The Charcot Marie Tooth disease market is estimated to be valued at US$ 1,208.92 Mn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Charcot Marie Tooth disease, also known as hereditary motor and sensory neuropathy, is a genetic disorder that affects the peripheral nervous system. It causes the nerves outside of the brain and spinal cord (peripheral nerves) to deteriorate over time. This leads to weakness and wasting in the distal muscles of the legs and arms. The main symptoms include muscle weakness and atrophy in the lower legs and forearms, reduced or absent tendon reflexes, and sensory loss and abnormal sensations. The disease is usually inherited, although some cases have no known family history. It can occur at any age but signs and symptoms usually appear from the late teens to early 30s. The specific nerve fibers affected depends on the type and mutation of the gene causing the disease.
Market Dynamics:
The increasing awareness and diagnosis rates are expected to drive the growth of the Charcot Marie Tooth disease market over the forecast period. According to the National Institute of Neurological Disorders and Stroke, Charcot-Marie-Tooth disease affects approximately 1 in 2,500 people in the United States. However, most medical professionals are still unaware of this disease. Raising awareness about the condition and its signs and symptoms is important for early diagnosis and treatment. Non-profit organizations like CMTA (Charcot-Marie-Tooth Association) educate patients and physicians through publications, conferences, patient forums and seminars. Early detection can help slow disease progression.
The other driver is the robust pipeline of drugs under research and development. There is no cure for CMT yet but many companies are exploring gene therapy, neurotrophic factors and other innovative treatment approaches that can potentially stop or reverse nerve damage. Some drugs in late-stage clinical trials show promise. This robust pipeline is expected to lead to major treatment breakthroughs in the coming years, boosting market growth.
SWOT Analysis
Strength: Charcot Marie Tooth Disease Market has growing research and development activities. Increase in awareness regarding CMT disease is boosting the market growth. Rising government funding for research is also positively impacting the market.
Weakness: High cost associated with drug development and lack of approved drug therapy are major challenges in this market. Late diagnosis of CMT also acts as a limitation.
Opportunity: Favorable government support and initiatives will create new opportunities in the forecast period. Growing geriatric population susceptible to CMT will further boost the market size.
Threats: stringent regulations for drug approval and long approval time are major threats. High prevalence of alternative therapies also poses threat to market growth. Lack of skilled healthcare professionals also restrict the market growth.
Key Takeaways
The global Charcot Marie Tooth Disease Market is expected to witness high growth, exhibiting CAGR of 23.% over the forecast period, due to increasing prevalence of CMT disease globally. As per recent study, CMT affects nearly 1 in 2,500 people worldwide.
Regional analysis
North America region currently dominates the Charcot Marie Tooth Disease Market owing to increasing R&D investments, supportive government initiatives and presence of key players in the region. Europe is the second largest market due to rising cases of CMT disease. Asia Pacific region is expected to witness fastest growth during forecast period due to increasing healthcare expenditure and growing awareness.
Key players analysis
Key players operating in the Charcot Marie Tooth Disease Market are Addex Therapeutics Ltd., Affectis Pharmaceuticals AG, Genzyme Corp, Lead Discovery Center GmbH, Pharnext SA, Acceleron Pharma, MedDay Pharmaceuticals, Bristol-Myers-Squibb Company, Inflectis Bio Science Health Company, Helixmith Co., Ltd., and Neurogene Inc. These major players are adopting various inorganic strategies such as collaborations and partnerships to gain higher market share.
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https://www.rapidwebwire.com/charcot-marie-tooth-disease-market-size-share-growth-outlook-2023/
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