- Obeticholic Acid (OCA)
- Aramchol (Arachidyl Amido Cholanoic Acid)
- Saroglitazar
- Elafibranor
- Regions Covered
- North America
- Latin America
- Europe
- Latin America
- Middle East and Africa
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