There is a growing need for the treatment or prevention of tropical diseases. Neglected tropical diseases are a significant cause of death and morbidity among affected communities worldwide. According to BCC Research, the total global addressable market for these diseases (see Table) was $1.4 billion in 2015. This market is projected to grow at a compound annual growth rate (CAGR) of 14.1% to surpass $2.6 billion by 2021. BCC Research’s study, Global Markets for Neglected Tropical Disease Treatments, found that some indications (such as the Ebola and Zika viruses) are resulting in double-digit sales growth, whereas others face declining investment.
The Chinese cancer intervention market is large, rapidly growing, and dominated by drug and equipment suppliers from outside of China. These are all important considerations for pharmaceutical companies in North America, Europe, and other developed regions that are seeking strong growth and high profits, reports BCC Research in a recent study, The Chinese Market for Cancer Intervention.
At the Internet of Things World 2017 conference held this month, self-healthcare emerged as one of the top 10 key areas that will drive growth in the Internet of Things. Self-healthcare was ranked with the likes of agriculture 2.0, smart cars, and energy grids. The use of over-the-counter (OTC) medications for self-treatment is on the rise. Major contributing factors include marketing of drugs in mass media, lack of time in people’s busy lives for appointments, and rising costs of health insurance. The National Library of Medicine states on its Web site that, although considered safe, there are risks associated with taking OTC medicines. Nonetheless, the market for these products is booming.
The global market for drugs that fall under the Breakthrough Therapy Designation (BTD) is forecast to grow from $48.8 billion in 2017 to $99.2 billion by 2022, according to a comprehensive market analysis by BCC Research. In 2012, the US FDA launched the BTD pathway to expedite the approval of drug candidates that are intended to treat serious or life-threatening diseases and that outperform existing therapies. The European Medicines Agency introduced a similar fast-track program, called PRIME (PRIority MEdicines), in March 2016.
“Our analysis of the breakthrough drug market shows that companies have an opportunity to leapfrog the lengthy drug approval process by up to three years, generating hundreds of millions of dollars in revenue and maximizing the length of time their drug is on the market before their patent expires,” says Kevin Fitzgerald, BCC Research Editorial Director.
OPPORTUNITY AND CHALLENGES OF A BREAKTHROUGH STATUS