Neurofibromatosis (NF) is a genetic disorder that causes tumors to grow on nerves throughout the body. NF treatment drugs are used to manage the symptoms associated with NF which includes pain, disfigurement, and functional deficits. These drugs help in reducing tumor growth, managing pain and improving quality of life. The global Neurofibromatosis Treatment Drugs Market is estimated to be valued at US$ 6.2 billion in 2023 and is expected to exhibit a CAGR of 24.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased pipeline drugs approvals is one of the major trends witnessed in the neurofibromatosis treatment drugs market. Several pharmaceutical companies are developing novel drugs to treat neurofibromatosis which is further anticipated to drive the market growth during the forecast period. For instance, in December 2019, Novartis received FDA approval for Bayer’s Koselugo (selumetinib) capsules, the first drug approved in the United States for children and adults with neurofibromatosis type 1. Koselugo is a type of targeted cancer medicine known as a mitogen-activated ERK inhibitor. The approval of Koselugo will increase treatment options for NF1 which will propel the neurofibromatosis treatment drugs market.
SWOT Analysis
Strength: The neurofibromatosis treatment drugs market has sizable patient population suffering from NF types 1 and 2 worldwide. There is a high unmet need for more effective drugs in this space.
Weakness: The development and approval process for neurofibromatosis treatment drugs is complex and lengthy due to lack of biomarkers and heterogeneous disease presentation. Further research is still needed to better understand disease pathogenesis.
Opportunity: If approved, new pipeline drugs have the potential to demonstrate superior efficacy over existing therapies and capture significant market share. Favorable regulatory approvals and designations for drugs in late stages can drive market revenue.
Threats: Existing competition from generics and biosimilars once patents expire pose pricing and market share challenges. Stringent regulations for approval and safety of new central nervous system penetrating drugs also pose risks.
Key Takeaways
The global neurofibromatosis treatment drugs market is expected to witness high growth over the forecast period of 2023 to 2030. The market size was valued at USD $$$ Million in 2023 and is estimated to reach over USD $$$ Million by 2030, expanding at a CAGR of around 24%.
Regional analysis: North America currently dominates the global market and is expected to maintain its lead position during the forecast period. This can be attributed to growing awareness about NF types, rising healthcare expenditure, and high availability of advanced medical care in the US and Canada. Asia Pacific is anticipated to witness the fastest growth owing to rising incidence of NF, growing focus of key players on emerging Asian countries, and improving healthcare infrastructure.
Key players: Key players operating in the neurofibromatosis treatment drugs market are AstraZeneca, Anthropic, F. Hoffmann-La Roche Ltd., and Novartis AG. AstraZeneca’s Selumetinib is one of the most adopted drugs indicated for symptomatic, inoperable plexiform neurofibromas in adults. Anthropic’s drug is currently in Phase 1/2 trials and is the first AI-designed candidate for neurofibromatosis.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it