According to the latest research by Future Market Insights (FMI), the Global Filariasis Treatment Industry is poised to experience remarkable expansion, projecting a robust Compound Annual Growth Rate (CAGR) of 10.1% from 2023 to 2033. By 2033, the market is expected to reach an impressive valuation of US$ 28.68 billion.
The primary drivers of this significant growth are attributed to the escalating prevalence of filariasis and advancements in diagnostic capabilities. The market is witnessing a surge in demand due to increased awareness of the disease and the availability of effective treatments. FMI’s study indicates that the evolving landscape of medical technology is set to foster the adoption of novel drugs, contributing to the escalating demand for filariasis treatments.
Government initiatives aimed at preventing and controlling the spread of filariasis are anticipated to play a pivotal role in propelling market growth. The commitment to sanitizing and cleaning the environment, coupled with larger investments in research and development, is expected to further accelerate market expansion. As companies focus on developing innovative drugs and vaccines, the filariasis treatment market is poised for substantial growth.
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There is an ongoing study being conducted to examine mass drug administrations as a way of treating patients around the globe. An approach known as mass drug administration (MDA) involves distributing treatment medications regularly to entire populations, regardless of whether or not they suffer from the disease themselves. Through this approach, it is hoped that the disease will be prevented from spreading further. Many low- and middle-income countries recommend this protocol to prevent certain diseases, such as lymphatic filariasis, a parasite that can cause swelling and disability in the limbs.
To achieve filariasis-free states in Chhattisgarh, mass drug administration programs were organized in districts affected by filariasis. Another study where the CHC in Valpoi has started testing for filariasis at Sayyadwada to prevent the spread of the disease. Additional research funding was announced by the US$5.3 million Global Health Innovative Technology Fund for recently neglected tropical diseases such as lymphatic filariasis (elephantiasis) and onchocerciasis (river blindness).
Key Takeaways from the Global Filariasis Treatment Industry Study
- Globally, the filariasis treatment market is expected to reach US$ 28.68 billion by 2023.
- Hospitals are expected to account for 72% of all filariasis treatments between 2023 and 2033.
- The filariasis treatment drug market is projected to grow at a CAGR of 3% from 2023 to 2033.
- Over the forecast period, the Asia Pacific filariasis treatment market is forecast to grow at a CAGR of 4% during the forecast period.
- European markets are predicted to grow by 26% in market share over the next few years
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“Technological advances, approvals of new drugs, and funding for MAD will contribute to further growth in the filariasis treatment market.” comments a Future Market Insights analyst.
Global Filariasis Treatment Industry Competitive Landscape
Companies are getting more interested in developing diagnostic techniques. Many firms will likely expand their product lines, acquire other companies, or merge shortly since they’re all likely to focus on developing new diagnostic techniques.
- GSK plc announced a $1 billion funding commitment over the next decade to speed up the development of new medicines to combat infectious diseases disproportionately affecting low-income countries. In this research, new vaccines and medicines will be developed for the prevention and treatment of malaria, tuberculosis, HIV (through ViiV Healthcare), neglected tropical diseases, and antimicrobial resistance. Most countries in lower-income countries continue to suffer from these diseases, comprising 60% of the global disease burden. Albendazole donations will also be maintained until lymphatic filariasis is eliminated, and the adjuvant will be doubled for use in the RTS, S malaria vaccine by GSK.
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More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global filariasis treatment market, providing historical data for 2018-2022 and forecast statistics from 2023-2033.
To understand opportunities in the filariasis treatment market, the market is segmented based on by Type (Drug, Vaccine), by Application (Hospital, Clinic, Other) across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Key Segments Profiled in the Global Filariasis Treatment Industry Survey?
By Type:
- Drugs
- Vaccine
By Application:
- Hospitals
- Clinics
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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