In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
June, 2021: Novartis AG to collaborate with Hewlett Packard Enterprise to address global health challenges. Novartis is the leading pharmaceutical company distributing drugs over the years.
The global Hallervorden-Spatz disease drugs market is estimated to grow at a significant CAGR over the forecast period, i.e., 2022 – 2030. Hallervorden-Spatz disease or HSD, also known as, neurodegeneration with brain iron accumulation (NBIA), and pantothenate kinase-associated neurodegeneration (PKAN), is a genetic neurological disorder. The growth of the market can be attributed to the severity of the symptoms of HSD, which can lead to paralysis, coma, and even death if not treated timely. It is a rare condition, usually diagnosed in early childhood, but late onset can even delay diagnosis to adulthood. The incidence of HSD is estimated to be 2 to 5 per million individuals worldwide, as of 2020. There is no specific cure for HSD, and the medication is required lifelong. This is estimated to boost the market growth. In addition to this, the increasing investment in the R&D activities in the medical field, along with rising healthcare expenditure globally, is estimated to boost the market growth.
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The market is segmented by onset into under 10 years, and above 10 years, out of which, the under 10 years segment is anticipated to hold the largest share in the market over the forecast period on account of higher prevalence rate of HSD amongst children. Trouble in walking, speaking, involuntary muscle contractions, and other initial symptoms of HSD are visible in children under 10 years, which makes the diagnosis of this disease easier, and expands the life expectancy of the patient. This is estimated to boost the segment growth.
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 Hallervorden-Spatz disease drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness noteworthy growth over the forecast period on the back of significant number of HSD cases, being diagnosed in the region every year. The high number of cases can be attributed to the efficient diagnosis system, advance public healthcare system and high health awareness amongst the people. The market in the North America region is anticipated to gain the largest market share throughout the forecast period on account of high healthcare expenditure, and presence of major pharmaceutical companies. According to the statistics by the World Bank, in 2018, North America spent USD 10,050.516 for the healthcare of every individual. The total healthcare expenditure accounted for 16.415% of the total GDP of North America.
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The global Hallervorden-Spatz disease drugs market is further classified on the basis of region as follows:
Our in-depth analysis of the global Hallervorden-Spatz disease drugs market includes the following segments:
Under 10 Years
Ans: The acuteness of the symptoms of HSD along with the requirement of medication throughout the lifespan is estimated to boost the market growth.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Circulation of generic drugs in the market are estimated to hamper the market growth.
Ans: The North America region is estimated to gain the largest market share owing to the high investment in R&D activities, efficient diagnostic system, and presence of major market players in the region.
Ans: The major players in the market are Merck & Co., Inc., Siemens Healthcare GmbH, Boehringer Ingelheim International GmbH, Johnson & Johnson Services, Inc., and others.
Ans: 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.
Ans: The market is segmented by onset, symptoms, treatment, and by region.
Ans: the medication segment is anticipated to hold largest market size in the forecast period owing to the requirement of drugs to control the symptoms and increase life expectancy.