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Amyotrophic Lateral Sclerosis Market to be Driven by Rise in FDA ApprovalsAmyotrophic lateral sclerosis (ALS) is a rare neurological disease where the nerve cells in the brain and spinal cord are affected, which are responsible for controlling voluntary muscles. Higher incidence rate in recent years have added fuel to the growth of the global amyotrophic lateral sclerosis market. Market Research Future (MRFR) has recently launched its latest report on the global amyotrophic lateral sclerosis market, revealing the key trend and patterns that can impact the market over the forecast period of 2018-2023. MRFR has asserted that the market is eyeing to scale a valuation of USD 841.6 Mn at a CAGR of 7.89% by the end of 2023.
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Also known as motor neuron disease, the incidence rate of ALS has increased significantly in recent years. Elevating level of awareness among patients, rise in geriatric population, and aggressive R&D activities are supporting the growth of the market. Other factors include rise in number of FDA approvals and government support in the form of R&D grants. On the other hand, high cost of treatment and lack of medical facilities in certain areas might hinder the growth of the market.
Segmentation
The amyotrophic lateral sclerosis market has been segmented based on type, treatment, end-user, and regions.
By type, the amyotrophic lateral sclerosis market has been segmented into sporadic ALS and familial ALS. The Sporadic ALS segment is dominating the market. The prevalence of sporadic ALS is relatively high and almost 90% of the cases are sporadic. The cause of sporadic ALS remains unknown and a combination of genetic and environmental risk factors are presumed to be the underlying cause of the diseases. The occurrence of familial ALS is very low and are inherited from genetic mutations.
By treatment, the amyotrophic lateral sclerosis market has been segmented into medication, physical therapy, respiratory therapy, speech therapy, and others. The medication segment is dominating the market as most patients opt for medicines a s a treatment method. Medications are effective and economical.
By end-user, the amyotrophic lateral sclerosis market has been segmented into hospitals, specialty centers, research & academic institutes, and others. The hospitals segment is domineering the markets. Hospitals are generally the first point of treatment and are highly proffered by patients.
Regional Analysis
Region-wise, the amyotrophic lateral sclerosis market has been segmented into North America, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe.
North America is the leading amyotrophic lateral sclerosis market. The growth of the market can be attributed to the presence of a large patient pool suffering from the diseases, surging awareness regarding the diseases, and increasing incidence of hypertension, a risk factor, in the region. Moreover, high government support, state-of-the-art medical facilities, and favorable reimbursement are also encouraging the growth of the market. The US and Canada are the country-specific markets within North America market.
Europe follows North America closely and is estimated to exhibit noteworthy growth over the forecast period. Rapidly expanding healthcare sector and government support are factors boosting the growth of the market. The UK, France, and Germany are the key country-specific markets within Europe.
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The APAC market is likely to showcase remarkable growth over the forecast period. The growth will be facilitated by the concentration of various developing countries in the region. The prevalence of the diseases is increasing at a rapid pace in these regions. Moreover, growing number of R&D centers in the region is creating conducive environment for the growth of the market. Japan, Australia, and South Korea are the key markets within APAC.
The MEA market is anticipated to demonstrate the least growth over the forecast period. Inadequate healthcare facilities, lack of awareness, and poor economic conditions, particularly in the underdeveloped countries of the African region, restrict the growth of the market.
Competitive Landscape
ITF Pharma (USA), Sanofi (France), Mylan N.V. (USA), Mitsubishi Tanabe Pharma America (USA), Ionis Pharmaceutical (USA), Sun Pharmaceutical (India), Ascend Pharmaceuticals LLC (USA), and Apotex Inc. (Canada), Covis Pharma (Switzerland), and Biogen (USA) are the key players in the amyotrophic lateral sclerosis market.
Industry Updates
August 2019 - Scientists from the Peking Union Medical College Hospital in China have identified a new type of split-hand index that can assist in distinguishing people with amyotrophic lateral sclerosis at an early stage.
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