Enzyme Replacement Therapy End-use Demand Forecasting Market size is estimated to reach $13,000 million by 2026, growing at a CAGR of 6.5% over 2021-2026. Enzyme Replacement Therapy (ERT) is a kind of drugs which is used for the treatment of rare diseases and are called orphan drugs. Pancreatic enzyme replacement therapy is used for treating pancreatic exocrine insufficiency which is safe and effective therapy for patients. Enzyme replacement therapy helps to improves cardiac involvement in fabry’s disease with agalsidase beta and also helps in kidney transplant. Growing prevalence of rare disease and rising advancement in technology is the major factor driving the growth of this market. Furthermore, increasing research and development activities is set to further enhance the overall market demand for Enzyme Replacement Therapy End-use Demand Forecasting Market for the period 2021-2026
Enzyme Replacement Therapy End-use Demand Forecasting Segment Analysis – By Therapeutic Condition
The global Enzyme Replacement Therapy End-use Demand Forecasting Market based on Therapeutic Condition can be further segmented into Bifurcated Pompe’s Disease, Gaucher’s Disease, Fabry Disease, and Others. The Gaucher’s Disease segment is the major segment generating revenue in 2020. This is owing to increasing prevalence of gaucher disease and according to National Goucher Foundation, gaucher disease can occur up to 1 in 40,000 births worldwide which increases the demand of enzyme replacement therapy and are increasing the growth of this segment. The Fabry Disease segment is estimated to register the fastest CAGR of 3.8% for the period 2021-2026. This is owing to increasing demand for agaldidase beta-based enzyme replacement therapies which is used for the treatment of fabry disease.
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Enzyme Replacement Therapy End-use Demand Forecasting Segment Analysis – By Route of Administration
The global Enzyme Replacement Therapy End-use Demand Forecasting Market based on route of administration can be further segmented into Oral, and Parenteral. The Parenteral segment registers for the Enzyme Replacement Therapy End-use Demand Forecasting highest market share in 2020. This is owing to its ability to facilitate rapid absorption and drug delivery and provides convenient storage that increases the growth of this segment. The Oral segment is estimated to register the fastest CAGR of 2.7% over 2021-2026. This is owing to the ease of ingestion, pain avoidance, and safety which increases the growth of this segment.
Enzyme Replacement Therapy End-use Demand Forecasting Segment Analysis – By Geography
North America dominated the Enzyme Replacement Therapy End-use Demand Forecasting Market with major share of 40% in 2020. This is owing to adoption of advanced technologies and increased focus on drug development. According to National Organization for Rare Disease, in 2018 about 6,000 individuals are suffering from gaucher’s disease in U.S that increases the demand of enzyme replacement therapy and are increasing growth of this market.
However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR of 25% during the forecast period 2021-2026 owing to the rising healthcare facilities and improving innovative technologies.
Enzyme Replacement Therapy End-use Demand Forecasting Market Drivers
Growing Prevalence of Rare Disease
Increasing prevalence of rare disease increases the growth of the Enzyme Replacement Therapy End-use Demand Forecasting Market. According to the Genetic and Rare Diseases Information Center, about 200,000 individuals are affected by rare disease are increasing the growth of the Enzyme Replacement Therapy End-use Demand Forecasting Market over 2021-2026.
Rising Advancement in Technology
Growing technological advancement and developing innovative therapies is increasing the growth of the Enzyme Replacement Therapy End-use Demand Forecasting Market. Moreover, increasing use of recombinant DNA technology increases the growth of Enzyme Replacement Therapy End-use Demand Forecasting Market over 2021-2026.
Covid Impact:
During COVID-19 Pandemic, more people are admitted to hospitals, the demand for hospital assets such as beds, ventilators, respirators and other advanced devices is increasing. During Pandemic, hospitals are recommending home therapies to get separate from COVID-19 patients which are negatively impacting the growth of the market.
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Enzyme Replacement Therapy End-use Demand Forecasting Market Challenges
High Cost of Treatment
The factors that is set to impede the growth of the Enzyme Replacement Therapy End-use Demand Forecasting Market are the high cost of treatment. Moreover, availability of alternative treatment options and lack of skilled healthcare professional is set to create hurdles for the Enzyme Replacement Therapy End-use Demand Forecasting Market.
Enzyme Replacement Therapy End-use Demand Forecasting Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Enzyme Replacement Therapy End-use Demand Forecasting Market. Enzyme Replacement Therapy End-use Demand Forecasting top 10 companies include, AbbVie, Alexion, Allergan, BioMarin, Johnson & Johnson, Protalix, Sanofi, Shire, Takeda Pharmaceuticals and Pfizer.
Acquisitions/Product Launches
In January 2019, Takeda Pharmaceuticals has acquisition with Shire. This acquisition helps to expand its product portfolio of rare diseases treatment.
Key Takeaways
Geographically, in 2020, North America dominated the Enzyme Replacement Therapy End-use Demand Forecasting Market owing to adoption of advanced technologies and increased focus on drug development.
Growing prevalence of rare disease and rising advancement in technology are likely to aid in the market growth of the Enzyme Replacement Therapy End-use Demand Forecasting.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Enzyme Replacement Therapy End-use Demand Forecasting Market report.
High cost of treatment is set to create hurdles for the Enzyme Replacement Therapy End-use Demand Forecasting Market.
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