Deep Diving in the Global Refsum Disease Market (2020- 2027); A Meticulous Study Report by MRFR
Refsum disease, a genetic disorder is inherited as an autosomal recessive trait. It is caused due to the accumulation of fatty acid (phytanic acid) in blood plasma and tissues occurred due to malfunction of the enzyme producing gene that metabolizes phytanic acid.
Refsum is characterized by failure of muscle coordination (ataxia), progressive loss of vision (retinitis pigmentosa), degenerative nerve disease (peripheral neuropathy), and dry, rough, scaly skin (ichthyosis).
The global Refsum disease market is growing pervasively over the past few years, mainly due to the spreading awareness towards the condition and the availability of its treatments. Moreover, factors such as the increasing government funding for the R&D activities to discover novel treatment procedures are escalating the market on the global platform.
Considering the exponential traction, the market perceives currently; Market Research Future (MRFR), in its recently published study report asserts that the global Refsum disease market will accrue colossally by 2023, posting approximately 5.4 % CAGR throughout the forecast period (2017 – 2023).
Although Refsum is a genetic disorder factors such as the genetic mutations led by the environmental changes increase the probability of its occurrence leading to increasing the demand for treatments of Refsum and the growth of the market. Additional factors such as the ever-increasing population and growing urbanization coupled with the spreading awareness towards the availability of treatments contribute to the growth of the market.
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Simultaneously, improving economic conditions are providing impetus to the market growth, enabling access to the quality life and improving the quality of healthcare, worldwide. Moreover, substantial investments put in the R&D activities for the innovation & development of new medical devices, treatments & medicines foster the growth of the market, excellently.
Conversely, factors such as the unmet medical needs, drug resistance, and the high treatment costs are impeding the growth of the market. Nevertheless, factors such as technological advancements are expected to support market growth, presenting more advanced and cost-effective treatments.
Global Refsum Disease Market - Regional Analysis
The North American region, heading with the huge number of patient population, dominates the global Refsum disease market with the largest market share. Factors such as the favorable reimbursement scenario and high per capita healthcare expenditures substantiate the growth of the regional market. Moreover, factors such as the presence of many large players in the market and a well-developed healthcare sector impact the market growth, positively.
Furthermore, factors such as the adoption of a sedentary lifestyle are supporting market growth in the region. The US, backed by a wide uptake of new technologies accounts for the key contributor to the market growth in the region.
The Refsum disease market in the European region accounts for the second-largest market, globally. The resurging economy in Europe is undoubtedly playing a key role, acting as a tailwind that pushes the market up. Besides, the availability of funds for research, a huge patient population, and the increasing teenage population within the region are some of the key driving forces behind the growth of the regional market. The European Refsum Disease market is expected to grow at a considerable CAGR.
The Asia Pacific Refsum disease market is rapidly emerging as a profitable market, globally. Factors such as the vast advancements in technology and medical science especially in rapidly emerging economies such as China and India are leading the Refsum disease market in the region. Besides, factors such as the availability of low-cost medications for the treatment, increasing prevalence of Refsum disease, and fast-proliferating healthcare sector fosters the growth in the regional market.
On the other hand, owing to the presence of poor economies, stringent government policies and lack of health care services especially within the African region, the MEA market for Refsum Disease is expected to witness a sluggish growth during the forecast period – 2017 to 2023. While, the Middle Eastern countries including Saudi Arabia, Dubai, Kuwait will provide a boost to the market growth attributing to the well-developed healthcare sector and the huge healthcare expenditure.
Global Refsum Disease Market - Competitive Analysis
Highly competitive, the Refsum Disease market appears to be widely expanded as well as fragmented due to the presence of many large and small players. These players incorporate various strategic initiatives like the partnership, acquisition, collaboration, expansion, and product launch to gain an edge over their competitors.
Acquisition of local players by multinational companies is changing the structure of the market. The increasing competition in the market is encouraging multinational companies to acquire small yet promising companies in the emerging regions to increase the profit of the company while significantly reducing the competition.
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Major Players:
Key players leading the global Refsum disease market include B. Braun Medical Inc., Fresenius Kabi, Medline Industries, Inc., Igenomix, Illumina, Inc., Ceuta Healthcare Limited, Cook, Cochlear Ltd., Sonova, Nurotron Biotechnology Co. Ltd., William Demant Holding A/S, Agilent Technologies, Sequenom, and Bio-Rad Laboratories, Inc. among others.
Key Players
Some of key the players in the global Evans syndrome market are Pfizer, Merck & Co., Sanofi, Astellas Pharma, Inc., GlaxoSmithKline plc, Novartis AG, Enzon Pharmaceuticals, Inc., Bayer AG, Sigma-Aldrich, Abbott Laboratories, Eli Lily and Company, BD, ChemoMetec A/S, and Others.
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