Beta Catenin Market to Surpass US$ 5,201.5 Mn by 2030
Global Beta Catenin Market, by Type (BBI-801, Exisulind, M-101, Nefopam Hydrochloride, and Others), by Application (Dermatology ,Oncology ,Genetic Disorder, and Others), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa) is estimated to be valued at US$ 2,492.0 Mn in 2022 and is expected to exhibit a CAGR of 9.6% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Key trends in market include increase in government and non-government initiatives for gene disorders which is expected to drive growth of market during the forecast period. For instance, in May 2019, National Institutes of Health (NIH) granted US$ 35 million funds for development and research for Down syndrome.
Global Beta Catenin Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic caused major disruptions to clinical trial execution in the U.S., impacting key stakeholders across the industry. Investigative site capabilities experienced upheaval, driven by staff furloughs, social-distancing protocols, financial losses, and concerns over patient safety. Sponsors, Contract research organization (CROs), and other organizations that support drug development shifted to remote working environments. An April 2020 study on the Impact of COVID-19 on Clinical Trial Sites conducted by Medidata, a life sciences software provider that supports clinical trials with a primary focus on evidence generation, suggests that investigative sites demonstrated flexibility and ingenuity in adopting new approaches in order to cope with challenges presented by the pandemic, with over half of investigative sites transitioning to virtual approaches to interact with patients. More recently, follow-up studies performed in August 2020 have identified persistent impact of COVID-19 pandemic, with over 60% reporting an average or greater level of impact on ongoing trials and initiation of new trials. Respondents specifically highlighted challenges in patient enrollment and recruitment. Recently, the U.S. Food and Drug Administration (FDA) guidance (March 2020 and updated July 2020) acknowledged that the impact of COVID-19 may require companies conducting clinical trials to consider virtual patient visits or put new processes in place of current protocols. Therefore, there are now more opportunities for using remote healthcare including conducting virtual or decentralized trials, site-less clinical trials, and use of other non-traditional approaches that do not involve in-person visits. The COVID-19 pandemic has had a significant negative influence on the world economy on many levels, which is also evident in the healthcare sector. Due to the closure of production facilities, severe shortage in raw material supply, and lack of qualified labor, the booming market for health care research and development is predicted to have a sharp fall in sales during the lockdown period. The pandemic's present effects can be inferred from the supply chain and production operations encountering some modest difficulties.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Beta Catenin Market”- Forecast to 2030, global Beta Catenin Market, by Type (BBI-801, Exisulind,M-101,Nefopam Hydrochloride, Others), by Application (Dermatology, Oncology ,Genetic Disorder, Others) and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in the Global Beta Catenin Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/beta-catenin-market-5258
Moreover, increase in research and development by governments for genetic disorders is expected to drive the market during the forecast period. For instance, data published on March 2021, on CNBC LLC, which is an American business news channel website, states that according to the nation’s National Bureau of Statistics China’s spending on research and development climbed 10.3% to 2.44 trillion Chinese yuan ($378 billion) in 2020.
Key Takeaways of the Global Beta Catenin Market:
- Global Beta Catenin market is expected to exhibit a CAGR of 9.6% during the forecast period due to increase in cancer patients. For instance, according to data published on February 2022, by Americans Cancer Society, estimates for lung cancer in the U.S. for 2022 will be about 236,740 new cases of lung cancer (117,910 in men and 118,830 in women) and about 130,180 deaths from lung cancer (68,820 in men and 61,360 in women).
- On the basis of Application, Oncology segment is estimated to account for the largest market share in the global beta catenin market over the forecast period, owing to increase in the approval of new treatments. For instance, in August 2022, the U.S Food and Drug Administration (FDA) granted accelerated approval to fam-trastuzumab deruxtecan-nxki (for adult patients with unresectable or metastatic non-small cell lung cancer (NSCLC) whose tumors have activating human epidermal growth factor receptor 2 HER2 (ERBB2) mutations.
- Among Region, Asia Pacific segment is expected to exhibit the highest CAGR % over the forecast period owing to increase in number of cancer patients. For instance, according to data published in April 2020 by National Library of Medicine (NIH), about 4,285,033 new cancer cases were diagnosed in China in 2019, which included 2,366,010 males and 1,919,023 females.
- Major players operating in the global beta catenin market include Boston Biomedical Inc, Dicerna Pharmaceuticals Inc., Marina Biotech Inc., Propanac Biopharma Inc, Warp Drive Bio Inc., prism pharma co ltd, , aileron therapeutics inc, MD2 Biosciences Inc, WntRx Pharmaceuticals Inc, Sapience Therapeutics Inc, and Venn Therapeutics LLC.
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