The Growing Charcot-Marie-Tooth Disease Market is in Trends by Increasing Disease Awareness

The Growing Charcot-Marie-Tooth Disease Market is in Trends by Increasing Disease Awareness

The Charcot-Marie-Tooth disease market comprises therapies aimed at treating inherited, degenerative genetic neurological disorder affecting the peripheral nervous system. Charcot-Marie-Tooth disease primarily damages the myelin sheath or the nerve fibers in the peripheral nervous system. Therapies for Charcot-Marie-Tooth disease involve medication, physical therapy, bracing or surgery depending on the type and severity of symptoms. There is no cure for Charcot-Marie-Tooth disease and treatment focuses on relieving symptoms and improving function and mobility.

The Global Charcot-Marie-Tooth Disease Market is estimated to be valued at US$ 1392.68 Mn in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the Charcot-Marie-Tooth disease are Baxter, AbbVie Inc., Piramal Enterprises Ltd., Fresenius SE & Co. KgaA, Drägerwerk AG & Co. KgaA, GE Healthcare, and Mindray Medical International Limited, among others. These players are focusing on developing therapies for inherited neurological disorder. For instance, in 2020, Baxter announced the US FDA approval of Gamifant injection for treating primary haemophagocytic lymphohistiocytosis (HLH).

The global Charcot-Marie-Tooth disease market is expected to grow tremendously owing to the growing disease awareness among patients and physicians. Various patient support groups and associations are involved in spreading awareness about signs, symptoms, and available treatment options for Charcot-Marie-Tooth disease.
Furthermore, high unmet medical needs, increasing healthcare expenditure, and supportive government initiatives are also boosting the global expansion of the Charcot-Marie-Tooth Disease Market Growth. Key players are focusing on emerging economies for lucrative business opportunities.

Market Key Trends
Increasing research and development activities are one of the key trends being witnessed in the Charcot-Marie-Tooth disease market. Numerous clinical trials are being conducted to evaluate the safety and efficacy of new drugs for treating Charcot-Marie-Tooth disease. For instance, in 2021, an ongoing Phase 2 clinical trial is evaluating the efficacy and safety of Losartan for treating Charcot-Marie-Tooth disease Type 1A. Researchers hope that losartan may inhibit the angiotensin receptor activation and improve symptoms of Charcot-Marie-Tooth disease. Such ongoing clinical studies are expected to bring novel treatment options and drive the market growth.

Porter's Analysis
Threat of new entrants: New players need high capital to enter due to strict regulations and established players. Bargaining power of buyers: Buyers have low bargaining power due to lack of alternatives and focus on quality of care. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes but developing long term relationships. Threat of new substitutes: Substitutes pose low threat as treatment focuses on symptoms management using combination of medications and physical therapy. Competitive rivalry: Intense competition due to presence of large global players focusing on innovations.

The geographical region where the Charcot-Marie-Tooth Disease market is concentrated in terms of value is North America. North America accounts for the largest share mainly due to increasing prevalence of CMT, presence of advanced healthcare infrastructure and high adoption of novel therapies in the region.

The fastest growing region for the Charcot-Marie-Tooth Disease market is Asia Pacific. This is owing to factors such as rising geriatric population, increasing healthcare expenditure, growing awareness about CMT, and presence of generic manufacturers in the region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)