Stargardt Disease Therapeutics Market Estimated to Witness High Growth Owing to Rising Prevalence of Genetic Disorder
Stargardt Disease Therapeutics Market Estimated to Witness High Growth Owing to Rising Prevalence of Genetic Disorder
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Stargardt disease therapeutics are used for the treatment of Stargardt disease which is a genetic retinal disorder that causes central vision loss. The disease is commonly associated with mutations in the ABCA4 gene, which usually leads to accumulation of lipofuscin in the retina. The key products associated with the market include regenerative therapies, gene therapies, symptomatic treatments, and dietary supplements.
Global stargardt disease therapeutics market is estimated to be valued at US$ 213.5 Mn in 2023, and is expected to exhibit a CAGR of 31.7% during the forecast period (2023-2030).
Key Takeaways
Key players operating in the Stargardt disease therapeutics market are Kubota Pharmaceutical Holdings Co., Ltd., Stargazer Pharmaceuticals Inc., Iveric Bio, Inc., Sanofi S.A., Alkeus Pharmaceuticals Inc., Astellas Pharma Inc., CHABiotech CO., Ltd, ReVision Therapeutics, Inc. and Lin BioScience, Inc. The key opportunities in the market include development of advanced therapies such as gene therapies and stem cell therapies. There is also huge scope for market expansion in developing regions such as Asia Pacific and Latin America due to rising awareness about genetic disorders.
Globally, companies are increasingly focusing on expansion of their geographical presence, especially in emerging markets to gain larger market share. For instance, Iveric Bio, Inc. has collaborations with several pharmaceutical companies to expand clinical trials of genetic therapies globally.
Market Drivers
The Stargardt Disease Therapeutics Market Growth is primarily driven by rising prevalence of genetic disorders. As per statistics, prevalence of Stargardt disease is estimated to be 1 in 8,000-10,000 individuals globally. Other major market drivers include rising healthcare expenditures on orphan drugs, increasing research funding for development of novel therapies, and growing geriatric population.
PEST Analysis
Political: Government policies regarding drug approval and regulations, funding for research. Support for orphan drug programs.
Economic: Health expenditure growth, rising healthcare costs, growth in young demographics. Burden on healthcare budgets of treating degenerative retinal conditions.
Social: Rising awareness through patient advocacy and support groups. Demand for new treatment options to slow progression and treat symptoms.
Technological: Advancements in gene therapy, next generation sequencing, biomarkers for diagnosis and disease staging. Increased potential of targeted therapies using precision medicine approaches.
Around 53% of the Stargardt disease therapeutics market value is concentrated in North America owing to high healthcare expenditure, advanced healthcare infrastructure and concentration of key market players in the region. The availability of reimbursement for orphan drug programs also drives market growth.
The Asia Pacific region is poised to be the fastest growing market during the forecast period. This can be attributed to factors such as rising healthcare expenditure, growing awareness about retinal degenerative conditions, increasing sales of precision medicine through early diagnosis and large patient pool suffering from macular dystrophies. Countries like China and India are expected to offer high market potential during the coming years.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191) Report this page