Global Achondroplasia Market, by Treatment Type (Vosoritide, Human Growth Hormone, and Others), by Route of Administration (Oral and Parenteral), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 93.82 Million in 2022 and is expected to exhibit a CAGR of 36.0% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increased research and development activities by the key players is expected to drive the market growth over the forecast period. For instance, in May 2021, RIBOMIC, a clinical stage pharmaceutical company, specializing in aptamer therapeutics, announced the completion of its Phase I study of RBM007 for the treatment of achondroplasia. The purpose of the study was to evaluate the safety, tolerability and pharmacokinetics of RBM007 for achondroplasia.
Global Achondroplasia Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
The impact of coronavirus (COVID-19) pandemic is expected to limit the growth of the global achondroplasia market during the forecast period owing to the restrictions during the clinical trial study of new product. For instance, on April 8, 2020, BioMarin Pharmaceutical Inc., a U.S. based biotechnology company published an article on the company's clinical development program for achondroplasia during the COVID-19 pandemic, which stated that as more cases of the COVID-19 were confirmed, the company faced challenges and also the participants in the BioMarin clinical studies faced challenges. The research participants' and healthcare professionals' safety and well-being were the most challenging aspects during the ongoing COVID-19 epidemic, which is affecting the health and livelihoods of many people around the world.
Browse 35 Market Data Tables and 29 Figures spread through 207 Pages and in-depth TOC on “Global Achondroplasia Market”- Forecast to 2030, Global Achondroplasia Market, by Treatment Type (Vosoritide, Human Growth Hormone, and Others), by Route of Administration (Oral and Parenteral), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, increasing prevalence of achondroplasia is expected to drive the market growth over the forecast period. For instance, according to the data published by the European Medicines Agency in June 2021, it is estimated that 350 children are born with achondroplasia every year in the Europe.
Key Takeaways of the Global Achondroplasia Market: