Coherent Market Insights

Lysosomal Storage Diseases Therapeutics Market To Surpass US$ 17.36 Bn By 2030

Lysosomal Storage Diseases Therapeutics Market To Surpass US$ 17.36 Bn By 2030 - Coherent Market Insights

Publish On: Jun 20, 2023

Lysosomal Storage Diseases Therapeutics Market, By Treatment (Enzyme Replacement Therapy (Stem Cell Therapy, Substrate Reduction Therapy, Others)), By Indication (Gaucher's Disease, Fabry Disease, Pompe’s Syndrome, Mucopolysaccharidosis, Others), By End User (Hospitals, Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) is estimated to be valued at US$ 9.87 Billion in 2023 and is expected to exhibit a CAGR of 8.4 % during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.

The initiatives by government organizations to approve the newer drugs can drive the growth of the global lysosomal storage diseases therapeutics market over the forecast period. For instance, on May 5, 2023 PRX-102, product of Protalix Biotherapeutics, an Israel-based pharmaceutical company’s pegunigalsidase alfa enzyme replacement therapy for the rare, genetic, progressive disorder, scored a marketing approval in Europe. This will challenge Sanofi, a France based biotechnology company, for its product Fabrazyme, agalsidabase beta based drug approved 20 years ago for Fabry disease.

Global Lysosomal Storage Diseases Therapeutics 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 spread 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 drugs from one place to another.

COVID-19 had a negative impact on the global lysosomal storage diseases therapeutics market. This is because of reduced standard of care during the COVID period. For instance, according to article published in Molecular Genetics and metabolism Reports on August 4, 2021, a study was conducted across 38 countries and 5 continents at 252 active sites. 88% respondants indicated that the pandemic had negatively affected standards of care. With increased reliance on telemedicine, the respondents highlighted the need for a personalized approach to care, direct and frequent communication with patients, and greater involvement of patients and caregivers.

Global Lysosomal Storage Diseases Therapeutics Market: Key Developments

Government organization initiatives to increase funding for genetic disorders can help better treatment related to rare disease. This is expected to boost market growth during the forecast period.

For instance, on June 2, 2023, National Organization for Rare Disease (NORD) urged government to protect funding for rare disease research. U.S. Medicaid plays a significant role in supporting the rare disease community; many individuals with rare diseases rely on U.S. Medicaid for primary or supplemental health coverage. The addition of “work requirement” to Medicaid program would jeopardizing healthcare coverage for millions of Americans. Work requirement is policy by U.S. government for medicaid expansion where enrollees will need to demonstrate that they work at least 20 hours per week or are engaged in other allowable activities, including job search, education and training, or community service. Hence, NORD urged government to not add it to Medicaid program which was later approved by the government.

Browse 29 Market Data Tables and 33 Figures spread through 160 Pages and in-depth TOC on “Global Lysosomal Storage Diseases Therapeutics Market, By Treatment (Enzyme Replacement Therapy (Stem Cell Therapy, Substrate Reduction Therapy, Others)), By Indication (Gaucher's Disease, Fabry Disease, Pompe’s Syndrome, Mucopolysaccharidosis, Others), By End User (Hospitals, Clinics),and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/lysosomal-storage-diseases-therapeutics-market-3651

Key Takeaways of the Global Lysosomal Storage Diseases Therapeutics Market :

  • The global lysosomal storage diseases therapeutics market is expected to exhibit a CAGR of 4 % during the forecast period. The seminars and workshops being arranged for the physicians increase awareness regarding rare diseases. This ultimately increases the demand for lysosomal storage diseases therapeutics and offers lucrative growth opportunities for players in the global lysosomal storage diseases therapeutics market. For instance, on October 29 , 2020, NORD hosted an externally-led patient-focused drug development virtual meeting on krabbe disease. Patients and caregivers impacted by Krabbe disease were invited in this meeting. This meetings provide an opportunity for patients, their families and caregivers to share critical information about the impact of their disease on their daily lives and their experiences with currently available treatments. Patients’ experiences provide valuable insight for the U.S. Food And Drug Administration (FDA) and other key stakeholders, including researchers, medical product developers and health care providers.
  • Among treatment, enzyme replacement therapy segment is expected to grow in the global lysosomal storage diseases therapeutics market over the forecast period. This is because increasing approvals for the products of enzyme replacement therapy. For instance, on February 17, 2023, U.S. FDA approved Lamzede by Chiesi Farmaceutici S.p.A, U.S. based pharmaceutical company the first enzyme replacement therapy approved in the U.S. for the treatment of the non-central nervous system manifestations of alpha-mannosidosis, a rare genetic condition characterized by the lack of the alpha-mannosidase enzyme in the body. Lamzede acts the same way as the alpha-mannosidase enzyme in the human body thus restoring normal cellular activity in patients.
  • Among region, North America is expected to be the dominant region in the global lysosomal storage diseases therapeutics market, owing to the increasing approvals by U.S. FDA in this region. For instance, on August 6, 2021, U.S. FDA approved a new enzyme replacement therapy of avalglucosidase alfa called Nexviazyme by Genzyme, U.S. based biotechnology company for patients aged 1 year or older with late onset of Pompe disease. Pompe’s Disease is caused by a genetic deficiency or dysfunction of the lysosomal enzyme acid alpha-glucosidase (GAA), which leads to a buildup of glycogen in skeletal and cardiac muscle cells, causing muscle weakness and premature death from respiratory failure or heart failure.
  • Major players operating in the global lysosomal storage diseases therapeutics market include Shire plc, Pfizer, Inc., Sanofi, BioMarin Pharmaceutical Inc., Actelion Ltd., Raptor Pharmaceutical Corp., Protalix Biotherapeutics Inc., Quest Diagnostics, and Amicus Therapeutics, Inc.

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