North America & Europe PEGylated Drugs Market size was valued over USD 7.7 billion in 2017 and is expected to witness more than 5% CAGR from 2018 to 2024. Owing to the advent of advanced medical therapies and innovative technologies, North America and Europe PEGylated drugs market has witnessed remarkable transformation in the recent years. The massive proliferation of tech breakthroughs in the healthcare and medical devices industry has intensified the competitive landscape of this business space. Numerous firms partaking in North America and Europe PEGylated drugs market have been striving to bring forth a range of high-grade products to effectively treat chronic diseases such as cancer and multiple sclerosis. Consequentially, the unveiling of these progressive medicines and their mainstream utilization across healthcare sector would have an optimistic influence on North America and Europe PEGylated drugs industry in the forthcoming years.
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A brief overview of how technological advancements would impel North America and Europe PEGylated drugs industry trends
Citing an instance to affirm the significance of the ongoing innovations across North America and Europe PEGylated drugs industry, the European Commission approved the biopharmaceutical giant Shire’s second line combination therapy, Onivyde, in 2016. Apparently, this has made Onivyde, which basically is a pegylated liposomal irinotecan hydrochloride trihydrate, the first licensed treatment therapy that can be administered to adults with metastatic adenocarcinoma of pancreas. Reportedly, the latest EU license approval follows the U.S. Food and Drug Administration’s (FDA) sanction of the drug, after Shire secured U.S. marketing authorization in October 2015.
Speaking in the similar context, it would be prudent to mention that pancreatic cancer is the seventh leading cause of death across the world and fourth in Europe. For the record, pancreatic cancer causes approximately 330,400 deaths annually throughout the continent, as per reliable estimates. Moreover, poor prognosis and delayed medical intervention has further aggravated the current medical care scenario. However, the prevailing cancer treatment procedures would undergo a revolution of sorts with the arrival of advanced drugs such as Onivyde, which would eventually impact North America and Europe PEGylated drugs market outlook, cite analysts. For the record, cancer application held 60% of the overall North America and Europe PEGylated drugs industry share in 2017.
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Concurrently, it has been observed that a number of prominent firms are focusing on development and commercialization of targeted therapies to treat rare illnesses. For instance, one of the notable participants in North America and Europe PEGylated drugs industry, Eiger BioPharmaceuticals, Inc recently announced to have received orphan designation by U.S. FDA for its pegylated interferon lambda 1a. The Orphan Drug Designation Program provides orphan status to biologics and drugs which have been defined as safe for diagnosing, treating or preventing rare illnesses that affect less than 200,000 residents of the U.S.
As has been reported, the latest drug by Eiger is being termed as an effective potential treatment for chronic hepatitis delta virus (HDV) infection. Moreover, Lambda is said to be a first in class, well-characterized, late stage, type III interferon that stimulates immune responses which are considered critical for generating host protection from viral infections.
For the record, hepatitis delta is considered as one of the most severe forms of viral hepatitis in humans and is caused by infection with HDV. With a significant impact on global health, hepatitis delta, as per reliable estimates, affects about 15-20 million people worldwide. Therefore, the launch of Eiger’s Lambda is anticipated to predominantly assist healthcare providers in lowering the mortality rates caused by hepatitis delta. This would eventually propel the commercialization potential of North America and Europe PEGylated drugs market over the ensuing years from hepatitis treatment application. The segment accounted for a revenue of USD 156 million in 2017.
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With the swift advances being made in developing antibody drug conjugates, immunotherapies, cell therapies, and gene therapies, North America and Europe PEGylated drugs industry is projected to tread along a lucrative growth path. In addition to this, the rising acceptance of biologics drugs, including interferons, colony stimulating factors, and monoclonal antibodies, to treat chronic diseases would further boost the overall growth potential of this business space. In fact, as per a research report compiled by Global Market Insights, Inc., North America and Europe PEGylated drugs market share is estimated to surpass USD 10.5 billion by 2024.