Charcot-Marie-Tooth Disease Market Is Estimated To Witness High Growth Owing To Increase In R&D Activities

Market Overview:

Charcot-Marie-Tooth disease refers to a group of inherited neurological disorders that cause damage to the peripheral nerves. These nerve disorders affect the peripheral nervous system—the nerves and muscles outside of the brain and spinal cord. The common symptoms of CMT disease include muscle weakness in the feet and lower legs, muscle shrinkage in the lower leg, high-arched feet, and difficulties with foot functions like toe walking. The key advantages of CMT treatment include slowing progression of neural degeneration, reducing pain associated with the neurological damage, improving balance and mobility, and preventing further disability.

Market key trends:

The Charcot-Marie-Tooth Disease market is witnessing high growth due to increase in R&D activities leading to new product launches. For instance, Addex Therapeutics Ltd received the FDA clearance for the investigational new drug (IND) application to evaluate dipraglurant for the treatment of CMT1A. Dipraglurant is a non-dopaminergic D2/D3 receptor antagonist, being developed for various neurological disorders. The company plans to initiate a randomized, double-blind, placebo-controlled Phase 2a clinical study to assess safety, tolerability and efficacy of dipraglurant in CMT1A patients. Similarly, Affectis Pharmaceuticals AG has discovered ALM-201 as a potent and orally bioavailable neuroprotective compound. The company is evaluating ALM-201’s

The global Charcot-Marie-Tooth Disease Market Demand is estimated to be valued at US$ 793.9 Mn in 2023 and is expected to exhibit a CAGR of 23.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as research and development costs are high for new companies wishing to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power as there are few alternative treatment options available.
Bargaining power of suppliers: Suppliers have moderate bargaining power as there are number of research companies involved in drug development.
Threat of new substitutes: Threat of new substitutes is low as there are limited treatment options available for Charcot-Marie-Tooth disease.
Competitive rivalry: Intense competitive rivalry exists among existing players to develop effective therapeutics.

SWOT Analysis

Strength: Growing research and development activities for developing novel therapeutics. Increasing awareness about the disease.
Weakness: Lack of approved drug therapies. High cost of treatment. Risk of drug failure during clinical trials.
Opportunity: Rising Cases of Charcot-Marie-Tooth disease globally. Increasing government support for conducting clinical trials.
Threats: Stringent regulatory requirements. Risk of drug development. Changing reimbursement policies.

Key Takeaways

The global Charcot-Marie-Tooth disease market is expected to witness high growth, exhibiting a CAGR of 23.4% over the forecast period, due to increasing research funding for developing novel treatment options. The US dominates the global market and is estimated to grow at a high rate during the forecast period due to presence of key players, increasing awareness, and rising research activities.

Regional analysis: North America region dominates the global Charcot-Marie-Tooth disease market owing to presence of major market players and research institutes, increasing awareness about the disease, and availability of funding for research. The Asia Pacific market is projected to exhibit the highest growth rate during the forecast period owing to rising geriatric population, increasing healthcare expenditure, and growing research support.

Key players operating in the Charcot-Marie-Tooth disease market are Addex Therapeutics Ltd., Affectis Pharmaceuticals AG, Genzyme Corp, Lead Discovery Center GmbH, Pharnext SA, Acceleron Pharma, MedDay Pharmaceuticals, Bristol-Myers-Squibb Company, Inflectis Bio Science Health Company, Helixmith Co., Ltd., and Neurogene Inc.

Read More: https://www.ukwebwire.com/global-charcot-marie-tooth-disease-market-is-estimated-to-high-growth-trend-and-share-analysis/

 

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