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Episodic Ataxia Treatment Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
Episodic Ataxia Treatment Market Growth
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According to The Business Research Company's, The episodic ataxia treatment market size has grown strongly in recent years. It will grow from $10.41 billion in 2023 to $11.07 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to an increasing understanding of genetic causes, increasing funding for rare disease research, increasing availability of specialized clinics, rising awareness of personalized medicine, and growth in clinical trial participation.
The episodic ataxia treatment market size is expected to see strong growth in the next few years. It will grow to $14.29 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to increasing genetic testing accessibility, rising demand for genetic counseling services, growing number of clinical trials, increasing number of patient registries, and increasing investment in rare disease biobanks. Major trends in the forecast period include technological advancements, personalized medicine, telemedicine, stem cell therapy, and telerehabilitation services.
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Market Drivers and Trends:
The increasing prevalence of neurological disorders is expected to propel the growth of the episodic ataxia treatment market going forward. 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 can be attributed to several factors, including the aging population, genetic factors, and infectious diseases. Episodic ataxia treatment is used in neurological disorders to address the symptoms and improve the management of conditions involving intermittent loss of coordination and balance. For instance, in April 2022, according to the European Brain Council, a Belgium-based non-profit organization, Dementia (a progressive neurological disorder) affected 10.5 million people in Europe in 2022 and is expected to grow to 18.7 million by 2050. Therefore, the increasing prevalence of neurological disorders is driving the episodic ataxia treatment market.
Major companies operating in the episodic ataxia treatment market are focused on developing innovative solutions, such as Friedreich's ataxia (FA) treatment to enhance patient outcomes and address the unmet needs associated with this rare neurological condition. Episodic ataxia (EA) is a rare neurological disorder characterized by intermittent episodes of ataxia and a lack of voluntary coordination of muscle movements. These episodes can be brief or prolonged and vary in frequency and severity. For instance, in February 2024, Biogen Inc., a US-based biotechnology company, announced the approval of SKYCLARYS (omaveloxolone) for treating Friedreich's ataxia (FA). Omaveloxolone addresses the underlying mitochondrial dysfunction associated with FA, potentially altering the disease's progression rather than merely alleviating symptoms. The therapy acts as a potent transcriptional modulator, which helps restore mitochondrial function and cellular energy production.
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Major Key Players of the Market:
Pfizer Inc., AbbVie Inc., Sanofi, Bristol-Myers Squibb Company, Novartis AG, Takeda Pharmaceutical Company Limited, Merck KGaA, Banner Health, Astellas Pharma Inc., Daiichi Sankyo Company Limited, UCB S.A., Ipsen, BioMarin Pharmaceutical Inc., Neurocrine Biosciences Inc., PTC Therapeutics Inc., Kissei Pharmaceutical Co. Ltd., Catalyst Pharmaceuticals Inc., Design Therapeutics Inc., Larimar Therapeutics Inc., Voyager Therapeutics Inc., Capsida Biotherapeutics Inc., Adverum Biotechnologies Inc., CRISPR Therapeutics AG
Episodic Ataxia Treatment Market 2024 Key Insights:
• The episodic ataxia treatment market size is expected to see strong growth in the next few years. It will grow to $14.29 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• The Increasing Prevalence Of Neurological Disorders Fuels Growth In The Episodic Ataxia Treatment Market
• Innovative Treatments For Episodic Ataxia Targeting Neurodegenerative Disorders
• North America was the largest region in the episodic ataxia treatment market in 2023
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