The global ataxia treatment market is estimated to garner a large revenue and grow at a significant CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing prevalence of ataxia around the world, and growing number of incidences of autoimmune diseases such as sclerosis, sarcoidosis and celiac disease. According to the United States Library of Medicine, ataxia occurs in 1 in 40,000 to 1000,000 people around the world. In the United States alone, 150,000 people are suffering from this disease. Along with these, rising alcohol and drug usage can lead to the deficiency of vitamin B-12, vitamin E and thiamine. The lack of these nutrients in the body is considered to be a major cause of ataxia, which in turn is expected to drive the growth of the market in the near future. Furthermore, rising technological advancements in the healthcare sector in developed and developing nations, coupled with escalating introduction of new treatment techniques is projected to offer lucrative opportunities for market growth in the forthcoming years.
The market is segmented by type into Friedreich's ataxia, ataxia-telangiectasia, spinocerebellar ataxias, episodic ataxia, and others, out of which, the Friedrich’s ataxia segment is anticipated to hold the largest share in the global ataxia treatment market on account of the commonness of this type of ataxia in people aged between 10-15 years, and growing developments of treatment focusing on minimizing symptoms and maintaining comfort and function. Additionally, on the basis of diagnosis, the segment for brain scans is predicted to acquire the largest share during the forecast period, which can be credited to the high effectiveness of this diagnosis technique in determining the cause of an illness and for confirming an appropriate treatment. In addition, the complexity of other diagnosis, such as gene testing, as compared to brain scans is also assessed to benefit the growth of this market segment in the future. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global ataxia treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the increase in patient pool with genetic strains of ataxia, rising levels of awareness associated with the disease, and government initiatives to curb neurodegenerative disorders. As per the data provided by Centers for Medicare and Medicaid Services, U.S. health care spending grew 4.6 percent in 2019, reaching $3.8 trillion or $11,582 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent. Moreover, the market in North America is anticipated to grab the largest share by the end of the forecast period, which can be ascribed to the high occurrence of ataxia, establishment of several support organizations for patient diagnosis and treatment, and growing government healthcare spending in the region. In addition, strong presence of prominent market players is also expected to boost the region’s market growth in the coming years.
The global ataxia treatment market is further classified on the basis of region as follows:
Our in-depth analysis of the global ataxia treatment market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing prevalence of ataxia around the world and growing number of incidences of autoimmune diseases.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Stringent regulatory framework regarding approving medications for ataxia is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for growth of the market owing to the increase in patient pool with genetic strains of ataxia and rising levels of awareness associated with the disease.
The major players in the market are CRISPR Therapeutics AG, Capsida Biotherapeutics, Inc., Larimar Therapeutics, Inc., Healx, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, diagnosis, treatment type, and by region.
The brain scans segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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