The Fascioliasis Market Is Estimated To Witness High Growth Owing To Increasing Demand For Vaccination Developments

The Fascioliasis Market is estimated to be valued at US$ 361.3 Mn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Fascioliasis, commonly known as liver flukes or common liver flukes, is caused by parasitic flatworms known as Fasciola hepatica and Fasciola gigantica. These parasites infect the liver of sheep, cattle, and humans. The common symptoms of fascioliasis include abdominal pain, diarrhea, loss of appetite, weight loss, fever, and jaundice. Some of the major risk factors for fascioliasis include consumption of raw aquatic vegetables and water contamination. Diagnosis of fascioliasis includes identification of Fasciola eggs in stool or biopsy samples using microscopic techniques. Drugs such as triclabendazole are used for treatment of fascioliasis.

Market key trends:

Increasing global burden of fascioliasis is expected to drive the market growth over the forecast period. According to the World Health Organization (WHO), around 2.4 million people worldwide are affected by fascioliasis, with 180 million people at risk of infection. The infections are most prevalent in parts of South America, the Middle East, and Europe. Moreover, rising government initiatives to spread awareness about fascioliasis prevention and control is also expected to aid market growth. For instance, in January 2017, the Pan American Health Organization (PAHO) launched a regional strategy for the elimination of health problems caused by neglected infectious diseases and poverty-related infections. The strategy places special emphasis on combatting fascioliasis.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the market requires significant R&D investments and clinical trials to develop novel drugs.

Bargaining power of buyers: The bargaining power of buyers is moderate given the presence of numerous established suppliers. However, patent exclusivity provides significant pricing power to patent holders.

Bargaining power of suppliers: The bargaining power of suppliers is low owing to the availability of substitute suppliers in the market and brands opting for innovative drug formulations.

Threat of new substitutes: The threat of new substitutes is high as research focuses on developing novel formulations to address drug resistance issues.

Competitive rivalry: Intense among major players.

SWOT Analysis

Strengths: Strong product pipeline and focus on R&D.

Weaknesses: High costs associated with drug development and clinical trials. Dependence on seasonal factors for prevalence of the disease.

Opportunities: Growth opportunities in developing regions. Launch of novel drugs to treat drug resistant strains.

Threats: Patent expiries of major drugs. stringent regulations for drug approval.

Key Takeaways

The Global Fascioliasis Market Demand  is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing prevalence of fascioliasis infections globally. As per WHO, fascioliasis affects over 2.4 million people worldwide. The disease burden is particularly high in developing nations of Latin America, the Middle East, and parts of Asia and Africa.

Regionally, Latin America dominates the global market and is expected to maintain its leading position during the forecast period. Countries such as Peru, Bolivia, Cuba, Argentina, Ecuador have high prevalence of fascioliasis infection, accounting for over 90% of total cases in the Americas. The Asia Pacific region is estimated to register fastest growth owing to rapidly improving healthcare infrastructure and spending.

Key players operating in the fascioliasis market are Novartis AG, AMGIS Lifescience Ltd., Romark, 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, and Janssen Pharmaceuticals, Inc. Major players are focused on developing novel drug formulations to address emerging drug resistance issues and expand their presence across high potential markets.

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