Galectin inhibitor is the therapeutics that functions by interfering the signaling pathways of galectin. Galectin is a protein, belongs to the family lectins, that acts on the galactose containing glycoproteins.
Many studies show that galectin inhibitors can successfully treat many chronic diseases such as fibrosis, cancer and inflammatory diseases. The global galectin inhibitor therapeutics market is expected to grow rapidly during the forecast period due to the increasing prevalence of fibrosis and cancer, and ongoing clinical trials by many pharmaceutical companies.
Pandemic coronavirus is believed to have a severe impact on the global galectin inhibitor therapeutics market. There has been a disruption in the supply chain resulting in a significant shortage in the supply of galectin inhibitor therapeutics across the world.
As coronavirus has become the main focus, all research institutes, biotech and pharmaceutical companies are appointed in collaboration work to deal with Covid-19. This has led to the shifting of their focus and also all the resources from making other drugs to coronavirus vaccines.
Manufacturing industries are being shuttered around the world due to lockdown causing an unprecedented technology and business model transformation.
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Galectin Inhibitor Therapeutics Market: Drivers and Restraints-
The increasing prevalence of various types of cancer and ongoing clinical trials are the major driver of the galectin inhibitor therapeutics market. The rising awareness of cancer, especially in developing countries is driving the growth of the galectin inhibitor therapeutics market.
The increasing demand for effective treatment of cancer and fibrosis with reduced adverse effects is likely to drive the growth of the galectin inhibitor therapeutics market. Furthermore, technological advancement and strong research and development activities are likely to boost the global galectin inhibitor therapeutics market.
However, stringent regulations imposed by regulatory authorities and the failure of many clinical trials are expected to restrain the growth of the galectin inhibitor therapeutics market.
Galectin Inhibitor Therapeutics Market: Overview
Based on the application, the fibrosis segment is expected to hold a major share in the galectin inhibitor therapeutics market due to the increasing prevalence of the disease across the globe. Based on the route of administration, the oral route segment is expected to dominate the galectin inhibitor therapeutics market.
Based on the distribution channel, the hospital pharmacies are expected to be the most profitable segment in the global galectin inhibitor therapeutics market due to the larger number of patients flow into the hospital.
Galectin Inhibitor Therapeutics Market: Region-wise Outlook
North America is expected to dominate the global galectin inhibitor therapeutics market, due to the technological advancement, increasing prevalence of fibrosis and cancer, rising awareness and products development in the region.
Furthermore, the increasing R&D activities for galectins related therapeutics is likely to boost the market in the region. Europe is expected to be the next, due to the presence of many ongoing clinical trials in the region.
Asia-Pacific is expected to have a rapid growth in the global galectin inhibitor therapeutics market over the forecast period due to the rapid economic development and rising healthcare expenditure in the region. Also, increasing population and prevalence of cancer in countries like China and India are expected to boost the galectin inhibitor therapeutics market.
Galectin Inhibitor Therapeutics Market: Key Market Participants
Some of the market participants in the global galectin inhibitor therapeutics market identified across the value chain include:
- G3 pharmaceuticals
- Galectin Therapeutics
- GlycoMimetics Inc.
- Galecto Biotech
- iTeos Therapeutics
- Novartis International AG
- Pfizer Inc.
- Eli Lilly
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