Neurofibromatosis is a genetic disorder that causes tumors to form on nerve tissues. Neurofibromatosis treatment drugs are used to slow or stop tumor growth. The drugs are available in different delivery methods like oral and injectable, to provide convenience to patients. The global Neurofibromatosis Treatment Drugs Market is estimated to be valued at US$ 5,759.6 Mn 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:
Emerging innovative drugs delivery methods are expected to drive the neurofibromatosis treatment drugs market growth over the forecast period. Various pharmaceutical companies are developing novel delivery systems to offer better efficacy and patient compliance. For example, some players are developing long-acting injectable drugs that remain effective in the body for several weeks or months with a single dose. This reduces treatment frequency and provides comfort to patients. Similarly, research is ongoing on development of transdermal drug delivery systems and implantable drug delivery devices that can release drugs continuously over a prolonged period. Such advances are anticipated to bolster the demand for neurofibromatosis treatment drugs in the coming years.
Segment Analysis
The global neurofibromatosis treatment drugs market can be segmented based on type, drug class and distribution channel. By type, the pseudopolyposis syndrome segment dominates the market as it causes intestinal polyps or non-cancerous (benign) growths in the digestive tract which leads to abdominal pain, bleeding, and changes in bowel habits, if left untreated. By drug class, the fms-like tyrosine kinase 3 inhibitors segment holds the largest share as Drugs like sunitinib and sorafenib, which inhibits multiple receptor tyrosine kinases including fms-like tyrosine kinase 3 (FLT3), have demonstrated promising results in clinical studies.
Key Takeaways
Regional analysis
The neurofibromatosis treatment drugs market in North America is expected to maintain its dominance during the forecast period. This is majorly due to the growing prevalence of neurofibromatosis in the region coupled with rising healthcare expenditure. According to Children's Tumor Foundation, neurofibromatosis affects approximately 1 in every 2,000–3,000 individuals in North America. Europe Neurofibromatosis treatments market is also anticipated to grow at a considerable rate owing to the availability of advanced treatment options and growing initiatives by government organizations to spread awareness regarding neurofibromatosis.
Key players
Key players operating in the neurofibromatosis treatment drugs market are BIO-key International, Fujitsu Limited., 3M Cogent, Inc., MorphoTrust, Imprivata, Inc., Crossmatch Technologies, Inc., Toshiba Medical System Corporation, NEC Corporation, Hitachi Ltd., Integrated Biometrics, and Qualcomm Technologies, Inc. These players are focusing on development of advanced technologies for effective management of neurofibromatosis symptoms. For instance, in 2019, BIO-key filed for pre-market approval of their flagship biometric technology, PortalGuard with the U.S. Food and Drug Administration to facilitate positive patient identification in healthcare settings.
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