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Alpha Mannosidosis Market Overview, Outlook, Size, Share, Demand 2024-2033
Alpha Mannosidosis Market Overview
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According to The Business Research Company's, The alpha mannosidosis market size has grown rapidly in recent years. It will grow from $12.77 billion in 2023 to $15.26 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth in the historic period can be attributed to emerging market growth, urbanization, increased demand for man-made fibers and government initiatives for the textile industry.
The alpha mannosidosis market size is expected to see rapid growth in the next few years. It will grow to $29.62 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%. The growth in the forecast period can be attributed to global population growth and urbanization, increasing e-commerce, increasing demand for sportwear, increasing penetration of organized retail in developing economies and increasing penetration of social media. Major trends in the forecast period include increasing use of enzyme therapy, adopting the use of hematopoietic stem cell transplantation, and adopting the use of cisterna magna infusion.
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Market Drivers and Trends:
Rising regulatory support for the drug approval of rare diseases in alpha mannosidosis is expected to drive the market in the forecast period. The inherently small population of patients with a rare disease can also make conducting clinical trials difficult. But to tackle this, in 2021, the FDA announced providing support for the development and evaluation of new treatments for rare diseases making it a key priority. The FDA has the authority to grant orphan-drug designation to a drug or biological product to prevent, diagnose, or treat a rare disease or condition. Orphan drug designation qualifies sponsors for incentives including tax credits for qualified clinical trials, exemption from user fees, and potential seven years of market exclusivity after approval. Thus, the rising support for regulatory bodies will propel the market.
Major companies operating in the alpha mannosidosis market are focusing on developing enzyme replacement therapy for rare alpha-mannosidosis. By supplying exogenous alpha-mannosidase, enzyme replacement therapy helps reduce the accumulation of mannose-rich oligosaccharides in various tissues and organs. This accumulation is a characteristic feature of alpha-mannosidosis and contributes to the disease's pathological effects. For instance, in February 2023, Chiesi Global Rare Diseases a US-based pharmaceutical company launched Lamzede (velmanase alfa), the first enzyme replacement therapy authorized in the United States for the treatment of alpha-mannosidosis, a rare genetic condition marked by an absence of the enzyme alpha-mannosidase in the body, and its manifestations outside of the central nervous system. Lamzede restores normal cellular activity in patients by acting in the same manner as the human body's alpha-mannosidase enzyme. Once a week, patients receive an injection of 10 mg of Lamzede.
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Major Key Players of the Market:
Concerto HealthAI, Alphabet Inc., OWKIN, Nvidia Corporation, PathAI, Insilico Medicine, Exscientia, Microsoft Corporation, XtalPi, Intel, Standigm, Takeda Pharmaceutical Company Ltd., Otsuka Pharmaceutical Co. Ltd., China National Pharmaceutical Group Co. Ltd. (Sinopharm), Jiangsu Hengrui Medicine Co. Ltd, Cipla Limited, Aurobindo Pharma Limited, Dr. Reddy's Laboratories Ltd., Sun Pharma, Alliance Pharm Pte Ltd., Shanghai Pharmaceuticals, DeepMind, GlaxoSmithKline, Sanofi, Bayer, Renalytix AI, Merck, AstraZeneca, Iktos, Benevolent AI, Novartis, Ardigen, Botkin, Webiomed, Care Mentor AI, Diagnocat, IBM Corporation, Atomwise Inc., Cloud Pharmaceuticals, Bioage, NuMedii, Envisagenics, Aria Pharmaceuticals, Verge Genomics, Berg LLC, Cyclica, IQVIA, Roche, Pfizer, PRA Health Science, Gesto, Intensicare, Epitrack, Deep Genomics Inc., Welltok Inc., Oncora Medical, Recursion Pharmaceuticals Inc., Nucleai, Pepticom, Rology, hearX Group, DilenyTech, iNNOHEALTH Technology Solutions
Alpha Mannosidosis Market 2024 Key Insights:
• The alpha mannosidosis market size is expected to see rapid growth in the next few years. It will grow to $29.62 billion in 2028 at a compound annual growth rate (CAGR) of 18.0%.
• Elevated Regulatory Backing Fuels Growth In Alpha Mannosidosis Market
• Focus On Enzyme Replacement Therapy Drives Innovation In The Alpha Mannosidosis Market
• North America was the largest region in the alpha mannosidosis market in 2023
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