by The Friedreich’s ataxia market is primarily driven by the progressive nature of the disease and lack of any approved treatment options. Friedreich’s ataxia is an inherited disorder that causes progressive damage to the nervous system, leading to loss of coordination and mobility. The disease mainly affects the sensory neurons located in the spinal cord and hinders body movements. Currently, treatment approaches only focus on managing symptoms and improving quality of life.
The global Friedreich’s ataxia market is estimated to be valued at US$ 1121.42 Mn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Key players operating in the Friedreich’s ataxia market are Reata Pharmaceuticals, Inc., Retrotope Inc., Minoryx, PTC Therapeutics, Design Therapeutics, Inc., Larimar Therapeutics, Inc., Jupiter Neurosciences, Inc., Lexeo Therapeutics, Zydus Lifesciences Ltd. and Cipla Limited.
Key Takeaways
Key players: Reata Pharmaceuticals, Inc. is assessing bardoxolone methyl to slow the progression of FA. Retrotope is developing a gene therapy approach using stereopurified phospholipids to deliver full-length frataxin-encoding mRNA.
Key opportunities: rising research activities, presence of pipeline drugs, increasing awareness about FA, and supportive government regulations are expected to drive market growth.
Global expansion: favourable reimbursement policies in developed Friedreich’s Ataxia Market Share and increase in healthcare expenditure in developing countries will support global expansion of Friedreich’s ataxia treatment market during the forecast period.
Market drivers: The key driver for Friedreich’s ataxia market is the ongoing research and development for developing novel drugs for the treatment. Reata Pharmaceuticals and Retrotope are assessing new therapies which provide opportunities for treatment where currently there are none.
PEST Analysis
Political: The government policies supporting research and development activities in genetic and neurological disorders can promote this market. However, stringent regulations for approval of new treatment options can hamper the market growth.
Economic: As this is a rare genetic disease, the growing healthcare expenditure and higher disposable income levels in developed economies are encouraging investments in developing novel treatment therapies, positively impacting the market.
Social: as per coffee industry market research growing awareness about this rare genetic condition and support from patient advocacy groups, more patients are accepting new treatment options which is fueling the market size.
Technological: Advancements in gene therapy techniques, neurological treatment methods, and drug discovery approaches provide scope for developing effective therapeutic drugs and gene-editing tools for treating Friedreich’s ataxia, enhancing the market prospects over the forecast period.
Geographical regions where market is concentrated
As per Friedreich’s Ataxia Market Regional Analysis , North America dominates the global Friedreich’s ataxia market in terms of revenue, owing to the high diagnosis rate, growing healthcare expenditure, availability of advanced therapies, and presence of key players in the region. Europe is another lucrative market due to increasing government support for rare disease research.
Fastest growing region
The Asia Pacific region is anticipated to grow at the fastest rate during the forecast period. Factors such as rising healthcare infrastructure, growing medical tourism, increasing healthcare expenditure, and improving access to novel therapies are supporting the market growth in Asia Pacific countries.
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*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
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