According to a recent FMI study, the global Amyotrophic Lateral Sclerosis Market for amyotrophic lateral sclerosis is anticipated to reach a market value of US$ 743.90 million in 2023 and to reach US$ 1332.22 million by exhibiting a CAGR of 6% from 2023 to 2033. The growing elderly population, increased awareness of ALS, and rising incidence rate are all factors contributing to the growth of the market for amyotrophic lateral sclerosis. From 2017 and 2022, the market for amyotrophic lateral sclerosis experienced a 4% Growth.
The growth of the Amyotrophic Lateral Sclerosis market can be attributed to the rising geriatric population, growing awareness about ALS, and increasing incidence rate. In addition to this, various measures adopted by the government or healthcare organizations to spread awareness are further pushing the market growth.
In June 2022, the United States Food and Drug Administration (FDA) launched an action plan for Rare Neurodegenerative Diseases including Amyotrophic Lateral Sclerosis (ALS). This action plan is the five-year strategy being implemented by the United States FDA with the motive to improve and extend the lives of people living with rare neurodegenerative diseases. With the implementation of the plan, advancements are taking place in the development of effective medical products to offer novel treatments to all patients.
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In terms of market share and revenue, the North American market is predicted to be the most lucrative market during the forecast period with a revenue share of 20%. The region’s growth is driven by the presence of various key players who are working on research and development of effective solutions. For instance, in May 2022, Mitsubishi Tanabe Pharma America received the United States Food and Drug Administration Approval for RADICAVA ORS (edaravone) for the Treatment of amyotrophic lateral sclerosis.
Key Takeaways from the Market Study
- From 2017-2022, the Amyotrophic Lateral Sclerosis market grew at a CAGR of 4%.
- The global Amyotrophic Lateral Sclerosis market is expected to grow with a 6% CAGR during 2023-2033.
- As of 2033, the Amyotrophic Lateral Sclerosis market is expected to reach US$ 1332.22 Million
- According to the FMI analysis, Hospital pharmacies account for the largest market share.
- Stem cell therapy is expected to show the highest CAGR owing to the increasing demand for new approaches.
- North America is expected to possess a 20% market share in the Amyotrophic Lateral Sclerosis market.
- The Asia Pacific market is predicted to increase significantly throughout the forecast period, with a CAGR of 5% during the forecast period.
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“An inclination of the population towards a stationary lifestyle and increasing geriatric population has increased the demand for targeted and indicating treatment options, which are driving the global amyotrophic lateral sclerosis market.” says an FMI analyst
Market Competition
Key players in the Amyotrophic Lateral Sclerosis market are Mitsubishi Tanabe Pharma Corporation; Otsuka Pharmaceutical Co., Ltd.; BrainStorm Therapeutics; Biogen Inc.; Corestem; AB Science; F.Hoffmann-La Roche AG; Biohaven Pharmaceutical; Sun Pharmaceutical; and Ionis Pharmaceuticals, Inc.
- In June 2021, CRISPR Therapeutics and Capsida Biotherapeutics Inc. entered into a strategic partnership to research, develop, manufacture and commercialize in vivo gene editing therapies using CRISPR technology delivered with engineered AAV vectors for the treatment of familial amyotrophic lateral sclerosis (ALS) and Friedreich’s ataxia. Such partnerships are likely to bolster market growth
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Key Segments Profiled in the Amyotrophic Lateral Sclerosis Industry Survey
Treatment:
- Medication
- Stem Cell Therapy
- Others
Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Others
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
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