by Charcot-Marie-Tooth disease, also known as hereditary motor and sensory neuropathy, is a group of inherited neurological disorders that affect the peripheral nervous system. Some of the common symptoms of Charcot-Marie-Tooth disease include weak leg and foot muscles, high arches, foot deformities, cramping, and loss of sensation in the limbs. The rising prevalence of Charcot-Marie-Tooth disease around the world and lack of cure is driving the demand for effective management.
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 Market Size are Baxter, AbbVie Inc., Piramal Enterprises Ltd., Fresenius SE & Co. KgaA, Drägerwerk AG & Co. KgaA, GE Healthcare, and Mindray Medical International Limited, among others.
The key opportunities in the Charcot-Marie-Tooth disease market include rising healthcare expenditure, increasing research on personalized medicine, and new product innovations. Rapid global economic growth is also boosting healthcare investment and access to treatment.
Globally, countries with high disease prevalence and strong in-country expertise are attracting major pharma players to establish manufacturing and R&D centers. Furthermore, growing collaborations between regional and international market players will help expand and strengthen the global market reach.
Market Drivers:
The key driver aiding the growth of the Charcot-Marie-Tooth disease market is the increasing prevalence of the disease due to improved diagnostics. According to some reports, Charcot-Marie-Tooth disease affects around 1 in 2,500 people worldwide. As the awareness about the disease is rising, more cases are being diagnosed thereby driving the uptake of treatment and management solutions in the market.
PEST Analysis
Political: Government initiatives and funding for research activities related to rare disease like Charcot-Marie-Tooth Disease is expected to drive the market growth. economic: Rising healthcare expenditure and increasing demand for effective treatment options is anticipated to boost the market growth. Social: Growing awareness among patients about the disease and available treatment options through patient advocacy groups and social media is likely to support the market expansion. Technological: Advancements in gene therapy and development of novel drug delivery systems can potentially help in effective management of the disease.
Geographical Regions with High Market Concentration
North America accounts for the largest share in the global Charcot-Marie-Tooth Disease market in terms of value owing to rising prevalence of the disease, growing healthcare expenditure, and availability of advanced treatment options. Europe captures the second largest market share due to increasing research funding and government support for rare disease.
Fastest Growing Geographical Region
Asia Pacific region is projected to witness the fastest growth over the forecast period due to improving healthcare infrastructure, increasing disposable income, growing medical tourism industry, and expansion of key market players in emerging markets. Large patient population base especially in China and India also contributes to the rapid growth of Charcot-Marie-Tooth Disease market in Asia Pacific region.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
