FASCIOLIASIS MARKET ANALYSIS

The global fascioliasis market is estimated to be valued at US$ 361.3 million in 2023 and is expected to exhibit a CAGR of 4.52% during the forecast period (2023-2030).

Analysts’ Views on Global Fascioliasis Market:

The global fascioliasis market's growth can be hindered by lack of standardization of diagnostic testing and treatment alternatives for the prevention and control of fascioliasis. Triclabendazole is the only U.S. FDA approved drug for the treatment of fascioliasis. For instance, in February 2022, Novartis AG, a pharmaceutical company, announced that they had started a phase IV, multi center, open label study to determine the safety and tolerability and clinical outcome of triclabendazole in 6 years of age or older patients with fascioliasis. The trial is expected to be completed in March 2026.

Figure 1. Global Fascioliasis Market Share (%), by Drug, 2023

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Global Fascioliasis Market – Driver

Ongoing research and development by key market players

Ongoing research and development by key market players is expected to drive the fascioliasis market over the forecast period. For instance, in July 2020, Romark, L.C., a pharmaceutical company, announced that they had started a clinical trial on Nitazoxanide to evaluate the safety and efficacy of nitazoxanide in the treatment of mild or moderate COVID-19.

Figure 2. Global Fascioliasis Market Value (US$ Million), by Region, 2023

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Global Fascioliasis Market- Regional Analysis

Among regions, Africa is estimated to hold a dominant position in global fascioliasis market over the forecast period. Europe holds 31.1% of market share due to increasing prevalence of fascioliasis in the region. According to data published by Springer Journal, in April 2018, the prevalence of fascioliasis in Africa was 5.9% in the systematic review of 2018.

Global Fascioliasis Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it as a public health emergency on January 30, 2020.

The COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a negative impact on the global fascioliasis market. For instance, in November 2020, according to the data published in Frontiers Journal, during the COVID-19 pandemic, it was stated that albendazole is partially effective against fascioliasis hepatica when used in COVID-19 positive patient and impacted negatively in the treatment.

Global Fascioliasis Market Segmentation:

The global fascioliasis market report is segmented into three Drug, Distribution Channel and Region

Based on Drug, the market is segmented into Triclabendazole, Albendazole, and Nitazoxanide. Out of which, triclabendazole segment is expected to hold dominant position in fascioliasis market during the forecast period and this is attributed due to increase in use of Triclabendazole for the treatment of Fascioliasis, as Triclabendazole drug is the only treatment of Fascioliasis approved by the U.S. Food and Drug Administration.

Based on Distribution Channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies. Out of which, hospital pharmacies segment is expected to dominate the market over the forecast period and this is attributed to the increase in number of hospital pharmacies.

Among all segmentation, drug segment has highest potential due to increasing product approval by regulatory authorities such as the U.S. Food and Drug Administration for the fascioliasis.

Global Fascioliasis Market Cross Sectional Analysis:

In distribution channel segment, hospital pharmacies hold a dominant segment in North America region due to the increasing number of hospital pharmacies. For instance, in January 2022, according to the data provided by the National Association of Pharmacy Regulatory Authorities, there were 11,814 pharmacies in Canada till January 2022.

Global Fascioliasis Market: Key Developments

Ongoing research and development on nitazoxanide is expected to drive the global Fascioliasis market growth over the forecast period. For instance, in May 2020, a research study was conducted by Tanta University to check the safety and efficacy of nitazoxanide combination as adjuvant therapy in COVID-19 newly diagnosed Egyptian patients.

Global Fascioliasis Market: Key Trends

Increasing prevalence of fascioliasis is expected to drive the global fascioliasis market over the forecast period.

Increasing prevalence of fascioliasis is expected to drive the fascioliasis market growth over the forecast period. For instance, in June, 2021, according to the data published by Journal of Pure and Applied Microbiology, a study was conducted in Saudi Arabia to determine the Fascioliasis infection rate. A survey revealed that 700 million domestic animals around the world were infected with liver flukes as the prevalence of Fascioliasis is highly affected by the number of  livestock.

Global Fascioliasis Market: Restraint

Lack of standardization of diagnostic testing and treatment alternatives for the prevention and control of fascioliasis to hinder the market.

Lack of treatment alteratives for fascioliasis is expected to hinder the global fascioliasis market growth over the forecast period. For instance, in November 2020, according to data published by National Center for Biotechnology Information, as Fascioliasis is an emerging infection around the world with an uncertain burden, lack of standardization of diagnostic testing and treatment alternatives for the control and treatment of fascioliasis which hinder the global fascioliasis market over the forecast period.

Global Fascioliasis Market - Key Players

Major players operating in the global fascioliasis market include Novartis AG, AMGIS Lifescience Ltd., Romark, L.C., AbbVie Inc., Merck KGaA, AdvaCare Pharma, Intas Pharmaceuticals Ltd., Procyon Life Sciences, Adroit Pharmachem Pvt Ltd., Sun Pharmaceutical Industries Ltd., RV Lifesciences Limited, Grampus Laboratories, Janssen Pharmaceuticals, Inc.

Definition: Fascioliasis is a parasitic worm infection commonly caused by Fasciola hepatica and Fasciola gigantica that is acquired by eating wild watercress contaminated by sheep or cattle dung. Early symptoms of fascioliasis include a swollen liver, fever, and nausea. The chronic phase is identified by inflammation and hyperplasia and thickening of bile ducts and gall bladder. Triclabendazole is the only recommended medicine by World Health Organization for treatment of human fascioliasis.