Enzyme Replacement Therapy Market Size Projected To Show Strong Growth | Abbvie Inc., Astrazeneca Plc
The most recent study conducted by Report Ocean, titled “Global Enzyme Replacement Therapy Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Enzyme Replacement Therapy. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Enzyme Replacement Therapy Market is valued approximately USD $ billion in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2029. The “enzyme replacement therapy” refers to a medical procedure that uses human, animal, or recombinantly engineered enzymes to treat congenital enzyme deficiencies. The ERT core principle is the replacement of artificial enzyme in those with an enzyme deficiency. For ERT, the oral and intravenous methods of administration are widely utilized. The key factor driving the market growth is rising prevalence of rare diseases, availability of a wide range of enzyme replacement therapy and rising government initiatives for rare diseases. Thus, create the lucrative demand for the market during forecast period.
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The presence of a large patient population suffering from rare lysosomal storage diseases creates high demand for effective treatments such as enzyme replacement therapy. The prevalence of several lysosomal storage disorders such Gaucher, Fabry, Pompe, and MPS is gradually rising on a global level.
For instance, according to data released by Cleveland Clinic, in 2020, 6,000 persons in the United States have Gaucher disease, with 95% of them having type 1 Gaucher. A gradual increase in the diagnosis rate of rare diseases is also a result of growing government efforts and non-profit organizations in various nations to raise public awareness. As a result, these key aspects, as well as advantageous reimbursement policies and government support for medical care in developed nations, are increasing the rate of this therapy’s adoption and, as a result, propelling the market’s expansion over the projection period. Also, rising public awareness about enzyme replacement therapies would create the lucrative opportunities for the market during forecast period. However, the high cost of Enzyme Replacement Therapy stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Enzyme Replacement Therapy Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the dominating region across the world in terms of market share, owing to the presence of key market players and well-developed healthcare infrastructure in the region. Whereas, Asia Pacific is also anticipated to exhibit highest growth rate over the forecast period, owing to factors such as rising number of patients suffering from rare disorders and growing initiatives by other private organizations and the government for the awareness about this therapy would create lucrative growth prospects for the Enzyme Replacement Therapy market across Asia Pacific region.
Major market players included in this report are:
Abbvie Inc.
Astrazeneca Plc
Biomarin Pharmaceutical In
Chiesi Farmaceutici S.P.A.
Digestive Care, Inc.
Leadiant Biosciences, Inc.
Nestle Health Science
Pfizer Inc.
Sanofi S.A.
Takeda Pharmaceuticals
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Recent Developments in the Market:
In 2021, Takeda Pharmaceutical Co. Ltd. announced a partnership deal with JCR Pharmaceuticals Co., Ltd., intending to commercialise JR-141 outside the U.S. to treatment of hunter syndrome.
In 2021, Clinigen Group plc. announced the manufacturing and distribution approval for hunterase ICV throughout Japan to treat patients with Hunter syndrome.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
Agalsidase Beta
Imiglucerase
Velaglucerase Alfa
Idursulfase
Galsulfase
Laronidase
Others
By Disease:
Gaucher Disease
Fabry Disease
Pompe Disease
Mucopolysaccharidosis
Exocrine Pancreatic Insufficiency (EPI)
Others
By End User:
Hospitals
Infusion Centers & Home Healthcare Setting
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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