The global Tay-Sachs disease drugs market is estimated to grow at a notable CAGR over the forecast period, i.e., 2021–2030. The growth of the market can be attributed to the growing prevalence of the genetic disease, especially among infants. Tay-Sachs disease is caused by the mutation in HEXA genes, which results into loss of control over muscles. There is no known cure for this disease, therefore, the treatment is generally symptom-specific. Symptoms include exaggerated reactions to loud noises, seizures, loss of movement, vision, and hearing, accumulation of mucus in lungs, and others. The genetic mutation is witnessed specifically in a few communities, such as, eastern and central European Jewish communities, Ashkenazi Jews, certain French-Canadian communities, old order Amish community, and Cajun community, among others. According to the data by the U.S. National Library of Medicine, in this specific Jewish population, one out of every 27 members carry this gene, and one out of every 250-300 live births is affected by Tay- Sachs disease. Rising population of these high-risk communities, is anticipated to boost the market growth. Moreover, increasing investment in R&D activities, to develop new treatment methods to cure the genetic disorder, along with the emergence of new and better drugs used to treat symptoms and complications associated with the disease, are estimated to boost he market growth.
The global Tay-Sachs disease drugs market is segmented by stage into infantile, juvenile, and late-onset, out of which, the infantile segment is anticipated to gain the largest revenue in the market during the forecast period, as the symptoms are very severe in infantile Tay-Sachs disease, and require immediate and constant treatment. The symptoms appear at 6-months of age, and include vision loss, movement loss, patches inside eyes, and respiratory issues. On the basis of end-user, the market is segmented into hospitals, homecare, specialty clinics, and others, out of which, the specialty clinics segment is projected to witness major growth during the forecast period, owing to the symptom specific, and targeted treatment provided in such clinics. 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.
Regionally, the global Tay-Sachs 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 North America region is estimated to witness noteworthy growth over the forecast period on the back of growing cases of Tay-Sachs disease in the region, backed by the high population of Amish, Cajun, and French-Canadian communities, in Pennsylvania, Louisiana, and Quebec, respectively. Moreover, the advanced healthcare system, along with growing R&D activities in the region, is estimated to boost the market growth. According to the data by the World Health Organization (WHO), as of 2018, 16.416 % of the GDP was spent on the healthcare sector in North America. The market in the Middle East and Africa region is also estimated to witness moderate growth over the forecast period, owing to the high Jewish population in Israel, other neighboring countries.
The global Tay-Sachs disease drugs market is further classified on the basis of region as follows:
Our in-depth analysis of the global Tay-Sachs disease drugs market includes the following segments:
There is no known cure for Tay-Sachs disease, but treatment is given for the symptoms, which can be different for different patients, and stages. The treatment approach can range from physical therapy, chest physiotherapy, and respiratory care, to antipsychotic medications, and other treatment methods. The major market players manufacturing the various kind of drugs needed to treat the symptoms include Sio Gene Therapies Ltd., F. Hoffmann-La Roche Ltd, Pfizer Inc., Bayer AG, Bausch Health Companies Inc., Boehringer Ingelheim International GmbH, AbbVie Inc., Amgen Inc., Novartis AG and Progenity, Inc.
FREQUENTLY ASKED QUESTIONS
Rising prevalence of the genetic disease in specific communities, and growing R&D investment for medical research are the major factors driving the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2030.
High cost of treatment and circulation of generic drugs in the market are the major factors estimated to hamper the market growth.
The market in the North America is estimated to provide most growth opportunities owing to the high population of high-risk communities, in various states, including Pennsylvania, Ohio, and Louisiana of the U.S., and Quebec in Canada.
The major players in the market are Sio Gene Therapies Ltd, Novartis AG, F. Hoffmann-La Roche Ltd., Johnson & Johnson Services, Inc., Amgen Inc. and others who manufacture drugs to treat the symptoms of Tay-Sachs disease.
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 stage, treatment type, end-user, and by region.
The specialty clinics segment is anticipated to hold largest market size over the forecast period on the back of focused and more effective treatment facilities provided in specialty clinics.
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