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Neurofibromatosis Treatment Market Size, Industry And Forecast To 2033
Neurofibromatosis Treatment Market Size
As per the report, the neurofibromatosis treatment market size has grown rapidly in recent years. It will grow from $11.41 billion in 2023 to $13.09 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The neurofibromatosis treatment market size is expected to see rapid growth in the next few years. It will grow to $21.58 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%.
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Impact Of Rising Healthcare Expenditure On The Neurofibromatosis Treatment Market
The rising healthcare expenditure is expected to propel the growth of the neurofibromatosis treatment market going forward. Healthcare infrastructure refers to all costs or outlays for medical care, preventative measures, public health initiatives, rehabilitation, community health activities and health research. Healthcare expenditure plays an essential role in developing neurofibromatosis treatment as it requires various medical procedures, such as surgeries, biopsies and imaging tests (MRI and CT scans). It also finances healthcare services, including general medical care, neurofibrosis treatment and others. For instance, in March 2022, according to the 2021-2030 National Health Expenditure (NHE) report published by the Centers for Medicare & Medicaid Services, a US-based federal agency, the annual increase in national health spending was predicted to average 5.1% between 2021 and 2030, reaching approximately $6.8 trillion by 2030. Additionally, throughout 2021-2030, Medicare expenditures are expected to expand at a 7.2% annual rate, while Medicaid spending is expected to grow at a 5.6% yearly rate. Therefore, the rising healthcare expenditure is driving the growth of the neurofibromatosis treatment market.
Innovative Drug Development And Approvals In The Neurofibromatosis Treatment Market
Major companies operating in the neurofibromatosis treatment market are developing innovative drugs and getting them approved to sustain their position in the market. Drug development can increase treatment options for neurofibromatosis, providing more targeted and effective treatment options for patients. For instance, in June 2021, AstraZeneca PLC, a UK-based pharmaceutical and biotechnology company, announced the European Commission's approval of Koselugo, the first medicine approved in the EU (European Union) to treat neurofibromatosis type 1 and plexiform neurofibromas in children above the age of three. Koselugo is an oral medication that inhibits the MEK-1 enzyme responsible for cell growth and division. Koselugo lowers tumor volume and helps relieve pain associated with plexiform neurofibromas by inhibiting this route. Koselugo was approved in the EU based on the SPRINT Phase II trial findings, which indicated its potential to reduce the size of plexiform neurofibromas and enhance patients' quality of life.
The neurofibromatosis treatment market covered in this report is segmented -
1) By Type: Neurofibromatosis 1 (NF1); Neurofibromatosis 2 (NF2); Schwannomatosis
2) By Treatment: Medications; Surgery; Radiation Therapy; Other Treatments
3) By End-Users: Hospitals; Clinics; Other End Users
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Major players in the neurofibromatosis treatment market are Pfizer Inc., F. Hoffmann-La Roche AG, Merck & Co. Inc., AbbVie Inc., Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, AstraZeneca PLC, GSK PLC, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Gilead Sciences Inc., Amgen Inc., Vertex Pharmaceuticals Inc., Dr. Reddy's Laboratories, BioMarin Pharmaceutical, Allergan, BeiGene Ltd., BioXcel Therapeutics Inc., Blueprint Medicines Corp., Genway BioTech, SpringWorks Therapeutics, LGM Pharma LLC, Biotechnica Pharma Global, Affymax Inc.
Contents of the report:
1. Executive Summary
2. Neurofibromatosis Treatment Market Report Structure
3. Neurofibromatosis Treatment Market Trends And Strategies
4. Neurofibromatosis Treatment Market - Macro Economic Scenario
5. Neurofibromatosis Treatment Market Size And Growth
…..
27. Neurofibromatosis Treatment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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