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Market Overview:
Amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease is a progressive neuromuscular disease that affects nerve cells in the brain and spinal cord. It leads to loss of muscle control. The disease causes motor neurons to break down or die and stop sending messages to muscles. This causes muscle weakness, atrophy and paralysis. As muscle weakness gets worse over time, patients in the later stages may become completely paralyzed. Current treatment options aims to manage the symptoms of ALS and extend lifespan.
The Amyotrophic Lateral Sclerosis Treatment Market is estimated to be valued at US$ 692.77 Million in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The major drivers expected to boost the Amyotrophic Lateral Sclerosis Treatment Market include rising cases of ALS across the globe and growing research & development activities for disease modifying therapies. According to Alzheimer’s Disease International, there are approximately 5,000 new cases of ALS annually in the U.S. alone. Further, various ongoing drug trials for novel treatment therapies, such as gene therapies are also expected to support market growth during the forecast period. For instance, Brainstorm Cell Therapeutics is evaluating their NurOwn stem cell therapy in phase 3 clinical trials for ALS. Moreover, funding from government and non-profit organizations for ALS research and increasing awareness about disease are some other factors anticipated to fuel the market growth over the coming years.
Segment Analysis
The amyotrophic lateral sclerosis treatment market is segmented based on treatment type into stem cell therapy, small molecules medications and biologics. The small molecules medications segment currently dominates the market due to the availability of approved drugs such as Rilutek and Radicava.
PEST Analysis
Political: Government regulations around drug approval and clinical trials affect the entry of new players in this market. Economic: The rising healthcare expenditure and increasing awareness about ALS is fueling the market growth. Social: Growing support from patient advocacy groups and charities for ALS research is positively impacting the market. Technological: Advancements in areas of drug discovery and development including stem cell therapy hold promise for effective treatment options.
Key Takeaways
The global amyotrophic lateral sclerosis treatment market is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing R&D investments from key players.
Regionally, North America dominated the market in 2023 driven by the presence of major players and availability of approved drugs in the US market.
Some of the key players operating in the amyotrophic lateral sclerosis treatment market are Orion Corporation, Bausch Health Companies Inc., CYTOKINETICS, INC., Aquestive Therapeutics, Inc., Sanofi ,Covis Pharma, Sun Pharmaceuticals Industries Ltd, Mitsubishi Tanabe Pharma Corporation, BrainStorm Cell Limited, ViroMed Co., Ltd, Ionis Pharmaceuticals, Genervon Biopharmaceuticals, LLC, Biogen, Orphazyme A/S, Apotex Inc, Neuralstem, Inc., Implicit Bioscience, F. Hoffmann-La Roche Ltd, AB Science and ADVANZ PHARMA.
Key players like Biogen, CYTOKINETICS, INC. and BrainStorm Cell Limited are investing heavily in R&D of novel treatment approaches and drug development to strengthen their presence in the market. Further, partnership and collaboration activities have also increased among players to accelerate drug development and commercialization.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
