by The global Achondroplasia Treatment Market is estimated to be valued at US$ 127.8 Mn in 2023 and is expected to exhibit a CAGR of 36% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Achondroplasia is the most common form of dwarfism and occurs in about 1 in 25,000 newborns. It is caused by a mutation or change in the fibroblast growth factor receptor 3 (FGFR3) gene which is responsible for regulating bone growth. Individuals with achondroplasia have short stature disproportionately small size of hands and feet relative to the trunk, a frontal bossing of the forehead with mid-face hypoplasia. Currently, there is no cure for achondroplasia, however, recent developments in gene therapy hold promise for future treatment options. Multiple companies are conducting clinical trials evaluating gene therapy approaches to treat achondroplasia by delivering a normal copy of the FGFR3 gene to alter the disease process. The global market is driven by growing diagnosis of achondroplasia cases and rising research funding for development of novel treatment therapies.
The global Achondroplasia Treatment Market size is estimated to be valued at US$ 127.8 Mn in 2023 and is expected to exhibit a CAGR of 36% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Gene therapy is emerging as a promising treatment approach for achondroplasia. Multiple companies have gene therapy candidates in clinical trials including BioMarin, Ascendis Pharma, and Pfizer. BioMarin’s vosoritide is the first drug approved for treatment of children with achondroplasia to promote growth. It works by partially inhibiting FGFR3 signaling. Other companies are evaluating different gene therapies like RIBOMIC which aims to directly deliver a normal copy of the FGFR3 gene. Advances in gene editing technologies like CRISPR are also fueling research efforts. If proven successful, gene therapies have potential to alter the disease course by correcting the underlying genetic mutation rather than just managing symptoms. This represents a major breakthrough for individuals suffering from this dwarfing condition.
Porter’s Analysis
Threat of new entrants: Low barrier to entry in the market as capital requirement is less compared to other disease markets. However, established brands and patents pose entry barriers.
Bargaining power of buyers: Moderate bargaining power due to availability of substitute products. However, lack of treatment options increases buyer dependence.
Bargaining power of suppliers: High bargaining power of raw material suppliers due to limited availability and supplier concentration. Supplier switching costs are also high.
Threat of new substitutes: Low threat as Achondroplasia has limited treatment alternatives currently. However, new pipeline products can pose substitution threats.
Competitive rivalry: Intense competition between existing players to gain higher market share. Players compete on price and service quality.
Key Takeaways
The global Achondroplasia Treatment market is expected to witness high growth over the forecast period of 2023 to 2030. The global Achondroplasia Treatment Market is estimated to be valued at US$ 127.8 Mn in 2023 and is expected to exhibit a CAGR of 36% over the forecast period 2023 to 2030.
Regional analysis: North America is expected to remain the largest and fastest growing regional market over the forecast period supported by robust research activities and strict regulations. The Asia Pacific region is anticipated to witness fastest growth due to rising awareness, improving healthcare infrastructure and increasing discretionary spending.
Key players: Key players operating in the Achondroplasia Treatment market are BioMarin, RIBOMIC, Ascendis Pharma A/S, BridgeBio Pharma, Inc., Pfizer Inc., PhaseBio Pharmaceuticals, Inc., SiSaf, Novo Nordisk A/S, F. Hoffmann-La Roche Ltd, LG Chem, Ferring B.V., JCR Pharmaceuticals Co., Ltd, KVK TECH, INC., VIVUS LLC., ProLynx Inc., Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Ipsen Pharma, Novartis AG, and Xiamen Amoytop Biotech Co., Ltd.
