The latest analysis by Market Research Future (MRFR) gathers that the Global Botulism Illness Market can expect a striking growth rate of 6.4% during the forecast period (2018-2023). The market is set to gain immense traction, accruing massive revenues by the end of 2023.
Market Drivers and Key Challenges
Botulism refers to a rare and serious paralytic disorder that could be fatal. It is caused by neurotoxins which are produced by Clostridium botulinum. Few common symptoms are paralysis, speaking problems vision, weakness, breathing, and swallowing. The weakness is followed by fatigue of the limb muscles. Infants aged under 6 months are mostly targeted by these bacteria, with children with poor immune system also at risk. It can gain entry into the body via wounds, or when someone eats food contaminated by these bacteria.
World over, the botulism illness market has gained immense traction on account of the rising prevalence of diseases, availability of potent treatment methods and surging awareness among the global population. Consistent expansion rate of the healthcare industry also plays a significant role in the market growth. That said, the market growth rate could be negatively impacted by the steep cost of research required in this field.
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At present, the World Health Organization (WHO) is doing everything in its power to ensure that the botulism outbreak is curbed, backed by an efficient response if and when required. In addition to this, the botulism illness market is inundated with a number of well-established companies, although the market also consists of various small companies. The substantial share of the market is under the control of the major companies, who are striving to focus on strategic alliances as well as acquisition with the local vendors to reduce the competition and enhance their market position as well.
Key Players for Global Botulism Illness Market
The prominent companies in the global botulism illness market include Ipsen Technologies Pvt. Ltd (France), Canbex Therapeutics Ltd (US), Molecular Targeting Technologies Inc (US), Allergan Inc. (Ireland), AlphaVax, Inc (US), Galderma S. A. (Switzerland), Azidus (US), Pfizer Inc. (US), XOMA Corporation (US), Microbiotix, Inc (US), among others.
Industry Developments
May 2019
Daewoong Pharmaceutical Co. (South Korea) has recently started the sale of its botulinum toxin Nabota in the United States, after obtaining the approval from the U.S. Food and Drug Administration (FDA) for marketing. With this, Daewoong Pharmaceutical Co. expects the product to fast penetrate the botulinum illness market, helping the company secure a stable position among the leading international names.
Segments for Global Botulism Illness Market
The global botulism illness market has been segmented on the basis of type, drug type and end-user.
Depending on the type, the market is broken down into botulinum type A and botulinum type B.
The types of drugs mentioned in the report include antibiotics, antitoxins and others. Antitoxins are further segmented based on trivalent antitoxin and heptavalent botulinium antitoxin.
The end users within the market include hospital, clinics and other.
Regional Analysis for Global Botulism Illness Market
The region-wise segments within the botulism illness market are the Americas, Asia Pacific, Europe, and the Middle East & Africa.
Leading with the maximum share of the global botulism illness market, Americas reached the top position owing to factors like the growing occurrence of the disease, surge in the awareness associated with the disease along with the availability of sophisticated treatment facilities. Considering the statistics, Centers for Disease Control and Prevention (CDC) reports that approximately 145 cases are reported annually in the United States (U.S.), out of which, at least 65% are infant botulism. On that note, the expanding patient pool is expected to elevate the market growth in the coming years. Moreover, other determinants affecting the market growth include the boost in the government initiatives as well as funding for research and development in modern medical treatment. The availability of commendable reimbursement policies is poised to create substantial opportunities for the botulism illness market within the region. Centers for Medicare and Medicaid Services (CMS) reports that the health care spending in U.S. had surged by 4.3 percent to touch the value of USD 3.3 trillion per patient in the year 2016. These numbers are indicative of the rise in the per capita income of the local populace along with the growth in the healthcare spending, which is bound to work in favor of the regional market in the years ahead.
Europe has been identified as the second leading market in the global botulism illness market. The regional market has managed to reach the lucrative position on account of the availability of highly developed treatment facilities coupled with advanced healthcare infrastructure. The expansion of the patient pool adds on to the ongoing market growth as well. Apart from this, the increasing awareness with regard to different toxic bacteria and the hike in spending on research by the government are set to bring further success for the botulism illness market in the region.
Emerging as the fastest expanding market globally, Asia Pacific benefits from the growing prevalence of communicable diseases and the ballooning patient pool. In addition to this, the growth in the awareness levels regarding health, surge in government initiatives aimed at improving the healthcare infrastructure and the availability of cutting-edge treatment methods have led the market to greater heights. Also, the growing healthcare expenditure combined with the increasing standard of living of the local population is expected to bring excellent business for the botulism illness market in the region.
With the slowest growth rate, Middle East and Africa is lagging behind other regions because of less awareness levels as well as restricted availability of treatment facilities. Yet, the most growth will be noted in Saudi Arabia and the United Arab Emirates with the development of the healthcare sector coupled with the growing availability of specialty care centers. Few other factors adding to the potential of the region include the boost in the number of epidemic diseases, which is encouraging various players to plan research and development centers. This factor is touted to be the chief factor influencing the growth of the regional market in the following years.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restrains
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
TOC Continued…
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