Global Achondroplasia Treatment 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$ 127.8 Million in 2023 and is expected to exhibit a CAGR of 36.5% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focused on adopting inorganic growth strategies such as collaboration , which will drive the global achondroplasia treatment market growth. For instance, in February 2021, RIBOMIC is a clinical-stage pharmaceutical company specializing in aptamer therapeutics, and ASKA Pharmaceutical Co., Ltd., a manufacturer and supplier of medical equipment and drugs, announced a multi-year joint research and development agreement for drug discovery research and development targeting specific hormone receptors with the aim of discovering new drugs. The aim of this research agreement is to develop oligonucleotide therapeutics known as Aptamer drugs. Moreover, increased research and development activities by the key players are 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 Treatment Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things from one place to another.
COVID-19 had a positive impact on the global achondroplasia treatment market..For instance, in April 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 BioMarin’s clinical studies faced challenges. Research participants and healthcare professionals' safety and well-being were the most challenging aspects of the ongoing COVID-19 Pandemic, which is affecting the health and livelihoods of many people around the world.
Global Achondroplasia Treatment Market: Key Developments
In April 2022, Aspect Biosystems, a biotechnology company pioneering the development of bioprinted tissue therapeutics, and Novo Nordisk A/S which develops, produces, and markets pharmaceutical products in Denmark, announced a collaboration, development, and license agreement to develop bioprinted tissue therapeutics designed to replace, repair, or supplement biological functions inside the body with the aim of delivering a new class of truly disease-modifying treatments for achondroplasia.
In May 2020, ProLynx LLC, a biotechnology research, and pharmaceuticals company located in San Francisco, California, announced a collaboration with Daiichi Sankyo Company, Limited is a global pharmaceutical company and the second-largest pharmaceutical company in Japan. to utilize its drug delivery linker technology to extend the intravitreal half-life of Daiichi Sankyo’s drug candidates.
In November 2021, BioMarin Pharmaceutical Inc., a biotechnology company dedicated to transforming lives through genetic discovery, announced that the U.S. Food and Drug Administration (FDA) had granted accelerated approval to VOXZOGO (vosoritide) for Injection, indicated to increase linear growth in pediatric patients with achondroplasia five years of age and older with open epiphyses (growth plates). This indication is approved under accelerated approval based on an improvement in annualized growth velocity (AGV). Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory studies.
On January 9, 2023, Ipsen, a biopharmaceutical company improving patients' lives through research and innovation in oncology, rare disease, and neuroscience, and Albireo Pharma, Inc. which operates as a biopharmaceutical company, announced that they had entered into a definitive merger agreement under which Ipsen will acquire Albireo, a leading innovator in bile-acid modulators, to treat pediatric and adult cholestatic liver diseases.
Browse 30 Market Data Tables and 24 Figures spread through 190 Pages and in-depth TOC on “Global Achondroplasia Treatment Market”- Forecast to 2030, Global Achondroplasia Treatment 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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Key Takeaways of the Global Achondroplasia Treatment Market :
- The global achondroplasia treatment market is expected to exhibit a CAGR of 36.5% during the forecast period. Merger with emerging economies offers lucrative growth opportunities for players in the global achondroplasia treatment market. For instance, in May 2021, RIBOMIC announced the completion of its Phase I study of RBM007 for the treatment of achondroplasia. The purpose of this study is to evaluate the safety, tolerability, and pharmacokinetics of RBM007 for achondroplasia.
- By treatment type segment, the vosoritide segment is expected to hold a dominant position in the global achondroplasia treatment market during the forecast period, and this is attributed to the product being approved by regulatory bodies in the field of achondroplasia treatment. For instance, in November 2021, BioMarin, a global biotechnology company, announced that the U.S. Food and Drug Administration (FDA) had granted accelerated approval to VOXZOGO (vosoritide) for injection, indicated to increase linear growth in pediatric patients with achondroplasia five years of age and older with open epiphyses (growth plates)
- Among Region, North America is expected to be the dominant region in the global achondroplasia treatment market, owing to the increasing research and development activities by the key players in the region for the development and launch of novel therapeutics for the treatment of patients suffering from achondroplasia. For instance, in July 2020, QED Therapeutics, a subsidiary of BridgeBio Pharma, Inc., announced that the first child with achondroplasia had been dosed with infigratinib, the investigational medicine for achondroplasia. Infigratinib, an orally available small molecule, targets the overactivity of fibroblast growth factor receptor 3 (FGFR3) in the PROPEL 2 Phase 2 clinical trial.
- Major players operating in the global achondroplasia treatment market include 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.