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.
Obtain the Future Market Forecast for Alpha Mannosidosis at: http://bit.ly/2jrVBHZ
The only two important players in the global alpha mannosidosis market are Zymenex A/S and Cytomedix, Inc. These companies are focused on conducting clinical trials for developing monotherapy products, combination products, designing improved route of administration, and molecule type. “Mergers and acquisitions are expected to be a key business strategy of these players in the near future,” states the lead author of this research report. The competitive landscape of the overall market is quite consolidated.
According to the research report, the global alpha mannosidosis market is expected to be worth US$21.8 mn by the end of 2024 as compared to US$2.6 mn in 2015. The overall market is expected to progress at a CAGR of 11.9% between 2017 and 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.
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.
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.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.