The global chikungunya treatment market is estimated to garner a hefty amount of revenue and grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing occurrence of chikungunya, and rise in awareness about mosquito-transmitted infections around the world. According to the World Health Organization, Asia and the Americas were the regions most affected by chikungunya. Pakistan faced a persistent outbreak that started in the year 2017 and reported 8,387 cases, while India suffered with 62,000 cases. Apart from these, ongoing government initiatives regarding prevention control of mosquito breeding, coupled with rising consciousness among people associated with mosquito bites and its consequences, are also expected to be crucial factors driving market growth in the upcoming years. Furthermore, escalating unmet needs for chikungunya diagnosis in the developing and under-developed regions of Asia and Africa, are projected to further the scope of medical examination possibilities for disease control, which in turn is assessed to offer profitable opportunities to the market in the near future.
The market is segmented by end user into hospitals and clinics, academic institutes, research laboratories, and others, out of which, the hospitals and clinics segment is anticipated to hold the largest share in the global chikungunya treatment market. This can be accounted to the large patient pool of chikungunya in hospitals, and high preference of people to be treated in a well-established healthcare facility. In addition, the research laboratories segment is predicted to observe the highest CAGR over the forecast period owing to the increasing number of ongoing researches to develop specific treatment for curing the chikungunya virus. Moreover, on the basis of route of administration, the oral segment is evaluated to occupy the largest share over the forecast period, which can be credited to the cost-effectiveness, non-invasive nature and convenience of taking drugs by this route of dosage. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global chikungunya treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing prevalence of mosquito-transmitted diseases, and rising number of alliances among western market players. Along with these, subsistence of unsanitary conditions in several regions of the Asia is also anticipated to drive APAC’s market growth in the coming years. Additionally, the market in North America is expected to acquire the most significant share during the forecast period ascribing to the extensive research and development activities in the healthcare sector, especially in the United States, and presence of well-established healthcare infrastructure in the region. As per the data provided by the Centers for Medicare and Medicaid Services, U.S. health care spending reached USD 3.8 trillion in 2019. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent.
The global chikungunya treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global chikungunya treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing occurrence of chikungunya globally and rising awareness about mosquito-transmitted infections.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
Lack of skilled professionals for treating chikungunya fever is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing prevalence of mosquito-transmitted diseases in the region.
The major players in the market are Bio-Rad Laboratories, Inc., Quest Diagnostics Incorporated., Sanat Products Ltd., Taj Pharmaceuticals Limited., Etubics Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by strain type, drug class, route of administration, end user, and by region.
The oral segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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