Global Friedreich's Ataxia Market Growth Propelled by Extensive R&D Activities Focusing on Specialized FA Treatments

May 23, 2023 | Healthcare

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According to the latest report by IMARC Group, titled “Friedreich's Ataxia Market: Epidemiology, Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2033,” the global Friedreich’s Ataxia market size is witnessing steady growth. Friedreich ataxia (FA) is a rare genetic disease that is caused by a defect in the FXN gene, which produces a protein called frataxin. It is characterized by progressive damage to the nervous system, movement difficulties, and even curving of the spine to one side (scoliosis). The disease develops in individuals inheriting two defective copies of the gene, one from each parent, with symptoms typically emerging between the ages of 5 and 15 but can potentially occur later. Neurological symptoms of Friedreich ataxia include unsteady movements, sensory loss, absence of reflexes, speech difficulties, increased muscle tone, swallowing difficulties, and impaired coordination. In addition to this, fatigue, heart disease, and diabetes are also associated with this condition. Diagnosis involves a thorough clinical examination, including medical history and physical assessment for managing symptoms and complications, primarily involving multidisciplinary approach involving various specialists.

Global Friedreich’s Ataxia Market Trends:

The global market is primarily driven by the extensive research and development (R&D) activities conducted by the top pharmaceutical companies focusing on specialized FA treatments. This can be attributed to the considerable rise in research funding from government bodies, private foundations, as well as philanthropic organizations. In line with this, the growing demand for orphan drug designation for FA drugs resulting in extended market exclusivity, tax credits, and regulatory assistance is also providing an impetus to the market. Moreover, continual innovations in FA diagnostics, such as genetic testing methods, neuroimaging technologies, and biomarker identification leading to increasing number of diagnosed cases are propelling the market. Additionally, numerous technological advancements in assistive devices and mobility aids, including wearable exoskeletons, adaptive mobility devices, and smart home technologies are acting as a major growth-inducing factor for the market. The market is further fueled by an enhanced focus on patient-centric care programs, including comprehensive support services and personalized therapies. Apart from this, strategic mergers and acquisitions (M&As), partnerships and collaborations among research institutions, pharmaceutical companies, and healthcare organizations to facilitate clinical trials and enhanced access to therapies are also creating a positive market outlook. Some of the other factors contributing to the market include rising medical expenditure, technological integration in healthcare, and rising approval for new therapeutics.

Market Summary:

Region-wise, the market has been classified into the United States, Germany, France, the United Kingdom, Italy, and Spain, and Japan.
This research study also offers a thorough overview of late-stage pipeline candidates and currently marketed medications for Friedreich’s Ataxia.
The study also offers a thorough overview of the treatment practices for Friedreich’s Ataxia, the share of specific therapies, and the performance of key market players.

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Global Friedreich's Ataxia Market Growth Propelled by Extensive R&D Activities Focusing on Specialized FA Treatments

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