Ataxia Global Market Report 2024 - Business Growth, Top Companies, Industry Analysis And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Ataxia Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The ataxia market size has grown strongly in recent years. It will grow from $33.78 billion in 2023 to $37.01 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to limited treatment options, advances in neurological research, growing awareness of rare diseases, evolution of diagnostic technologies, increased focus on genetic factors.

The ataxia market size is expected to see strong growth in the next few years. It will grow to $51.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to accelerated drug development for ataxia, rising investments in rare disease research, adoption of precision medicine approaches, increased focus on patient advocacy, growing understanding of the genetic basis of ataxia.. Major trends in the forecast period include integration of digital health solutions in ataxia management, development of gene therapies for ataxia treatment, rise in collaborative research initiatives, emphasis on patient-centric care models, adoption of telemedicine for ataxia consultations.

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Market Drivers and Trends:

The rise in alcohol consumption is expected to propel the growth of the ataxia market going forward. Alcohol consumption refers to drinking an ethanol-containing beverage, usually orally. Cerebellar degeneration, a prevalent kind of acquired toxic ataxia, is caused by chronic alcohol misuse. Patients with alcoholism experience lower limb postural tremors and gait ataxia. For instance, in December 2022, according to the Global Beer Consumption Report for 2021 shared by Kirin Holdings Company Limited, a Japan-based integrated beverages company, about 185.60 million kiloliters of beer were consumed worldwide in 2021, a rise of 4.0% from the previous year. Due to the easing of the effects of the spread of COVID-19, the total amount of beer consumed worldwide in 2021 increased by roughly 7.13 million kiloliters (equivalent to about 11.3 billion 633-ml bottles) from the previous year, reaching about 185.6 million kiloliters (up 4.0% of the prior year, or roughly 293.2 billion 633-ml bottle equivalent). Therefore, the rise in alcohol consumption is driving the growth of the ataxia market.

Product innovations are a key trend gaining popularity in the ataxia market. Major companies operating in the ataxia market are focused on innovating new products or drugs to sustain their position in the market. For instance, in February 2023, Reata Pharmaceuticals, a US-based biotechnology company, announced the FDA's (the U.S. Food and Drug Administration's) approval of SKYCLARYS (omavaloxolone). It is the first and only drug indicated for patients with Friedreich's ataxia in adults and adolescents aged 16. At Week 48, treatment with the oral, once-daily medication SKYCLARYS led to statistically significant lower mFARS (modified Friedreich's Ataxia Rating Scale) scores (reduced impairment) compared to placebo. The diagnosis of Friedreich's ataxia, an extremely rare inherited neurological condition, usually occurs around adolescence.

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Major Key Players of the Market:

Pfizer Inc., Johnson & Johnson Services Inc., F. Hoffmann-La Roche Ltd, AbbVie Inc., Bayer AG, Novartis AG, Sanofi, Bristol-Myers Squibb Company, GlaxoSmithKline plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Gilead Sciences Inc., Boehringer Ingelheim International GmbH, Merck KgaA, Viatris Inc., Teva Pharmaceutical, Otsuka Pharmaceutical Co. Ltd., Mylan N.V., Celgene Corporation, Vertex Pharmaceuticals Incorporated, Banner Health, UCB S.A., Eisai Co. Ltd., Sun Pharmaceutical Industries Ltd., Genentech Inc., Ipsen Biopharmaceuticals Inc., Aurobindo Pharma Limited, Apotex Inc., Amneal Pharmaceuticals LLC, Biogen Inc, Lupin Limited

Ataxia Market 2024 Key Insights:

• The ataxia market size is expected to see strong growth in the next few years. It will grow to $51.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Alarming Surge In Alcohol Consumption Spurs Growth In The Ataxia Market
• Revolutionizing Ataxia Treatment With Groundbreaking Drug Targeting
• North America was the largest region in the ataxia market in 2023

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