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 2020: The researchers at the Massachusetts General Hospital announced that they have identified a key mechanism in X chromosome inactivation. The released statement further stated that the phenomenon might hold clues that can lead to treatments for certain rare congenital disorders.
Turner syndrome is a rare genetic disorder condition diagnosed in the female population and occurs when one of the X chromosomes is partially or completely missing. Females diagnosed with this condition are much shorter than the average female and are impotent to conceive due to early loss of ovarian function. A variety of symptoms like the webbed neck, a low hairline at the back of the neck, puffiness or swelling of the hands and feet, skeletal abnormalities, or kidney problems can occur in a large number of patients diagnosed with turner syndrome. The syndrome can be detected early including prenatally, infancy, or in early childhood, and require lifelong medical treatment for several complications that can arise due to syndrome.
According to the National Library of Medicine in 2017, about 1 in every 2500 new-born girls, around the globe, were diagnosed with turner syndrome, making it one of the primary causes of female-fatal-miscarriages and stillbirths. According to report of National Institute of Health (NIH) U.S., the 45% of patients are affected with classic karyotype and the remaining 55% are affected with mosaic karyotype, a karyotype with abnormally in X chromosomes or may include Y chromosomes or its fragments. Besides, the female population increased from 3.6 billion in 2014 to 3.68 billion in 2016, according to the World Bank. Moreover, an increment of FDA approval for the treatment of the diseases along with the growing biotechnology sector and increasing awareness of women's health is expected to propel the growth of the market.
The turner syndrome drug market is anticipated to show a significant CAGR during the forecast period i.e. 2020-2028. The market is segmented by syndrome type, drug type, therapy type and by end-user. Among these segments, the end-user segment is further segmented to hospitals, homecare, specialty clinics, surgical centers and others, out of which, the segment of hospital is anticipated to hold the leading share in the market on account of availability of turner syndrome drugs used for the patient’s treatment only at the hospital. Global turner syndrome market is a highly disintegrated market and the major players have used various tactics such as joint ventures, partnerships, acquisitions, new product launches, expansion, agreement, and others to increase their mark in this market. CLICK TO DOWNLOAD SAMPLE REPORT
A rise in patient awareness, prenatal genetic testing, healthcare awareness, and increase in investment in research and developments, and parents awareness and proactiveness towards their child’s health and willingness to seek a physician’s advice at an early stage are some factors that are expected to drive the turner syndrome market over the forecast period.
An increment in per capita income disposable income is uplifting people to spend more on healthcare facilities which play a vital role in the market. Varying demographics, as well as rapidly rising patients’ populations in appearing economies such as China, India, Brazil, and South Africa, are expected to thrust the growth of turner syndrome drug market over the forecast period.
Increasing concern for the expenditure on health and the rising annual expense on health treatment of individuals worldwide, coupled with the lack of awareness for the drug in several low and middle income nations are some of the factors anticipated to limit the growth of the global turner syndrome drug market in the coming years.
On the basis of regional analysis, the turner syndrome drug market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America is anticipated to hold the leading shares in the turner syndrome drug market on account of the adoption of new technologies, existence developed economies, rising of healthcare expenditure and massive patient population. Europe holds the second-largest share in the market on account of rising research and development in the healthcare sector, mammoth patient population and growing biotechnology sector.
The turner syndrome drug market is further classified based on region as follows: