Charcot-Marie-Tooth disease, also known as hereditary motor and sensory neuropathy, is a group of inherited genetic disorders that causes damage to the peripheral nerves leading to impaired sensation and mobility in legs and hands. The global Charcot-Marie-Tooth Disease Market offers various diagnostic tests such as nerve conduction tests, muscle biopsy, and genetic testing to diagnose the condition along with medications to manage the symptoms.
The global Charcot-Marie-Tooth Disease Market is estimated to be valued at US$ 1208.92 Mn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend driving the growth of Charcot-Marie-Tooth Disease Market is the increasing investment by pharmaceutical companies in developing advanced treatment options. Several pipeline drugs are in different phases of clinical trials targeting specific genetic mutations causing CMT. Ongoing research studies are also investigating the therapeutic potential of gene therapy and stem cell therapies to replace damaged peripheral nerves. Biotechnological advances in rapid and inexpensive genetic testing are allowing early and precise diagnosis of CMT subtypes, enabling timely treatment interventions. This is anticipated to accelerate the market growth during the forecast period.
Segment Analysis
The global Charcot-Marie-Tooth Disease market is dominated by the hereditary neuropathies segment. This segment accounts for the largest market share owing to the hereditary nature of the disease which leads to damage of peripheral nerves. Within hereditary neuropathies, Charcot-Marie-Tooth disease type 1 accounts for the majority of the market as it is the most common inherited neurological disorder.
Key Takeaways
The Global Charcot-Marie-Tooth Disease Market Size is expected to witness high growth over the forecast period of 2023 to 2030. North America currently dominates the market due to rising prevalence of Charcot-Marie-Tooth disease and presence of major players. However, Asia Pacific is expected to witness the fastest growth due to growing geriatric population, increased healthcare expenditure and rising awareness about rare diseases.
Regional analysis
North America accounts for the largest share of the global Charcot-Marie-Tooth Disease market owing to the rising prevalence of the disease and presence of sophisticated healthcare infrastructure. The United States holds the major share in the regional market. However, Asia Pacific is projected to grow at the fastest CAGR during the forecast period. This is attributed to the increasing healthcare expenditure, growing economies, and rising awareness about rare diseases.
Key players
Key players operating in the Charcot-Marie-Tooth Disease market 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 new product launches and geographical expansion to strengthen their market presence.
For More Insights, Read: https://www.newswirestats.com/charcot-marie-tooth-disease-market-size-share-and-growth-forecast-2023-2030/
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