Press release
Enzyme Replacement Therapy Market Size, Share, Growth, and Forecast (2024-2031)
Enzyme Replacement Therapy Market
The Global Enzyme Replacement Therapy market is poised to grow at a CAGR of 5.1% during the forecast period from 2024 to 2031. This growth is primarily attributed to the increasing demand from Hospitals & Clinics and Homecare sectors. The competitive landscape is witnessing intensification with major players like AbbVie PLC, Alexion Pharmaceuticals Inc., and Allergan plc operating in the market.
Market Trends:
Increasing Demand for Enzyme Replacement Therapy: Driven by a surge in healthcare spending and a rising prevalence of rare diseases globally.
Limited Availability of FDA-approved Drugs: With only 5% of rare diseases having FDA-approved drugs, there's a significant scope for enzyme replacement therapy to address unmet medical needs.
Government Initiatives for Rare Diseases: Governments worldwide are focusing on driving research and development for rare diseases, thus boosting the demand for enzyme replacement therapy.
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Market Segmentation:
Enzyme Replacement Therapy Market is segmented based on:
Indication Type: Gaucher disease, Fabry disease, Pompe disease, and Hurler syndrome.
Leading Segment: Agalsidase Alfa, particularly used for treating Fabry disease, led the market in 2022 and is expected to maintain a robust growth rate during the forecast period.
Dominant Indication: Gaucher disease segment dominated the market in 2022 owing to its high incidence globally.
Geographical Analysis:
North America: Holds the largest share of the global market, with the US and Canada leading in enzyme replacement therapy production.
Europe: Expected to maintain a significant presence in the global market throughout the forecast period.
Asia Pacific: Projected to witness substantial growth, driven by the expansion of healthcare giants in countries like China and India.
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Competitive Landscape:
The Enzyme Replacement Therapy market is highly competitive with key players including AbbVie PLC, Alexion Pharmaceuticals Inc., and Allergan plc. These players are focusing on new product launches and expansion strategies to strengthen their global presence. For instance, Horizon Therapeutics plc's acquisition of Viela Bio, Inc. in January 2021 aimed to expand its rare disease medicine portfolio, while Recordati Rare Diseases' positive data announcement from phase III studies in June 2022 showcases their commitment to innovation and patient care.
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