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Chagas Disease Treatment Market to Surpass US$ 10.29 Mn Threshold by 2026
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Global Chagas Disease Treatment Market, by Product Type (Benznidazole and Nifurtimox), by Distribution Channel (Hospitals, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 5.67 Mn in 2016 and is projected to exhibit a CAGR of 7.3% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Increasing approval for Chagas disease treatment drugs is expected to be a major factor driving growth of the Chagas disease treatment market.
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For instance, in 2017, the U.S. Food and Drug Administration (FDA) granted approval to Chemo Group for its drug benznidazole indicated for the treatment of Chagas disease in patients aged 2–12 years. Currently, according to data published by Centers of Disease Control and Prevention (CDC), in 2013, over 300,000 people are suffering from Trypanosoma cruzi infection in the U.S. Hence, approval of Chagas disease treatment drugs in such key regions is expected to drive growth of global Chagas disease treatment market in the near future.
Browse 22 Market Data Tables and 21 Figures spread through 133 Pages and in-depth TOC on Chagas Disease Treatment Market Product Type (Benznidazole, and Nifurtimox), Distribution Channel (Hospitals, Retail Pharmacies, and Online Pharmacies) and by Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) - Global Forecast to 2025
Increasing R&D activities by key players for gaining approval for novel Chagas disease treatment is also expected to drive growth of market. For instance, in 2016, Bayer AG launched phase 3 clinical study evaluating the efficacy and safety of its newly developed medication Nifurtimox, indicated for the treatment of Chagas disease in children of all age groups. 2016, researchers from Saint Louis University Center for Vaccine Development identified a potential new target for vaccines against Chagas disease. The development of such vaccine is expected to create an opportunity for key players to enter in this market. In 2016, Drugs for Neglected Diseases sponsored the clinical trial of Benznidazole in combination with E1224 (fosravuconazole) aiming to improve treatment for Chagas disease. The combination is in Phase 2 clinical trial. Furthermore, increasing launches of novel diagnostic methods such as rapid diagnostic test, and ELISA is expected to increase diagnosis rate for Chagas disease, which in turn is expected to increase demand for its treatment drugs. For instance, in 2016, InBios International, Inc. received 510K clearance from the U.S. Food and Drug Administration (FDA) for its Chagas Detect Plus Rapid Test Kit (CDP).
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Key Takeaways of the global Chagas Disease Treatment Market:
- The global Chagas disease treatment market is expected to exhibit a CAGR of 7.3% over the forecast period (2017–2025), owing to increasing approval of Chagas disease treatment drugs in key regions. For instance in 2017, U.S. FDA approved benznidazole in the U.S. for treatment of Chagas disease
- North America is expected to witness highest growth over the forecast period. This is due to increasing approvals of treatment drugs for Chagas such as benznidazole in 2017, in the U.S. Benznidazole is the only FDA approved treatment indicated for the treatment of Chagas disease.
- Key players in the market are focusing on gaining approvals for novel Chagas disease treatment drugs. For instance, in 2016, Drugs for Neglected Diseases sponsored the clinical trial of Benznidazole in combination with E1224, with an objective to improve treatment for Chagas disease. The combination is in Phase 2 clinical trial.
- Various private and government organizations are taking initiatives to increase the awareness about Chagas disease and to increase its treatment rate. In April 2018, an international humanitarian organization, Médecins Sans Frontières/Doctors Without Borders (MSF), launched a campaign to increase awareness about the diagnosis and treatment of Chagas disease among Latin American population.
Major players operating in the Chagas disease treatment market include Nortec Quimica SA, Bayer AG, Laboratorio Elea Phoenix SA, Maprimed S.A., and Laboratório Farmacêutico de Pernambuco S/A.
To know the latest trends and insights prevalent in the Chagas Disease Treatment Market, click the link below: https://www.coherentmarketinsights.com/market-insight/chagas-disease-treatment-market-934
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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