Pune, India, 2023 /press release/- Market Research Future Published a Half-Cooked Research Report on Global Krabbe Disease Treatment Market Research Report.
The global Krabbe disease treatment market can reach USD 6,827.9 Million by 2030 at 8.2% CAGR during the forecast period 2022-2030, as per a research report published by Market Research Future (MRFR).
Krabbe disease is an incurable medical condition where the protective coating of nerve cells around the brain are destroyed which causing nerve damage. The market has been growing continuously on account of increasing incidence of Krabbe disease across the globe. Classification of Krabbe disease under orphan disease has propelled the growth of the market. Pharmaceutical companies receive incentives to develop medicine for rare disease along with reduced fees in protocol assistance and protection from competition after the medicine is marketed. Increased government funding for drug development and easy approvals, tax credits on clinical research, reduction in the amount of registration fees also aid the growth of the market. These factors also promote research and development activities which further boosts the market growth. Increasing awareness about the disease coupled with the development of tests for screening patients is a crucial market driver. Regulations aimed at free screening of patients irrespective of health insurance cover and government aid for treatment has been a significant driver of the market. Increasing insurance penetration and better reimbursement policies favor the growth of the market and provide future growth opportunities. Approval of various drugs aimed at the treatment of Krabbe disease by FDA too is a vital growth factor. Advancements in the therapeutics such as the introduction of gene technology in the treatment of Krabbe disease are expected to drive the market significantly in the coming years. A significant trend which has been pushing the market growth is the emergence of pharmacological chaperone therapy. Pharmacological chaperone is a promising therapeutic approach which uses drugs to stabilize and guide Chaperone, an ineffective enzyme to help it perform normally. However, the growth of the market might be hindered by the limited patient pool for clinical trials. High costs of treatment for Krabbe diseases such as bone marrow transplantation, cord blood transplantation, and others are major restraints. Lack of effective treatment and high costs of development of new drugs and therapies are other restricting factors.
The global Krabbe disease treatment market has been segmented based on type of treatments and end users. By type of treatments, the market has been segmented into anticonvulsant medication, physical therapy, muscle relaxer drugs, bone marrow transplantation and others. By end users, the market has been segmented into hospitals and clinics, research centers, laboratories and others.
Explore In-depth Details: Krabbe Disease Treatment Market Research Report
The key markets of the global Krabbe disease treatment market include North America, Europe, Asia Pacific and the Middle East & Africa. North America leads the market for global Krabbe treatment owing to rise in the screening of the disease and government support for the diagnosis and treatment. Europe follows North America closely and is led by the Scandinavian nations such as Finland and Norway. Asia Pacific is poised to grow at the fastest rate due to large unmet needs and growing awareness about the disease in the developing economies of the region. Asia Pacific market is expected to be led by Japan, China, and India. The Middle East and Africa market are expected to exhibit steady growth and led by Israel. However, the African continent is foreseen to yield weak growth due to poor socio-economic conditions and lack of healthcare penetration in the less developed regions of Africa. South Africa and Egypt are likely to be the key contributors.
The global Krabbe disease treatment market is highly competitive with the presence of various large and small vendors. The notable players of the market include Abbott Laboratories, GlaxoSmithKline, Novartis AG, Sanofi-Aventis SA, UCB Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Johnson & Johnson, Pfizer, and Shire. The key players are investing heavily in clinical trials and development of new drugs and therapies to gain a competitive edge over the market.
A new life-saving saliva test has been developed which will allow the screening of newborns for Krabbe disease and various other conditions. The test will facilitate identification even before any symptoms become apparent and has been developed by a Sydney-based pathology lab, Genepath.