Global Neglected Tropical Disease Treatment Market - 2022-2029
The global neglected tropical disease treatment market size was valued US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 5.55% during the forecast period (2022-2029).
Neglected tropical diseases (NTDs) are a series of 20 diseases mostly found in tropical areas, disproportionately impacting poor people, women and children. People suffer from terrible health, societal, and economic effects due to these disorders. Many neglected tropical diseases (NTDs) are curable with existing medications. Certain therapies are simple to apply and do not necessitate the use of medical specialists. In contrast, while medication therapies are available for several NTDs, they do not always reach the people who need them the most.
The neglected tropical disease treatment market growth is driven by several factors, such as initiatives taken by several organizations globally, increase in migrant population in developed nations, and a lack of proper sanitation and awareness in developing countries.
Increasing funding for drug discovery for the neglected tropical disease is expected to drive market growth.
Recent international efforts to balance the investment between neglected and other diseases have begun reshaping the landscape. For instance, according to the first annual report, the estimated financing gap is $300 million per year. According to the third progress report, pharmaceutical companies have pledged medications worth $17.8 billion for the ten diseases until 2020. Moreover, WHO recently welcomed the establishment of a $100 million fund to aid in eradicating two devastating infectious NTDs: onchocerciasis (river blindness) and lymphatic filariasis (elephantiasis). The Crown Prince of Abu Dhabi and the Bill and Melinda Gates Foundation have each pledged US$20 million, with the remaining US$60 million generated through collaboration with other donors and foundations. Thus, from the above statements, the market is expected to drive in the forecast period.
Lack of awareness cause sales of neglected tropical disease treatment options to fall. These nations lack access to cutting-edge drugs and an inadequate healthcare system. Thus, the abovementioned factors are expected to get hampered in the forecast period.
The neglected tropical disease treatment market provides in-depth analysis of the market based on various industry factors such as porter five forces, supply chain, pricing analysis, regulatory approvals etc.
Medication segment is expected to hold the largest market share in neglected tropical disease treatment market.
The medication segment accounted for the largest market share in 2021. The segment is further sub-segmented into antibiotic, antiparasitic, anti-inflammatory, anti-microbial, and anti-fungal. Among medications, antiparasitic drugs are most commonly used for treating neglected tropical diseases, as many of them are caused by parasitic transmission. The high prevalence of parasite-infected diseases in remote and rural areas and urban slums due to poor sanitation practices have increased the demand for antiparasitic drugs. Several FDA-approved antiparasitic drugs are on the market to treat neglected tropical diseases, and many major players are developing new and advanced medicines for faster treatment. For instance, on November 8, 2021, Orlando, Fla-based Profounda announced the Food and Drug Administration (FDA) approved an Orphan Drug Designation for the use of the company’s therapy, miltefosine (Impavido), to treat invasive candidiasis. Miltefosine is an oral, FDA-approved treatment for visceral, mucosal, and cutaneous leishmaniasis in individuals aged 12 and up. Thus, from the above statements, the marker=t segment accounted for the largest market share in the forecast period.
North America region holds the largest market share in the global neglected tropical disease treatment market
North America accounted for the largest market share in 2021. Owing to the highly aware population, advanced healthcare infrastructure, favorable government initiatives, increase in migrant population over the region and presence of major companies. North America has the requisite insect vectors, the climate, and the ecology to support the presence of these diseases and, of course, a susceptible human population to become infected. North America has the requisite insect vectors, the climate, and the ecology to support the presence of these diseases and, of course, a susceptible human population to become infected. According to the Centers for Disease Control and Prevention (CDC), Chagas disease is the new HIV in the U.S., with around 300,000 people suffering from it and about 315 babies born with it yearly. Moreover, in March 2019, Novartis joined the Global Chagas Disease Coalition and announced the first multinational, prospective, randomized study in people with chronic Chagas cardiomyopathy. Thus, from the above statements, the North American region accounted for the largest market share in the forecast period.
Major key players in the neglected tropical disease treatment market are Bayer AG, F. Hoffmann-La Roche Ltd., GlaxoSmithKline Plc, Novartis AG, Pfizer Inc., Cipla Limited, AbbVie Inc., Takeda Pharmaceuticals, Serum Institute of India and, Visterra Inc.
Bayer is a Life Science company with a more than 150-year history and core health care and agriculture competencies. The Bayer Group is managed as a life science company with three divisions Pharmaceuticals, Consumer Health and Crop Science, which are also our reporting segments. The Enabling Functions support the operational business. In 2019, the Bayer Group comprised 392 consolidated companies in 87 countries. The Pharmaceuticals division focuses on prescription products, especially cardiology and women’s healthcare, and specialty therapeutics in oncology, hematology and ophthalmology. The Consumer Health division markets mainly nonprescription (OTC) products in the dermatology, nutritional supplement, analgesic, digestive health, cold, allergy, sinus and flu categories.
Praziquantel (Biltricide): This medication is used to treat infections of certain parasites (such as Schistosoma and liver flukes). Curing parasitic infections helps to improve your health and quality of life. Praziquantel belongs to a class of drugs known as anthelmintics. It works by killing the parasites.
The global neglected tropical disease treatment market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.
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