Neurofibromatosis Treatment Global Market Report 2024

The global neurofibromatosis treatment market has grown rapidly in recent years. It will grow from $11.41 billion in 2023 to $13.09 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth in the historic period can be attributed to aging population, advancements in ophthalmology, patient-centered care, global healthcare access.

The global neurofibromatosis treatment market is expected to see rapid growth in the next few years. It will grow to $21.58 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to research and drug development, telemedicine and remote monitoring, patient education and support, reimbursement policies. Major trends in the forecast period include vision rehabilitation services, collaborative care models, data analytics and ai, optic nerve prostheses and implants.

The escalating healthcare expenditure is poised to be a significant driver of growth in the neurofibromatosis treatment market. Healthcare infrastructure encompasses all expenses associated with medical care, preventive measures, public health initiatives, rehabilitation, community health efforts, and health research. Given the nature of neurofibromatosis treatment, which involves various medical procedures like surgeries, biopsies, and advanced imaging tests (MRI and CT scans), adequate funding through healthcare expenditure is crucial. This funding also supports essential healthcare services, including specialized neurofibromatosis treatment. For instance, as per the 2021-2030 National Health Expenditure (NHE) report released by the Centers for Medicare & Medicaid Services, a US-based federal agency, it was projected that national health spending would experience an average annual increase of 5.1% from 2021 to 2030, reaching an approximate total of $6.8 trillion by 2030. Furthermore, within the same period, Medicare expenditures are anticipated to grow at an annual rate of 7.2%, while Medicaid spending is forecasted to increase at a yearly rate of 5.6%. Consequently, the surge in healthcare expenditure is a driving force behind the expansion of the neurofibromatosis treatment market.

The surge in healthcare expenditure is anticipated to be a driving force behind the growth of the neurofibromatosis treatment market in the foreseeable future. Healthcare infrastructure encompasses all costs associated with medical care, preventive measures, public health initiatives, rehabilitation, community health activities, and health research. The rise in healthcare spending is expected to enhance patient access to neurofibromatosis treatment options, thereby contributing to the effective management of the condition. For instance, as reported in the 2021-2030 National Health Expenditure (NHE) report by the Centers for Medicare & Medicaid Services, a US-based federal agency, it is projected that between 2021 and 2030, national health spending will experience an average annual increase of 5.1%, reaching an estimated total of nearly $6.8 trillion. Furthermore, during the same period, Medicare spending is projected to increase at a 7.2% annual rate, while Medicaid spending is anticipated to grow at a 5.6% annual pace. This substantial rise in healthcare expenditure is a driving factor in the expansion of the neurofibromatosis treatment market.

The adoption of poor diets is anticipated to impede the growth of the neurofibromatosis treatment market in the foreseeable future. Individuals diagnosed with neurofibromatosis type 1 tend to follow unhealthy dietary patterns characterized by a deficiency in essential nutrients like fiber, vitamins, and minerals, while exhibiting high consumption of sodium and fat. This dietary imbalance may negatively impact the overall health and treatment outcomes of neurofibromatosis patients. For instance, as per the 2022 Food and Health Survey conducted by the International Food Information Council (IFIC), a US-based non-profit organization, approximately 73% of consumers reported snacking at least once a day in 2022, marking an increase from the 58% reported in 2021. This shift towards less nutritious snacking choices highlights the prevalence of poor dietary habits. Consequently, the adoption of inadequate diets stands as a restraining factor in the growth of the neurofibromatosis treatment market.

Major players in the neurofibromatosis treatment market are dedicated to advancing innovative drugs and securing regulatory approval to maintain their market standing. This emphasis on drug development holds the potential to expand the array of treatment options available for neurofibromatosis, ultimately providing patients with more precise and efficacious therapeutic choices. For instance, in June 2021, AstraZeneca PLC, a leading pharmaceutical and biotechnology company based in the UK, announced a significant milestone. The European Commission granted approval for Koselugo, marking it as the first medication sanctioned in the European Union for the treatment of neurofibromatosis type 1 and plexiform neurofibromas in children aged three and above. Koselugo is an oral medication designed to inhibit the MEK-1 enzyme, a crucial factor in cell growth and division. By taking this targeted approach, Koselugo effectively reduces tumor volume and provides relief from the associated pain of plexiform neurofibromas. The approval of Koselugo in the EU was based on compelling findings from the SPRINT Phase II trial, demonstrating its potential to diminish the size of plexiform neurofibromas and significantly enhance the overall quality of life for patients.

In October 2022, Pasithea Therapeutics, a prominent biotechnology company based in the US, completed the acquisition of AlloMek Therapeutics for $1.05 million. This strategic move is set to significantly enhance Pasithea Therapeutics' drug development efforts, with a specific focus on the Central Nervous System (CNS). AlloMek Therapeutics, a pharmaceutical company also based in the US, specializes in the development of treatments for a range of conditions including neurofibromatosis, congenital muscular disease, and catastrophic cardiomyopathy.

Major players in the neurofibromatosis treatment market are Pfizer Inc., F. Hoffmann-La Roche AG, Merck & Co. Inc., AbbVie Inc., Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, AstraZeneca PLC, GSK PLC, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Gilead Sciences Inc., Amgen Inc., Vertex Pharmaceuticals Inc., Dr. Reddy's Laboratories, BioMarin Pharmaceutical, Allergan, BeiGene Ltd., BioXcel Therapeutics Inc., Blueprint Medicines Corp., Genway BioTech, SpringWorks Therapeutics, LGM Pharma LLC, Biotechnica Pharma Global, Affymax Inc.

North America was the largest region in the neurofibromatosis treatment market in 2023. The regions covered in neurofibromatosis treatment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the neurofibromatosis treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Neurofibromatosis treatment encompasses approaches tailored for neurofibromatosis 1 (NF1), neurofibromatosis 2 (NF2), and schwannomatosis. Neurofibromatosis type 1 (NF1) is a hereditary disorder characterized by the development of tumors on nerves throughout the body. Various treatment modalities such as medications, surgical interventions, radiation therapy, and other specialized approaches are utilized by a range of end-users, including hospitals, clinics, and other medical facilities.

This report provides neurofibromatosis treatment market statistics, including neurofibromatosis treatment industry global market size, regional shares, competitors with a neurofibromatosis treatment market share, detailed neurofibromatosis treatment market segments, market trends and opportunities and any further data you may need to thrive in the neurofibromatosis treatment industry. This neurofibromatosis treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The neurofibromatosis treatment market consists of revenues earned by entities by providing services such as stereotactic radiosurgery, genetic evaluation, physical therapy and rehabilitation services. The market value includes the value of related goods sold by the service provider or included within the service offering. The neurofibromatosis treatment market also includes sales of drugs such as selumetinib, bevacizumab and tricyclic antidepressants. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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