The global neglected tropical disease treatment market size is expected to reach US$ 7.9 Billion in 2032 and exhibit growth at a CAGR of 4.3% in the forecast period from 2022 to 2032. The market is set to be valued at US$ 3.4 Billion in 2022. The rising launch of various innovative programs by governments to tackle these diseases is set to propel the sales of neglected tropical disease treatment products in the upcoming years.
| Report Attribute | Details |
|---|---|
| Neglected Tropical Disease Treatment Market Estimated Base Year Value (2021) | US$ 2.1 Billion |
| Neglected Tropical Disease Treatment Market Expected Market Value (2022) | US$ 3.4 Billion |
| Neglected Tropical Disease Treatment Market Anticipated Forecast Value (2032) | US$ 7.9 Billion |
| Neglected Tropical Disease Treatment Market Projected Growth Rate (2022 to 2032) | 4.3% CAGR |
Neglected tropical diseases are a group of poverty-promoting, debilitating, and chronic bacterial, parasitic, fungal, and some viral infections. These are mainly prevalent among the poorest people residing in emerging economies.
The elimination and control of these diseases has currently become a priority for achieving targets to reduce sustainable poverty and to attain the United Nations Millennium Development Goals (MDGs).
While drug treatments are available for these diseases, they don’t often reach people who are in need. Thus, many non-governmental and governmental organizations are striving to provide innovative drugs and enhance the healthcare infrastructure in regions where these diseases are the most prevalent.
Several drug manufacturing companies are also donating state-of-the-art medicines to help with the treatment of neglected tropical diseases. Some of the available treatments do not require the presence of healthcare professionals and are easy to administer.
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The rising prevalence of neglected tropical diseases in emerging countries owing to multiple factors, such as the absence of proper hygiene maintenance and shortage of basic services including clean water is estimated to boost the global neglected tropical disease treatment market growth. The increasing usage of antiparasitic drugs, antiviral drugs, and antibacterial drugs for the treatment of Chagas disease, African sleeping sickness, Buruli ulcer, and leishmaniasis is another vital factor that is projected to drive the market.
Government bodies of various countries are consistently creating awareness among people regarding the availability of medicines for the treatment of these diseases. They are aiming to encourage people to practice better health practices in their everyday lives. Numerous companies across the globe are consistently investing huge sums in research and development activities to create new treatment options.
As neglected tropical diseases occur in poor parts of countries, the lack of awareness among people may decline sales of neglected tropical disease treatment options. The lack of access to cutting-edge medications and the presence of an underdeveloped healthcare infrastructure in these countries are a couple of other factors that may obstruct the growth in this market.
Principal Consultant
Asia Pacific is expected to remain at the forefront in future years by generating the largest neglected tropical disease treatment market share. This growth is attributable to the presence of a huge target population and the rising GDP rate in India and China.
The increasing prevalence of neglected tropical diseases, such as trichuriasis, rabies, hookworm infection, visceral leishmaniasis, dengue fever, and ascariasis in these developing countries is another significant factor that is projected to bode well for the regional market. The Indian government, for instance, has collaborated with the World Health Organization (WHO) to make financial investments in healthcare to eliminate and reduce cases of such diseases.
The increasing untapped potential for the treatment of patients suffering from neglected tropical diseases in Brazil and Mexico is anticipated to augur well for the Latin America market. The rising number of awareness programs conducted by governments of these countries is also set to push the demand for neglected tropical disease treatment options in Latin America.
As per a study published in the National Library of Medicine, nearly 40% of the projected 556 million people living in the Caribbean and Latin American region are below the poverty line. It includes 74 million people who live on less than US$ 2 per day and 47 million people that live on less than US$ 1 per day. These numbers are expected to grow at a rapid pace in the forthcoming years, thereby propelling the regional market.
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Some of the leading companies present in the global neglected tropical disease treatment market include Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., Omega Diagnostics Group PLC, Abbott, Oscar Medicare Pvt Ltd., Genome Diagnostics Pvt. Ltd., and ZeptoMetrix among others.
Majority of the key players operating in the global market are increasingly focusing on partnerships, collaborations, and new product development to strengthen their positions. Meanwhile, a few other companies are aiming to gain fast track approvals from regulatory bodies, such as the U.S. FDA to distribute and market their products.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.3% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Drug Class, Disease Type, Distribution Channel, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Thermo Fisher Scientific, Inc.; F. Hoffmann-La Roche Ltd.; Omega Diagnostics Group PLC; Abbott; Oscar Medicare Pvt Ltd.; Genome Diagnostics Pvt. Ltd.; ZeptoMetrix |
| Customization | Available Upon Request |
The global neglected tropical disease treatment market is set to exceed US$ 7.9 Billion in 2032.
Asia Pacific is expected to lead the neglected tropical disease treatment market in the forecast period.
Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche Ltd., Omega Diagnostics Group PLC, Abbott, and Oscar Medicare Pvt Ltd. are some of the renowned companies in the neglected tropical disease treatment market.
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Neglected Tropical Disease Treatment Market
