Alpha Mannosidosis Market will reach at a CAGR of 11.9% By 2024
Bone Marrow Treatment to Remain Leading Preference for Treating Alpha Mannosidosis
On the basis of treatment, the global market is segmented into bone marrow transplant (BMT) and enzyme replacement therapy (ERT). Of these, the BMT market is expected to stand as it surges at a CAGR of 9.2% during the forecast period. Bone marrow transplant therapy is the process of replacing unhealthy or diseased bone marrow with healthy bone marrow. This treatment is predominantly used for treating patients suffering from alpha mannosidosis. Due to its exclusivity to treat the disorder, the demand for BMT is expected to remain relatively high in the coming few years.
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Geographically, the global market has been segmented into North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific. Of all the regions, North America is anticipated to lead the global market at a CAGR of 12.3% during the forecast period. The encouragement for drug development and support for product launches is expected to this regional market in the coming years. The North America alpha mannosidosis market is also expected to receive an impetus from the favorable reimbursement policies in the coming years.
Collaborating with Support Groups Wins Global Market Wider Consumer Base
Since the Orphan Drug Act of 1983 came into effect it has permitted the orphan drugs being developed for alpha mannosidosis market exclusivity. Thus, it has been the biggest boon to the pharmaceutical companies, allowing them to reign over the market in undisrupted ways. For instance, ERT treatment such as Lamazym has been given the status of an orphan drug across Europe and the U.S. Owing to this benefit, pharmaceutical companies have been able to recover drug development cost. The alpha mannosidosis market is also expected to benefit from the tax credits that manufacturers of orphan drugs can claim, especially in the U.S. Similar incentives granted by governing bodies are expected to ensure the growth of the global market.
Furthermore, factors such as favorable reimbursement, reduced marketing costs, longer market exclusivity, premium pricing, and acceptance of lesser evidence for licensing are also expected to work in the favor of the global market. Collaborating with support groups, effective supply chains, and emphasis on understanding consumer demands has also won this market a significant clientele over the past few years.
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High Cost of Drug Development Dissuades Manufacturers
The biggest restraint in the global alpha mannosidosis market is the high cost of drug development. This problem is furthermore complicated by the fewer number of patients due to the rarity of this disease that cut down the returns for the manufacturing company. Thus, the narrow profit margins are expected to have a negative impact on the growth of the global market. The lack of awareness about rare diseases, which is restraining the early diagnosis of the diseases is also expected to hamper the growth of the global market.
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