Achondroplasia is the most common form of dwarfism caused by an autosomal dominant mutation and it causes abnormal skeletal development that slows bone growth. Achondroplasia treatment aims to address skeletal and non-skeletal complications associated with the condition. The treatment landscape has witnessed the approval of vosoritide treatment in recent years which boosts bone growth and helps achieve normal adult height in children with achondroplasia.
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.
Market key trends:
The increasing global prevalence of achondroplasia driven majorly by genetic factors is a key trend propelling the growth of the achondroplasia treatment market. As per the estimates by National Organization for Rare Disorders (NORD), achondroplasia affects approximately 1 in every 15,000-40,000 newborns worldwide. The introduction of newer targeted treatment approaches such as vosoritide to address skeletal abnormalities along with conventional hormonal and surgical treatments are gaining significant traction. Vosoritide is the first therapy approved by the U.S FDA for children with achondroplasia. It works by activating the fibroblast growth factor receptor 3 pathway to enhance bone growth. Its approval in recent years has boosted the treatment landscape, benefiting patients and driving the market growth.
SWOT Analysis
Strength: The achondroplasia treatment market size is expected to grow at a CAGR of 36% due to the increasing research activities and growing pipeline candidates for achondroplasia treatment.
Weakness: High costs associated with R&D activities for treatment options can negatively impact market growth. Lack of approved treatment options is also a challenge.
Opportunity: Increasing awareness about achondroplasia can drive demand. Emerging economies can present lucrative opportunities owing to growing healthcare investment.
Threats: Stringent regulations for approval of new treatment candidates can delay market growth. Side effects associated with drugs also threaten adoption.
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.
North America is currently the dominant region for the achondroplasia treatment market and is expected to maintain its leading position over the forecast period. This is attributed to the growing research activities for treatment therapies and increasing healthcare spending in the region. Asia Pacific region is poised to grow at the fastest rate owing to rising awareness, improving healthcare infrastructure and growing disposable income in emerging countries.
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. The major players are focused on R&D activities to develop new treatment therapies for achondroplasia.
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