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:
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.
Our in-depth analysis of the global Tay-Sachs disease drugs market includes the following segments:
By Treatment Type
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.
· September 9, 2020: Bayer AG to collaborate with Recursion Pharmaceuticals, Inc., to step into research and drug discovery.
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.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: 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.
Ans: The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2021-2030.
Ans: High cost of treatment and circulation of generic drugs in the market are the major factors estimated to hamper the market growth.
Ans: 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.
Ans: 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.
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 stage, treatment type, end-user, and by region.
Ans: 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.