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5-Alpha Reductase Deficiency Global Market 2024 - Growth Opportunities, Top Countries, Future Trends, Revenue And Outlook 2033
5-Alpha Reductase Deficiency Global Market
According to The Business Research Company's, The 5-alpha reductase deficiency market size has grown strongly in recent years. It will grow from $1.29 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to research and development, regulatory landscape, healthcare infrastructure, increased awareness and education, health insurance coverage.
The 5-alpha reductase deficiency market size is expected to see strong growth in the next few years. It will grow to $1.94 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to innovations in therapeutics, genetic research advances, precision medicine, global health initiatives, integration of gene therapies. Major trends in the forecast period include advancements in treatment options, diagnostic innovations, patient-centric approaches, regulatory landscape, market access and affordability.
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Market Drivers and Trends:
The growing number of research and development activities in genomics is significantly contributing to the growth of the 5-alpha reductase deficiency market. Genomics refers to studying a person's whole gene pool (genome), including how those genes interact with one another and with their environment. Genomics is used to diagnose 5-alpha reductase deficiency by identifying specific genetic mutations responsible for the disorder. Thus, research and development activities in genomics will aid in discovering and treating the disorder. For instance, in July 2022, according to the 'Accelerating Access to Genomics for Global Health' report issued by the World Health Organization (WHO), a Switzerland-based specialized health agency of the United Nations, the percentage of nations equipped to conduct genomic surveillance rose from 54% to 68% between March 2021 and January 2022. Therefore, the growing number of research and development activities in genomics will drive the 5-alpha reductase deficiency market.
The development of innovative genetic testing for diagnosing rare diseases is the key trend in the 5-alpha reductase deficiency market. Major companies operating in the 5-alpha reductase deficiency market are focusing on developing innovative genetic testing which can diagnose rare diseases like 5-alpha reductase deficiency more efficiently and at the early stages. Such innovations enable key players to gain a competitive edge in the market. For instance, in June 2022, Avesthagen Limited, a US-based integrated systems biology platform company, launched its new genetic testing portfolio. Genome panels in the portfolio offer highly specialized, disease-centric analysis for rare genetic diseases.
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Major Key Players of the Market:
Merck & Co. Inc.; F. Hoffmann-La Roche Ltd.; Sanofi SA; Pfizer Inc.; GlaxoSmithKline plc; Novartis AG; Bayer AG; Eli Lilly and Company; Alma Lasers Ltd.; Viveve Medical Inc.; Fotona d.o.o; Almirall SA; Hologic Inc.; Gilead Sciences Inc.; Johnson & Johnson Services Inc.; Mallinckrodt Pharmaceuticals; Mylan N.V.; Novo Nordisk A/S; Regeneron Pharmaceuticals Inc.; Roivant Sciences Ltd.; Sanofi Genzyme; Shionogi & Co. Ltd.; Sun Pharmaceutical Industries Ltd.; Takeda Pharmaceutical Company Limited; Teva Pharmaceutical Industries Ltd.; UCB S.A.; Vertex Pharmaceuticals Incorporated; Zoetis Inc.; Cadila Healthcare Limited; Endo International plc
5-Alpha Reductase Deficiency Market 2024 Key Insights:
• The 5-alpha reductase deficiency market will grow to $1.94 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Research And Development Activities Propel Advancements In The 5-Alpha Reductase Deficiency Market
• Revolutionizing Diagnosis Innovative Genetic Testing Spearheads Advancements In The 5-Alpha Reductase Deficiency Market
• North America was the largest region in the 5-alpha reductase deficiency market in 2023
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