The therapeutic Area Market refers to a certain area of diseases or ailments for which there are established medical treatments or prospective remedies in development. It is a method of classifying pharmaceuticals without regard to the type of therapy, mode of action, or manufacturer, but rather by the ailment it treats. Oncology expenditures are predicted to exceed US $300 billion by 2025. With estimated expenditures of roughly US $190 billion, immunology is expected to rank second.
According to the January 2021 publication "The Longitudinal Ageing Study in India (LASI)," around 75 million Indians aged 60 and older suffer from a chronic condition. Around 45 million suffer from cardiovascular disease and hypertension, while 20 million have diabetes. Consequently, the high prevalence of chronic diseases in the country will increase the demand for cost-effective therapies, such as digital therapeutic devices, and drive the market under study. There has been an increase in the therapeutic use of technology for medical ailments. People in developed markets are becoming increasingly aware of the advanced medical treatments available. The Organization for Economic Co-operation and Development said in July 2019 that healthcare spending as a percentage of GDP climbed significantly in 2020, as the economic situation deteriorated and health spending soared in several OECD nations. In 2020, health expenditures per capita for a group of 16 nations are projected to increase by approximately 4.9% on average. So, the choice has turned toward enhanced services in the medical industry, including the rising demand for therapeutic gadget developments. Product approval is another aspect contributing to the expansion of the industry. In December 2020, for instance, the United States Food and Drug Administration granted San Francisco and London-based Mahana Therapeutics a De Novo marketing authorization for a product called Parallel, which according to company literature is an 8-week cognitive behavioral therapy program for people with irritable bowel syndrome. Such approvals will stimulate market expansion.
The increasing prevalence of chronic illnesses contributes to the segment's expansion. According to the International Diabetes Federation (IDF), roughly 536 million adults (20-79 years of age) had diabetes in 2021, and this number will increase to 783 million by 2045. In the majority of countries, the prevalence of type 2 diabetes is increasing, and 79% of adults with diabetes reside in low- and middle-income countries, where 1 in 5 persons over 65 have the disease. In the majority of countries, the prevalence of type 2 diabetes is increasing, and 79% of adults with diabetes reside in low- and middle-income countries, where 1 in 5 persons over 65 have the disease.
Acute Market Reports specializes in market research and consulting for therapeutic area markets. Our clients benefit from Acute Market Reports' futuristic research technique, which enables them to make timely, well-considered business decisions. We work with a wide range of industry participants to give cutting-edge strategic research solutions to our global clients.
