Middle East and Turkey Chronic Liver Disease (CLD) Therapeutics Market, by Disease Type (Hepatitis, Alcohol Induced Liver Disease, Liver Cancer, Fatty Liver Disease, and Others), by Drug Class (Chemotherapy Drugs, Targeted therapy, Vaccines, Immunoglobulin, and Others), by Route of Administration (Oral and Parenteral), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Country (Turkey, Saudi Arabia, Israel, UAE, Egypt, and Rest of Middle East and Turkey), is estimated to be valued at US$ 1,015 million in 2021 and is expected to exhibit a CAGR of 5.8% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Middle East and Turkey chronic liver disease (CLD) therapeutics market is expected to witness significant growth in the near future, owing to presence of major market players (Gilead Sciences, Inc., AbbVie Inc., Sanofi S.A.). Market players are focused on novel product launches and regulatory approvals and adoption of inorganic growth strategies such as acquisitions, collaborations, and partnerships to strengthen their CLD therapeutics portfolio. For instance, in December 2019, IceCure Medical, a company based in Israel, received the U.S. Food and Drug Administration approval for its Cryoblation technology to expand and treat cancerous tumors in liver.
Middle East and Turkey Chronic Liver Disease (CLD) Therapeutics Market – Impact of Coronavirus (Covid-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it as a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in more than 260 million infected individuals worldwide as of December 2021.
COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channel, and by financial impact on firms and financial markets. Due to lockdown, many countries such as Saudi Arabia, UAE, Egypt, and others are facing problems with regards to the transportation of drugs. Furthermore, players operating in the Middle East and Turkey chronic liver disease therapeutics market are facing major challenges on various fronts due to the COVID-19 pandemic. The major challenges include supply of raw materials for manufacturing drug formulations due to irregularities in transportation facility and distributors facing irregular demand for products from retailers.
Thus, coronavirus (COVID-19) pandemic is expected to limit growth of the Middle East and Turkey chronic liver disease therapeutics market over the forecast period.
Browse 36 Market Data Tables and 34 Figures spread through 211 Pages and in-depth TOC on “Middle East and Turkey Chronic Liver Disease (CLD) Therapeutics Market, by Disease Type (Hepatitis, Alcohol Induced Liver Disease, Liver Cancer, Fatty Liver Disease, and Others), by Drug Class (Chemotherapy Drugs, Targeted therapy, Vaccines, Immunoglobulin, and Others), by Route of Administration (Oral and Parenteral), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Country (Turkey, Saudi Arabia, Israel, UAE, Egypt, and Rest of Middle East and Turkey).
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Key players operating in the market are focused on adopting various inorganic growth strategies such as collaborations, partnerships, and agreements, in order to expand their product offerings in the market. For instance, in June 2020, Intercept Pharmaceuticals, Inc., a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases, announced that the U.S. Food and Drug Administration (FDA) has issued a Complete Response Letter (CRL) regarding the New Drug Application (NDA) for obeticholic acid (OCA) for the treatment of fibrosis due to nonalcoholic steatohepatitis (NASH).
Key Takeaways of the Middle East and Turkey Chronic Liver Disease (CLD) Therapeutics Market:
- Middle East and Turkey chronic liver disease (CLD) therapeutics market is expected to exhibit a CAGR of 5.8% over the forecast period.
- Among disease type, hepatitis segment is expected to hold the largest market share over the forecast period, owing to increasing risk and prevalence of hepatitis virus infection in the Middle East and Turkey, which is expected to drive demand for chronic liver diseases therapeutics in the Middle East and Turkey region. For instance, according to the data published in May 2018, by National Center for Biotechnology Information, Department of Gastroenterology, 37,638 patients for hepatitis in Turkey, within which 1,534 (4%) of individuals were found to be infected with hepatitis B. Furthermore, in Turkey, around 3.3 million HBV carriers was estimated in 2018, with 58% of overall HBV prevalence.
- Among drug class, Chemotherapy Drugs segment is expected to hold the largest market share in 2021, owing to increasing launch of chemotherapy products. For instance, in April 2021, Delcath Systems, Inc., a specialty pharmaceutical and medical device company, launched its Delcath Hepatic Delivery System (CHEMOSAT) for the treatment of liver cancer at Hacettepe University Clinic in Ankara, Turkey.
- Key players operating in the Middle East and Turkey chronic liver disease (CLD) therapeutics market include Hoffmann-La Roche AG, Gilead Sciences, Inc., Intercept Pharmaceuticals, Inc., Swedish Orphan Biovitrum AB, GlaxoSmithKline Plc, Sanofi S.A, Merck & Co., Inc., AbbVie Inc., Abbott Laboratories, AstraZeneca plc, and Pfizer Inc.
