The Fascioliasis Market Is Estimated To Witness High Growth Owing To Increased Livestock Farming In Emerging Economies
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 fasciolosis or fascioliasis, is caused by liver fluke infection belonging to the genus Fasciola. It is a parasitic disease that affects the liver of cattle, sheep, and goats. It is commonly found in areas with wet or damp pastures or lands that are suitable for intermediate snail hosts. In humans, ingestion of larvae released from infected snails can cause infection. The infection leads to acute and chronic inflammation in the liver.
Market Dynamics:
The fascioliasis market is expected to grow at a significant rate owing to increasing livestock farming especially in emerging economies. As per research by Food and Agriculture Organization (FAO) the global cattle population grew by around 4% between 2018-2019 reaching 1.5 billion heads. Additionally, sheep population grew by 1% to 1.2 billion heads. Increasing livestock population has resulted in higher chances of parasite infection especially fascioliasis which is boosting the demand for preventive and treatment drugs. Furthermore, initiatives by public and private players to control livestock diseases in developing regions is also supporting market growth. However, factors such as lack of trained veterinarians and awareness regarding fascioliasis in underdeveloped regions can hamper the market expansion.
SWOT Analysis
Strength: Fascioliasis market has three main strengths. Firstly, growing awareness regarding fascioliasis treatment has increased demand for drugs. Secondly, support from government and non-profit organizations for research and development of new drugs boosts the market. Thirdly, presence of key market players developing novel drugs drives the market growth.
Weakness: The two main weaknesses are high costs associated with drugs and lack of awareness in developing nations. Expensive drugs make treatment unaffordable for many. Also, poor awareness in developing countries related to symptoms and prevention of disease hampers market growth.
Opportunity: There are two key opportunities. Firstly, strategic collaboration between pharmaceutical companies and research institutes to develop affordable drugs can capture large patient pool. Secondly, government initiatives to spread awareness regarding fascioliasis, especially in developing nations opens new avenues.
Threats: Two major threats are patent expiries of blockbuster drugs and alternative treatment options. Patent expiry allows generic versions weakening innovator drugs market share. Also, alternative therapies like herbal medicines limit the market growth.
Key Takeaways
The Global Fascioliasis Market Growth is expected to witness high, exhibiting CAGR of 4.5% over the forecast period, due to increasing awareness about treatment and diagnosis. The market size for 2023 is US$ 361.3 Mn.
Regional analysis
Asia Pacific dominates the global market and is growing fastest, exhibiting a CAGR of over 5%, due to rising healthcare expenditure, large patient population and government initiatives in countries like India, China and Indonesia. North America is second largest region due to high diagnosis rates and availability of advanced treatment facilities in the US and Canada.
Key players
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.
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