High Funding For Research And Development And Clinical Trials Drugs To Boost The Tuberculosis Drugs Market
The Global Tuberculosis Drugs Market was valued at US$ 1,389.3 million in 2015 and is projected to expand at a CAGR of 5.9% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Growing prevalence of tuberculosis and increasing tobacco smoking is expected to drive growth of the global tuberculosis drugs market.
Drug shortage to treat tuberculosis is a major challenge to effective healthcare in the U.S., with the shortage of drug number tripling from 2007 to 2012. This factor seems to be troublesome and represents a public health threat. U.S. Government Accountability Office reported that there is 16% shortage of anti-infective drugs, including that for tuberculosis.
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In 2015, out of 580 thousand people who were eligible for multidrug resistance tuberculosis treatment, only 125 000 (20%) were registered. Five countries, namely India, China, the Russian Federation, Indonesia, and Nigeria account for over 60% of this gap. Worldwide, the multidrug resistance tuberculosis treatment success rate was 50-52% in 2013 and in 2015, approximately 55% of reported new tuberculosis patients had a documented HIV test result. The HIV-positive tuberculosis patients on an antiretroviral therapy was around 78%. This led to the wider understanding about the ailment and government and non-governmental organizations alike are focusing on developing tuberculosis preventive treatment and increasing their access to the general populace. Thus, it would boost the tuberculosis drugs market over the forecast period.
The global tuberculosis drugs market was valued at US$ 1,333.1 million in 2015 and is expected to witness a CAGR of 23.4% during the forecast period (2016 – 2024).
There was around US$ 6.6 billion revenue accessible for tuberculosis care and prevention in many of the low and middle-income countries in 2016, out of which 84% was from domestic sources. However, national tuberculosis program (NTPs) in low income countries linger to depend on international donors or foreign healthcare agencies to fund them approximately 90%. Investments in low income countries and middle income countries declined by US$ 2 billion to US$ 8.3 billion, which was needed in 2016. There were many enhancements needed in overall healthcare financing to curb new tuberculosis cases proportionally boosting tuberculosis drugs market.
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Key takeaways of the market:
The global tuberculosis drugs market is expected to expand at a CAGR of 5.9% during the forecast period (2016–2024) as there still exists a major unrealized market, especially in Asia Pacific, Latin America, Middle East and Africa
The first line drugs therapy dominates the tuberculosis drugs market in the therapy type segment as it is the primary and basic tuberculosis drugs used to treat the patients who are effected with the tuberculosis for the first time
Incidence of tuberculosis is high in Africa and Asia
There are 4 new treatment drug in clinical trials. Approval of a new drug could be a major breakthrough in the global tuberculosis drugs market.
Some of the major players involved in global tuberculosis drugs market are Pfizer Inc, Lupin Laboratories Ltd, AstraZeneca Plc, Cadila Pharmaceuticals, Novartis AG, Alkem Laboratories Ltd, and Cipla Ltd.
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