Sarasota, FL -- (SBWIRE) -- 05/24/2018 -- Global Breakthrough Therapy (BT) Designation Market: Overview
The breakthrough designation therapy is granted to medicines/drugs that bring about considerable betterment in syndrome conditions as compared to existing therapies at the time of preliminary stages of medical trials for the healing of life-threatening syndromes. Growing number of molecules gaining BT designation, along with an increase in the demand and requirement for cancer therapies as well as drugs for rare illness, is likely to fuel the global breakthrough therapy (BT) designation market in the coming years.
Global Breakthrough Therapy (BT) Designation Market: Growth Factors
The global breakthrough therapy (BT) designation market is likely to witness a consistent increase in the number of medicines gaining breakthrough therapy status in the U.S. It is projected to propel the number of applications submitted for the same, thus contributing to market development. Augment in the increase of patients preferring advanced drugs in developed countries is likely to be the most important aspect propelling the growth of the global breakthrough therapy (BT) designation market. Increasing healthcare spending in emerging countries and the advancement of Intellectual Property (IP) regulation are also among the growth aspects projected to fuel the demand and requirement for innovative drugs for the treatment of life-threatening syndromes. Currently, emerging countries are expected to hold a maximum market share of the generic drugs market due to comparatively low healthcare expenditure.
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Global Breakthrough Therapy (BT) Designation Market: Segmentation
The global breakthrough therapy (BT) designation market is categorized in terms of application, which is further divided into infectious diseases, oncology, autoimmune diseases, rare diseases, neurological disorder, pulmonary diseases, and others.
Global Breakthrough Therapy (BT) Designation Market: Regional Analysis
North America is expected to hold the largest market share for the global breakthrough therapy (BT) designation market due to favorable IP regulatory laws that are likely to reward innovation through data protection and patent. Improved access to healthcare, higher per capita income, rises in preference for innovative drugs by consumers, and increase in the prevalence of chronic diseases are among most important aspects fuelling the growth of the market. The European region for the breakthrough therapy (BT) designation market is likely to be the second biggest market for BT drugs due to improved infrastructure as well as reimbursement policies. Customers in this region have more preference towards innovative drugs. As per the European Federation of Pharmaceutical Industries and Associations, diseases which are associated with the cardiovascular system, respiratory system, cancer, nervous system, and digestive system, are among the most important causes of death in Europe. Latin America and the Asia Pacific are expected to witness lucrative development in the coming future. Countries, for instance, South Africa and Saudi Arabia have comparatively high spending power, due to which they are profitable markets for breakthrough therapy designation market.
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Global Breakthrough Therapy (BT) Designation Market: Competitive Players
Some of the most important market players in the global breakthrough therapy (BT) designation market are GlaxoSmithKline Plc., Gilead, F. Hoffmann-La Roche Ltd, Pfizer, Inc., Novartis AG, Janssen Global Services, LLC, AbbVie, Inc., Eli Lilly and Company, Bristol-Myers Squibb Company, Regeneron, Sanofi, Boehringer Ingelheim GmbH, Acadia Pharmaceuticals, Inc., AstraZeneca, and Amgen, Inc., among others.
Global Breakthrough Therapy (BT) Designation Market: Regional Segment Analysis
North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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