Plexiform Neurofibromas Treatment Market to be $ 2.6 Bn

Global Plexiform Neurofibromas Treatment Market, by Drug Class (Selumetinib, Non-Steroidal Anti-Inflammatory Drugs (NSAIDs), Anticonvulsants, Others (Tricyclic Antidepressants, etc.)), by Patient Population (Pediatric, Adult), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 1,371.14 Million in 2022 and is expected to exhibit a CAGR of 8.2% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.

Adoption of inorganic strategies such as collaoration by key market players is expected to drive the global plexiform neurofibromas treatment market over the forecast period. For instance, In July 2020, AstraZeneca, a biopharmaceutical company, announced that they had collaborated with the Merck & Co., Inc., a pharmaceutical company, to co-commercialize and co-develop Lynparza and Koselugo (selumetinib), a mitogen-activated protein kinase (MEK) inhibitor, for multiple cancer type. According to the terms of the deal, Merck paid AstraZeneca Plc. up to US$ 8.5 billion in total consideration, which included US$ 1.6 billion up front, US$ 750 million for a few licencing options, and up to US$ 6.15 billion that was based on meeting future regulatory and sales goals.

Global Plexiform Neurofibromas Treatment 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 lockdowns in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.

The COVID-19 pandemic also had a negative impact on the global plexiform neurofibromas treatment market. For instance, in Feburary 2021, according to the data published in Orphanet Journal of Rare Diseases, a survey was conducted in neurofibromatosis clinics in the U.S. to identify the impact of COVID-19 on neurofibromatosis clinical care. It was concluded that routine clinical care and elective procedures were temporarily paused in neurofibromatosis treatment and clinical trials participation was also impacted, with half of clinics reporting either modification or deferral of existing clinical trials protocols and delays or suspensions with new research protocols.

Global Plexiform Neurofibromas Treatment Market: Key Developments

Increasing adoption of inorganic strategies such as acquisistion by key market players is expected to drive the global plexiform neurofibromas treatment over the forecast period. For instance, in October 2022, Pasithea Therapeutics, a biotechnology company, acquired AlloMek Therapeutics, LLC, a privately held biotechnology company. AlloMek Therapeutics, LLC’s, lead therapeutic candidate, CIP-137401, is a potential best-in-class macrocyclic mitogen-activated protein kinase inhibitor for use in a range of Central Nervous System related indications, including neurofibromatosis type 1 and Noonan syndrome. This acquisition helped Pasithea therapeutics to expand its CNS-focused drug development pipeline with near-term clinical opportunities.

Browse 113 Market Data Tables and 50 Figures spread through 415 Pages and in-depth TOC on “Global Plexiform Neurofibromas Treatment Market”- Forecast to 2030, Global Plexiform Neurofibromas Treatment Market, by Drug Class (Selumetinib, Non-Steroidal Anti-Inflammatory Drugs (NSAIDs), Anticonvulsants, Others (Tricyclic Antidepressants, etc.)), by Patient Population (Pediatric, Adult), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies), 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/plexiform-neurofibromas-treatment-market-5430

Moreover, ongoing research and development by key market players is expected to drive the global plexiform neurofibromas treatment market over the forecast period. For instance, in September 2019, SpringWorks Therapeutics., a biopharmaceutical company, announced that they had started a clinical trial to evaluate mirdametinib (PD-0325901) in the treatment of symptomatic inoperable neurofibromatosis type-1 (NF1) associated with plexiform neurofibromas. Mirdametinib is an orally delivered, highly selective small molecule inhibitor of the dual specificity kinases, MEK1 and MEK2.

Key Takeaways of the Global Plexiform Neurofibromas Treatment Market:

The global plexiform neurofibromas treatment market is expected to exhibit a CAGR of 8.2% during the forecast period due to the increasing adoption of growth strategies such as collaboration by the key market players. For instance, in January 2021, RECOMBINETICS, a biotechnology company announced that they had entered into a research collaboration for Neurofibromatosis Type 1 (NF1) with AstraZeneca, a biopharmaceutical company. Under this research collaboration, Astrazeneca and RECOMBINETICS will undertake a study to assess selumetinib for the treatment of cutaneous neurofibromas, using RECOMBINETICS neurofibromatosis preclinical platform.
Among patient population, pediatric segment is estimated to hold a dominant position in the global plexiform neurofibromas treatment market over the forecast period due to the adoption of inorganic strategies such as partnership by key market players. For instance, in April 2020, Healx, a biotechnology company, announced the partnership with Children’s Tumor Foundation for the development of neurofibromatosis treatments. Healx will combine its artificial intelligence technology and drug discovery expertise with the disease data, networks and patient awareness of Children’s Tumor Foundation, to predict and progress in therapies for Neurofibromatosis type 1.
Among regions, North America is estimated to account for the largest market share in the global plexiform neurofibromas treatment market, owing to the increasing prevalence of plexiform neurofibromas in the region over the forecast period. For instance, according to the data published by the Journal of Translational Genetics and Genomics in October 2022, neurofibromas type 1 has affected approximately 120,000 Americans (2.5 million worldwide). Thus, it is classified as a rare disease by the U.S. Food and Drug Administration (FDA).
Major players operating in the global plexiform neurofibromas treatment market include AstraZeneca, Pfizer Inc., Sun Pharmaceuticals Industries Limited, Mallinckrodt Pharmaceuticals, SpringWorks Therapeutics, Alcaliber S.A, Teva Pharmaceutical Industries Ltd., Glenmark, Amneal Pharmaceuticals LLC, Aurobindo Pharma, Apotex Inc., Mylan N.V., GSK plc., Solara Active Pharma Sciences Ltd., Abbott, Shanghai Kechow Pharma, Inc., Endo Pharmaceuticals Inc., Purdue Pharma L.P, Merck & Co., Inc., NFlection Therapeutics, Healx, and Array Biopharma