Merck & Co., Inc. (NYSE:MRK) has announced that it has plan to end the development of hepatitis C experimental treatments.

The company made the announcement on Friday revealing that it plans to terminate the development of an experimental Hepatitis C drug. Merck stated that it decided to take this course of action for the experimental treatment for chronic hepatitis C due to heavy competition in the market. The decision was also based on the fact that patient population has been shrinking. Merck also decided to take that course of action after carrying out a mid-stage trial review of the data from the treatments which were ongoing at the time.

The announcement makes Merck the latest pharmaceutical company to exit from the hepatitis C market. Just a few weeks ago, Janssen Sciences Ireland UC, a subsidiary of Johnson & Johnson (NYSE:JNJ) also announced that it would terminate its hepatitis C research. Things seem to be taking a toll on the other players in the industry. Industry leader, Gilead Sciences, Inc. (NASDAQ:GILD) reported a drastic decline in sales from its hepatitis C drugs, Epclusa, Harvoni, and Sovaldi. Sales tumbled from $4 billion in the second quarter, 2016 to $2.9 billion in the second quarter of this year.

“The pace of erosion of Gilead’s HCV revenue should slow… and this category should now be a meaningful source of revenue for both incumbents for many years to come,” stated Geoffrey Porges, an analyst at Leerink Partners.

However, analysts believe that the exit of some of the rivals from the hepatitis C market could signal better fortunes for the remaining players such as Gilead. This is because there is still a significant market for those treatments. Estimates provided by the Centers for Disease Control and Prevention suggest that 2.7 million to 3.9 million people suffering from chronic hepatitis C infection in the U.S. This means that companies such as Gilead can still continue to enjoy profits from hepatitis C treatments and the numbers should also be higher when global sales are factored in.

Merck stock closed the latest trading session on Friday at $64.03 after tanking by 0.40 percent compared to the value of the stock during the previous close.