The Charcot-Marie-Tooth disease (CMT) is a group of inherited neurological disorders that cause damage to the peripheral nerves, which are nerves outside of the brain and spinal cord that connect the central nervous system to muscles and sensory organs. The most common symptoms of CMT include gradual muscle weakening in the legs and feet, trouble walking, difficulty handling objects, foot deformities, and relatively mild sensory loss. CMT is usually diagnosed based on a patient’s symptoms, family history, and electrodiagnostic tests.
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 Dynamics:
Rising awareness programs about Charcot-Marie-Tooth disease diagnosis and treatment are expected to drive the global Charcot-Marie-Tooth disease market growth over the forecast period. Various foundations such as Charcot-Marie-Tooth Association (CMTA), CMT United Kingdom, Charcot-Marie-Tooth Australia, and others are engaged in organizing awareness programs and campaigns to spread information about symptoms and management of CMT. For instance, CMTA organizes various awareness events such as WalkForCMT throughout the year to raise funds for research. Growing participation in such programs is creating more awareness about early diagnosis and management of CMT, thereby increasing demand for CMT treatment products.
In addition, growing genetic testing for proper diagnosis of CMT subtypes is also expected to aid market growth between 2023 and 2030. Accurate diagnosis is important for providing patients with proper treatment plans and genetic counseling. Availability of genetic testing helps in confirmation of CMT and identification of the underlying genetic cause, which plays a crucial role in long-term treatment decisions. Development of novel therapies is also fueling the market growth. Key players are engaged in research & development of advanced treatment solutions to cater to the unmet needs of CMT patients.
Segment Analysis
The global Charcot-Marie-Tooth disease market is dominated by the genetic testing segment. Genetic testing accounts for over 60% share of the market as it helps in diagnosis and identification of mutations linked with Charcot-Marie-Tooth disease subtypes. Genetic testing methods like whole exome sequencing and gene panels are widely used for diagnosis and to understand disease progression.
PEST Analysis
Political: Governments in various countries are increasing funding for rare disease research which is positively impacting the CMT market. However, stringent regulations for approval of new therapies can hamper market growth.
Economic: Rising healthcare spending and increasing cases of CMT are fueling market growth. However, high treatment cost associated with CMT poses challenges for market expansion.
Social: Growing awareness about rare neurological conditions and support from patient communities are helping more people get diagnosed and treated for CMT.
Technological: Advancements in genetic testing techniques like next generation sequencing allow for improved diagnosis of CMT subtypes. Development of novel drug delivery methods can help optimize treatment effectiveness.
Key Takeaways
The Global Charcot-Marie-Tooth Disease Market Size is expected to witness high growth over the forecast period owing to rising prevalence of CMT, increasing diagnosis rates, and growing support from governments and non-profit organizations. 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.
Regional analysis:
North America dominates the global CMT market currently holding over 50% share due to strong reimbursement structure and availability of advanced healthcare facilities in the region. Europe is the second largest market for CMT. Asia Pacific is expected to emerge as the fastest growing regional market in upcoming years led by growing cases in India and China.
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 focused on developing advanced treatment solutions and gene therapies to expand their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
