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Leprosy Treatment Market Synopsis:Leprosy is a chronic disease that causes granulomas of nerves, respiratory tract, etc. It is infectious in nature and is caused due to Mycobacterium leprae or Mycobacterium lepromatosis bacteria. The extremities such as fingertips get affected and the patient is unable to feel pain. The patient population is on a rise which is the primary factor propelling market expansion. A study conducted by Market Research Future (MRFR) asserts that the global leprosy treatment market is anticipated to register a CAGR of 3.2% during the forecast period 2017 to 2023. Also, it has been assessed in the report that the valuation of the market is expected to reach USD 3.5 Bn towards the end of 2023.
The awareness campaigns, as well as government support, is likely to slow down market growth by restricting the growth of patient population in the nearby future. However, the low-income nations are largely affected by the disease. The huge gap prevailing between the supply and demand for effective treatment is projected to augment the leprosy treatment market over the next couple of years.
Advancements in medicines are one of the factors that is responsible for accelerating revenue creation for the market players. The resistance exhibited by bacteria towards one drug used for treatment has paved the way for the adoption of multidrug therapy, MDT. It has unleashed new opportunities of growth and is expected to have a favorable influence on the future trajectory of the leprosy treatment market across the review period.
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Currently, millions of people are undergoing treatment all over the world. It has gained the attention of major organizations such as the World Health Organization (WHO) which is endeavoring to make treatment affordable and available to patients from every nation. This effort is projected to catalyze the growth pace of the leprosy treatment market in the forthcoming years. However, on the flip side, a lack of access to basic medical care in low-income countries is anticipated to impede growth rate over the next few years.
Leprosy Treatment Market Competitive Dashboard:
Glaxo Smithcline, Cadila Pharmaceuticals, Systopic Laboratories Pvt. Ltd., Acme Pharmaceuticals, Novartis International AG, Macleods Pharmaceuticals, Astra Zeneca, and Lark Laboratories Ltd. are the key players participating in the leprosy treatment market.
Leprosy Treatment Market Segmentation:
Based on drug class, the global leprosy treatment market has been segmented into sulfone, phenazine, derivative, anti-tubercular drug, and others.
The leprosy treatment market, based on the disease type, has been segmented into paucibacillary leprosy, and multibacillary leprosy.
On the basis of end users, the global leprosy treatment market has been segmented into private, contract, and others.
Leprosy Treatment Market Regional Analysis:
The global leprosy treatment market, by region, has been segmented into Americas, Europe, Asia Pacific and the Middle East & Africa (MEA). Americas is anticipated to have a dominant share of the market owing to the adoption of technological advancements in the healthcare sector of the North American region. Also, the favorable reimbursement policies supported by the governments is anticipated to propel the expansion of the leprosy treatment market in the years to come. Europe is expected to benefit from the rising awareness and is likely to hold its second spot through the forecast period. Asia Pacific signifies the strongest growth opportunities. The developments in the healthcare sector of fast-developing nations such as China and India are expected to catapult the leprosy treatment market in the region on an upward trajectory.
Industry News:
In February 2019, Novartis, a global healthcare company based in Switzerland, has received FDA approval for Egaten® which aims at reinforcing the company’s commitment towards the treatment of neglected tropical diseases such as fascioliasis, leprosy, and malaria.
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