Fabry Disease Market Statistics, Global Overview and Forecast to 2023
Market Overview:
The global Fabry disease market is expected to exhibit a strong 6.8% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global Fabry disease market is profiled in detail in the report, taking into account the market’s historical trajectory as well as major drivers and restraints. The major drivers and restraints affecting the global Fabry disease market are profiled in detail in the report in order to provide readers with a complete overview of the market’s likely growth patterns in the coming years. Leading players operating in the global Fabry disease market are also profiled in the report.
Fabry disease is an inherited X-linked disorder affecting the enzymes that process biomolecules known as sphingolipids. This leads to an inability to process sphingolipids, causing the latter to build up in various body organs and blood vessels. Fabry disease primarily affects the skin, heart, and kidneys. It is mainly treated through enzyme replacement therapies, as they have proven to be an effective barrier to the progression of Fabry disease. Increasing sophistication in the development of synthetic and bio-identical enzymes for use in medicine is likely to be a major driver for the global Fabry disease market over the forecast period.
Extensive research and development aimed at curing Fabry disease is likely to be a major driver for the Fabry disease market over the forecast period. Drug development in the Fabry disease market has picked up pace in recent years, with Amicus Therapeutics launching Galafold capsules 123 mg in May 2018 and Protalix’spegunigalsidasealfa undergoing phase 3 clinical trials, to name a few. The increasing research into genetic therapies is also likely to be a major driver for the global Fabry disease market over the forecast period. As Fabry disease is a genetic disease, there is strong potential for advances in the field of genetics to cure the disease effectively. This has driven strong research and development efforts in the field of Fabry disease in the last few years. This is likely to remain a major driver for the Fabry Disease Market Share over the forecast period.
Competitive Analysis:
Teva Pharmaceutical Industries Ltd., Takeda Pharmaceutical Company Limited, Shire, Sanofi, Protalix, Idorsia Pharmaceuticals Ltd., AVROBIO Inc., Pfizer Inc., Novartis AG, Neuraltus Pharmaceuticals Inc., iBio Inc., GSK plc, Bristol-Myers Squibb Company, Amicus Therapeutics Inc., and Amgen Inc.
Segmentation:
· The global Fabry disease market is segmented on the basis of type, diagnosis, treatment, end use, and region.
· By type, the global Fabry disease market is segmented into type 1 and type 2.
· By diagnosis, the global Fabry disease market is segmented into blood test, urine test, thyroid test, lung function test, imaging, hearing and eye examination, and others. The imaging segment is further subclassified as electrocardiogram, echocardiogram, brain MRI, CT, and others.
· By treatment, the global Fabry disease market is segmented into enzyme replacement therapy, gene therapy, pharmaceutical formulations containing agalsidasealfa, analgesics, anticonvulsants, nonsteroidal anti-inflammatory drugs, and others.
· By end use, the global Fabry disease market is segmented into hospitals and clinics, diagnostic centers, research and academic institutes, and others.
Regional Analysis:
The Americas is expected to dominate the global Fabry disease market, followed by Europe. Rising healthcare expenditure and rising awareness about the condition are the major drivers for the Fabry disease market in the Americas, especially North America. Fabry disease is a genetic condition.
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As such, the regional leaderboard for the Fabry disease market is dominated by regions where genetics studies have progressed at a strong rate and the field of genetic therapies and enzyme replacement has advanced sufficiently to be accessible for the population. In Asia Pacific, the high costs of enzyme replacement therapy have kept the market down in the past.