The global Amyotrophic Lateral Sclerosis market is anticipated to witness significant growth, reaching a market value of US$ 1332.22 Million by 2033, is expected to garner a market value of US$ 743.90 Million in 2023, according to a recent market analysis. This represents a compound annual growth rate (CAGR) of 6% during the forecast period 2023 to 2033.
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This growth can be attributed to several key factors, including:
- Rising geriatric population: As the global population ages, the number of individuals at risk for ALS is expected to increase. This is a major driver of the market’s growth.
- Growing awareness about ALS: Increased public awareness campaigns and media coverage of ALS are leading to earlier diagnosis and treatment, which is driving demand for ALS-related products and services.
- Increasing incidence rate: The global incidence rate of ALS is on the rise, further contributing to the market’s expansion.
The ALS market witnessed a steady CAGR of 4% during the historical period 2017 to 2022. This growth trajectory is expected to continue in the coming years, fueled by the aforementioned factors.
Key Takeaways: Amyotrophic Lateral Sclerosis (ALS) Market:
- Growing Prevalence of ALS: The market for amyotrophic lateral sclerosis (ALS) is driven by the increasing prevalence of the disease worldwide. ALS is a neurodegenerative disorder that affects nerve cells in the brain and spinal cord, leading to muscle weakness, paralysis, and eventually respiratory failure. The rising incidence of ALS has created a significant market demand for effective treatments and therapies.
- Limited Treatment Options: Currently, there is no cure for ALS, and treatment options are limited. The existing medications primarily focus on managing symptoms and slowing down the progression of the disease. This creates an opportunity for pharmaceutical companies to develop innovative therapies that can provide better outcomes for ALS patients.
- Research and Development Efforts: The ALS market is witnessing significant research and development efforts aimed at identifying new treatment modalities and therapeutic targets. These efforts include the exploration of novel drug candidates, gene therapy, stem cell transplantation, and the use of biomarkers for early diagnosis and disease monitoring. Collaborations between pharmaceutical companies, research institutions, and patient advocacy groups play a crucial role in advancing ALS research.
- Orphan Drug Designation: Many therapies being developed for ALS have received orphan drug designation from regulatory authorities. This designation provides incentives to pharmaceutical companies, such as extended market exclusivity, tax credits, and fee waivers, encouraging investment in research and development for rare diseases like ALS. Orphan drug status contributes to the growth of the ALS market by facilitating faster drug approvals and commercialization.
- Emerging Therapeutic Approaches: Several emerging therapeutic approaches hold promise for the treatment of ALS. These include the use of antisense oligonucleotides (ASOs) targeting specific genes, neuroprotective agents, neurotrophic factors, and immune-modulating therapies. Stem cell-based therapies, such as mesenchymal stem cell transplantation, also show potential for ALS treatment. These novel approaches are expected to expand the treatment landscape for ALS in the future.
- Supportive Care and Assistive Devices: Alongside drug development, the ALS market also encompasses the provision of supportive care and assistive devices for patients. ALS patients require a multidisciplinary approach to manage their symptoms and maintain their quality of life. Supportive care includes respiratory support, physical and occupational therapy, speech therapy, and psychological counseling. The demand for assistive devices such as wheelchairs, ventilators, and communication aids is expected to grow in line with the increasing ALS population.
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Competitive Analysis:
By Prominent Market Players:
- Mitsubishi Tanabe Pharma Corporation
- Otsuka Pharmaceutical Co., Ltd.
- BrainStorm Therapeutics
- Biogen Inc.
- Corestem
- AB Science
- F.Hoffmann-La Roche AG
- Biohaven Pharmaceutical
- Sun Pharmaceutical
- Ionis Pharmaceuticals, Inc.
With an extensive SWOT analysis, the FMI’s study presents the strengths, weaknesses, growth prospects and challenges of each player. The report also includes important data including the sales strategy, pricing strategy, and marketing strategy adopted by these players in the Amyotrophic Lateral Sclerosis market
Key Segments Profiled in the Amyotrophic Lateral Sclerosis Industry Survey:
Treatment:
- Medication
- Stem Cell Therapy
- Others
Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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