Alpha Mannosidosis Market to Raise at a CAGR of 11.9% from 2016-2024
Alpha mannosidosis is an inherited medical condition tissues and organs of the human body to function in abnormal ways. The commonly seen dysfunctions in patients suffering from this disease are distinctive facial features, intellectual disability, and skeletal abnormalities. Some of the other facial features seen amongst patients are a protruding forehead, large head, rounded eyebrows, low hairline, outsized ears, expanded jaw, flattened bridge of the nose, overgrown gums, widely spaced teeth, and outsized tongue. Though this is a rare disease, a definite rise in the population has increased the number of patients thereby augmented the demand for drugs required for treating alpha mannosidosis.
Owing to this reason, the opportunity in the global market is expected to be worth US$21.8 mn by the end of 2024 as against US$2.6 mn in 2015, as the market progresses at a CAGR of 11.9% between 2017 and 2024. The global market for alpha mannosidosis is being driven factors such as market exclusivity being enjoyed by orphan drugs, fee reductions, tax credits, increasing investment in the rare disease treatment, and premium pricing.
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BMT Emerges as Leading Therapy for Treating Alpha Mannosidosis
Statistics show that alpha mannosidosis affects one in every 10, 00,000 people across the globe. The two types of treatment available for treating this disease are bone marrow transplant (BMT) and enzyme replacement therapy (ERT). Currently, bone marrow transplant (BMT) is the most popularly used treatment for patients. However, ERT is also picking up pace as the manufacturers operating in the segment are vying for commercial roll out of therapies. A promising therapy for lysosomal storage diseases (which are similar to alpha mannosidosis) is an enzyme replacement therapy (ERT). The therapy introduces the missing enzyme in the patient’s blood stream, which is absorbed by the cells then delivered to the lysosomes.
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Asia Pacific and North America Show Promise of Steady Growth during Forecast Period
Geographically, the market has been segmented into North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. Asia Pacific is projected to hold a dominant share in the market in 2017. This dominance will be attributable to the growing awareness about the disease in developing countries. Presently, the Government of Australia has implemented a national plan for helping patients with rare diseases to reduce the mortality rate due to these diseases. The plan aims to raise awareness about the burden of rare diseases among patients, its impact on social life, and healthcare professionals.
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North America alpha mannosidosis market is also expected to witness a remarkable growth rate in the coming years. The orphan drug law will boost the new drug discovery efforts as it aims to offer monetary as well as non-financial benefits to manufacturers. The biggest incentive offered North America is a 50% cut the cost incurred for conducting clinical trials, seven years of market exclusivity for orphan drugs, eligibility for federal research grants, and waiver of user fees.
The leading players operating in the global alpha mannosidosis market is Zymenex. The company currently focusses on research and development of biologics that are designed to fight rare and life-threatening genetic diseases. The company has developed recombinant enzyme indicated for patients with alpha mannosidosis, which is known as Lamazym (velmanase alfa) in the market.
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