Wilmington, Delaware, United States, June 26, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – In 2022, the global industry was estimated to be worth $594.1 million. It is expected to increase at a 5.5% CAGR from 2023 to 2031, reaching more than US$ 958.2 million by the end of 2031.
The development of the amyotrophic lateral sclerosis treatment market is anticipated to be fueled by the accessibility of greater healthcare spending; a spike in unmet medical requirements, and an upsurge in customer demand for ALS drugs including Riluzole.
Furthermore, the rise in patient knowledge of the necessity of early diagnosis and treatment of amyotrophic lateral sclerosis stimulates demand for amyotrophic lateral sclerosis treatments. Increased incidence of amyotrophic lateral sclerosis is expected to fuel the worldwide amyotrophic lateral sclerosis treatment market over the forecast time frame. The incidence of ALS has been progressively growing; approximately two to five individuals per 100,000 are affected with ALS globally. Here are a few of the variables that are contributing to the increasing prevalence of ALS:
ALS primarily affects people between the ages of 40 and 70, and the incidence of the illness rises with age. As the world's population ages, there is a greater chance that more people will be diagnosed with ALS. ALS is inherited in 5% to 10% of patients, which means it is caused by certain genetic abnormalities. Advances in genetic testing have enabled more accurate identification of people who contain certain mutations, resulting in higher diagnosis rates.
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Key Takeaways from the Market Report
- During the projected period, the Asia Pacific market is expected to increase at a CAGR of 5.4% in the worldwide market.
- The medication segment is expected to grow at a CAGR of 5% over the forecast period.
- The hospital pharmacies distribution channel segment is poised to grow at a CAGR of 5.3% over the upcoming decades.
- In North America, the United States is estimated to account for 62% of the market.
- The North American market accounted for a market share of 59% in 2022
Amyotrophic Lateral Sclerosis Treatment Market: Prominent Drivers and Trends
- A healthy product pipeline indicates that there are numerous potential medicines in various phases of development, such as preclinical investigations, clinical trials, and regulatory evaluation. This multiplicity of therapy choices gives patients and physicians optimism since it raises the possibility of finding effective ALS medicines.
- For instance, NurOwn is an investigational medicine developed by BrainStorm Cell Therapeutics. These MSCs have been genetically engineered to secrete substances that aid in the continued existence and operation of motor neurons.
- The hospital pharmacies distribution channel is expected to account for the majority of the worldwide amyotrophic lateral sclerosis treatment market throughout the projected period. Patients with amyotrophic lateral sclerosis require frequent hospitalizations.
- Because of advantageous reimbursement regulations, the number of patients cured in hospitals is rising. During the forecast time frame, the segment is expected to increase rapidly. This is attributed to increased knowledge of amyotrophic lateral sclerosis and the tendency of patients and clinicians to use novel and superior medications.
- The medication segment led worldwide amyotrophic lateral sclerosis (ALS) treatment market demand in 2022. Rilutek (riluzole) and Radicava (edaravone) are two medications used to treat amyotrophic lateral sclerosi.
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Amyotrophic Lateral Sclerosis Treatment Market: Regional Analysis
- According to amyotrophic lateral sclerosis treatment market dynamics, North America is the primary market for the treatment of this disease, with the United States being among the largest. The industry in North America is being driven by an elevated incidence of amyotrophic lateral sclerosis, a growing older population, and a rise in demand for novel medical treatments for the condition.
- The presence of a significant number of pharmaceutical firms, as well as widespread knowledge about the treatment of amyotrophic lateral sclerosis, are projected to boost the market in North America in the coming years.
- Asia Pacific is a rapidly increasing market for amyotrophic lateral sclerosis (ALS) treatment, with nations like China and India being significant markets for ALS medications. Furthermore, the region's fast-increasing medical service sector is likely to boost the marketplace in the years ahead.
Competitive Landscape
Product line development and mergers and acquisitions are significant strategies employed by market leaders.
- QALSODY was approved by the USFDA in April 2023 for the treatment of amyotrophic lateral sclerosis (ALS) in adults with a mutation in the superoxide dismutase 1 (SOD1) gene by Biogen, Inc.
- Mitsubishi Tanabe Pharma America, Inc. got the Food and Drug Administration's authorization in May 2022 for RADICAVA ORS (edaravone), the oral version of edaravone, for use in the treatment of amyotrophic lateral sclerosis (ALS)
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Amyotrophic Lateral Sclerosis Treatment Market: Key Segments
Type
- Sporadic ALS
- Familial ALS
- Treatment
- Medication
- Stem Cell Therapy
- Others
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Others
By Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
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