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Progressive Ataxia And Weakness Disorders Global Market Observe Highest Growth of $52.92 Billion with an Excellent CAGR of 11.1% by 2028
Progressive Ataxia And Weakness Disorders Global Market
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According to The Business Research Company's, The progressive ataxia and weakness disorders market size has grown rapidly in recent years. It will grow from $31.33 billion in 2023 to $34.72 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to increasing awareness and diagnosis, growth in genetic research, increasing government funding, increasing expenditures for health care, and a rise in alcohol and drug use.
The progressive ataxia and weakness disorders market size is expected to see rapid growth in the next few years. It will grow to $52.92 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to the increasing prevalence of neurological disorders, the rising prevalence of chronic diseases, expanding insurance coverage, and the rising aging population. Major trends in the forecast period include technological advancements, genetic testing, gene therapy, personalized medicine, and the adoption of telemedicine.
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Market Drivers and Trends:
The increasing prevalence of neurological disorders is expected to propel the growth of the progressive ataxia and weakness disorders market. Neurological disorders are diseases that affect the central and peripheral nervous systems, including the brain, spinal cord, cranial and peripheral nerves, autonomic nervous system, nerve roots, neuromuscular junction, and muscles. The increasing prevalence of neurological disorders is due to the aging population, genetic factors, and infectious diseases. Progressive ataxia and weakness disorders play a crucial role in the field of neurology by guiding diagnosis, treatment, research, and patient care initiatives aimed at improving outcomes and quality of life for individuals affected by these challenging neurological conditions. For instance, in April 2022, according to the European Brain Council, a Belgium-based non-profit organization, the number of Europeans suffering from dementia ( a neurological condition) was 10.5 million in 2022, which is projected to grow to 18.7 million by 2050. Therefore, the increasing prevalence of neurological disorders is driving the progressive ataxia and weakness disorders market.
Major companies operating in the progressive ataxia and weakness disorders market are focused on developing innovative products, such as oral medication for the treatment of Friedreich's ataxia in adults and adolescents aged 16 years and older. Oral medication refers to medications taken by mouth, typically in tablets, capsules, or liquid formulations. For instance, in February 2024, Biogen Inc., a US-based biotechnology company, announced that SKYCLARYS (omaveloxolone) had been approved by the European Commission (EC) to treat Friedreich's ataxia (FA). SKYCLARYS works by activating the Nrf2 pathway to address Friedreich's ataxia's underlying oxidative stress and mitochondrial dysfunction. The medication is taken orally without food and has been shown to improve symptoms and slow disease progression in clinical trials. Common side effects include increased liver enzymes, headaches, nausea, abdominal pain, fatigue, diarrhea, and musculoskeletal pain.
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Major Key Players of the Market:
Pfizer Inc., Merck & Co. Inc., Bristol-Myers Squibb Company, Novartis AG, Takeda Pharmaceutical Company Limited, Gilead Sciences Inc., Banner Health, Astellas Pharma Inc., Biogen Inc., Daiichi Sankyo Company Limited, BioMarin Pharmaceutical Inc., Sarepta Therapeutics Inc., PTC Therapeutics Inc., Kissei Pharmaceutical Co. Ltd., Biohaven Pharmaceutical Holding Company Ltd., Design Therapeutics Inc., Anavex Life Sciences Corp., Larimar Therapeutics Inc., Voyager Therapeutics Inc., Stealth BioTherapeutics Corp., Capsida Biotherapeutics Inc., Retrotope Inc., Taysha Gene Therapies Inc., CRISPR Therapeutics AG
Progressive Ataxia And Weakness Disorders Market 2024 Key Insights:
• The progressive ataxia and weakness disorders market size is expected to see rapid growth in the next few years. It will grow to $52.92 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%.
• Impact Of Neurological Disorder Prevalence On Progressive Ataxia And Weakness Market Growth
• Innovative Oral Therapy SKYCLARYS Targets Underlying Causes of Friedreich's Ataxia
• North America was the largest region in the progressive ataxia and weakness disorders market in 2023
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