Achondroplasia Treatment Market

Achondroplasia Treatment Market Size (2023 to 2028)

The global achondroplasia treatment market is expected to grow to USD 816.6 million by 2028 from USD 172.96 million by 2023, growing at a CAGR of 36.4% from 2023 to 2028.

Achondroplasia Treatment Market Share Insights:

• Based on the treatment type, the vosoritide segment held the major share of the global market in 2022.
• Based on the route of administration, the parenteral segment had the leading share of the worldwide market in 2022.
• Based on the distribution channel, the hospital pharmacies segment led the market in 2022.
• Based on region, North America accounted for the largest share of the global market in 2022.

Impact of COVID-19 on the achondroplasia treatment market:

The COVID-19 pandemic crisis has positively impacted the global achondroplasia treatment market. The initial phase of the pandemic adversely affected the growth of the achondroplasia treatment market. However, there was a rise in the number of cancer patients, which has boosted the demand for the achondroplasia treatment market. Healthcare professionals began utilizing telehealth and remote monitoring technologies to lower the risk of COVID-19 transmission. This reduced the number of in-person visits while still allowing patients with achondroplasia to continue treatment planning. During the pandemic, there was a rising focus of the healthcare system towards controlling the infection; hence, clinical trials for new achondroplasia treatment may have been delayed due to the pandemic.

MARKET DRIVERS:

The increasing investments in research and development for the treatment and management of achondroplasia is one of the major key drivers boosting the growth of the achondroplasia treatment market. R&D investments usually result in the identification and development of innovative therapies and treatments for achondroplasia, which can involve growth hormone therapies, medicine therapies, and other medical procedures that target the condition's underlying causes or symptoms. The availability of new treatments may increase demand and give patients and their families optimism.

The rising incidence of achondroplasia is further fuelling the market’s growth rate. A hereditary condition called achondroplasia causes dwarfism. It leads to abnormal bone development and can be brought on by a FGFR3 gene mutation. Achondroplasia patients are shortened-statured and have disproportionately short arms and legs. Hence, the rising incidence of achondroplasia leads to proper treatment. This factor also boosts the market growth during the projected period.

The rising drug approval and launches are anticipated to lavish the growth rate of the achondroplasia treatment market. The rising approval and launch of drugs by the key market participants are anticipated to fuel market expansion. For instance, Ascendis Pharma A/S manufactures drugs as of January 2022. Endocrinology announced that TransCon hGH, a once-weekly subcutaneous injection, had been approved by the European Commission (EC) to treat pediatric patients who were experiencing failure to grow due to insufficient naturally occurring growth hormone secretion or growth hormone deficiency. TransCon hGH contains somatropin, which provides the body with therapeutic doses of unaltered somatropin (hGH).

The other factors contributing to the market expansion include growing government initiative support for the research and development of achondroplasia treatment, the rising government initiative, and launches of drug approval boosted the growth of the market.

MARKET RESTRAINTS:

The poor reimbursement policies and the lack of awareness are the major factors hampering the market growth. Insufficient or unfavorable reimbursement policies are having a detrimental effect on the market. Reimbursement in the field of healthcare refers to the payment obtained by healthcare professionals for their services, typically from insurance companies or public assistance programs. Financial difficulties may arise for both patients and healthcare providers if the reimbursement rules for Achondroplasia therapies are inadequate. As a result, patients may have less access to treatment options, and the market may grow more slowly as a result of potential patients' viable financial constraints. Lack of awareness leads to insufficient knowledge, which could lead to delayed diagnosis and reduced demand for the treatment; hence, these two factors majorly hinder the market growth during the projected period. The short-duration effectiveness of growth hormone therapy and the high cost associated with the drugs are the other factor that limits the market growth during the projected period.

REPORT COVERAGE:

This research report on the global achondroplasia treatment market has been segmented and sub-segmented into treatment type, route of administration, distribution channel and region.

Achondroplasia Treatment Market - By Treatment Type:

• Vosoritide
• Human Growth Hormone
• Others

Based on the treatment type, the vosoritide segment is expected to hold the major share of the market during the projected period. A novel therapy called vosoritide targets the underlying genetic causes of achondroplasia. It is a C-type natriuretic peptide (CNP) precursor that inhibits abnormal bone formation in Achondroplasia by binding to the FGFR3 receptor. Vosoritide is an appropriate therapy for patients and medical professionals because of its unique therapeutic strategy. Hence, this segment majorly boosted the market growth during the projected period.

Human growth hormone is another segment predicted to hold a significant share of the market during the forecast period. Due to its well-established therapeutic benefits, alternative treatment strategy, flexibility, patient demand, insurance coverage, and possibility for usage in conjunction with other medicines, the human growth hormone (HGH) segment has the potential to drive growth in the Achondroplasia treatment market. It gives people with achondroplasia and their medical professionals a further choice they can consider when creating treatment plans.

Achondroplasia Treatment Market – By Route of Administration:

• Oral
• Parenteral

Based on the route of administration, the parenteral segment is anticipated to grow at a healthy CAGR during the forecast period. Due to its positive effects in terms of drug delivery effectiveness, patient compliance, customized dosing, direct targeting, quick onset of action, clinical efficacy, skilled involvement, potential for combination therapy, and regulatory approval, the parenteral segment in the market for achondroplasia treatments can be a market driver. All of these factors contributed to the market growth during the projected period.

Achondroplasia Treatment Market – By Distribution Channel:

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

Based on the distribution channel, the hospital pharmacies segment is anticipated to fuel the market growth during the projected period. Due to its specialized expertise, immediate medication availability, emergency care capabilities, participation in research and clinical trials, partnership with healthcare providers, insurance coverage, referrals from patient networks, and connections to advocacy and support groups, the hospital pharmacies segment in the market for the treatment of achondroplasia this factor can act as a market driver fostering the expansion of the market for therapies for achondroplasia.

The online pharmacies segment is also anticipated to grow at a healthy CAGR during the projected period. The pandemic has strengthened digital health services and platforms due to its ease of convenience; hence, this factor also propelled the expansion of the segment and boosted the market growth during the projected period.

Achondroplasia Treatment Market – By Region:

• North America
• Latin America
• Europe
• Asia-Pacific
• Middle East and Africa

North America region is anticipated to hold the dominant position in the market with a market share of 35.2% during the projected period. The increasing prevalence of achondroplasia, favorable health reimbursement, and improved awareness are projected to propel the global market for achondroplasia therapy to significant growth in the next years. For instance, the University of Arkansas funded a clinical experiment in April 2022 to characterize the skeletal muscle amino acid kinetics to an Extrinsic allergic alveolitis EAA challenge, i.e., an oral amino acid tolerance test (OATT), to ascertain the health of the muscles. Trial participants received 10 g of an achondroplasia-specific dietary supplement for that reason. Therefore, an increase in clinical trials showing the effectiveness of supplements for treating achondroplasia may lead to the introduction of novel supplements and thereby support the expansion of the market under study in the area. The market for achondroplasia treatments is expanding in North America due to these advancements in the healthcare system, rising health expenses, and growing awareness of cutting-edge cancer treatments.

APAC region is also expected to show lucrative growth in the market during the forecast period. Due to its large population, rising healthcare spending, increased awareness, enhanced healthcare infrastructure, clinical research activities, government initiatives, expansion of health insurance, medical tourism, and presence of patient advocacy groups, the APAC region has the potential to be a market driver in the achondroplasia treatment market. The Achondroplasia treatments market is expanding in the APAC region due to a combination of these factors.

Europe region is also expected to grow at a healthy CAGR during the projected period. Achondroplasia treatment market growth in the region is being driven by Europe's developed healthcare infrastructure, high healthcare spending, robust pharmaceutical industry, clinical research initiatives, government support, comprehensive healthcare systems, awareness campaigns, health insurance coverage, patient advocacy, and medical tourism. This factor encourages innovation, research, and accessibility in the field of managing achondroplasia and boosts the market growth in this region.

Latin America, the Middle East, and Africa are expected to hold a significant share of the market during the forecast period.

KEY MARKET PLAYERS:

The prominent key players in the global Achondroplasia treatment market are Ascendis Pharma A/S, BridgeBio Pharma, Inc., QED Therapeutics, BioMarin Pharmaceutical Inc., Pfizer Inc., Therachon Holding AG, and RIBOMIC Inc.

RECENT MARKET DEVELOPMENT:

• In March 2023, The U.S. Food and Drug Administration (FDA) has accepted the biotechnology company's additional New Drug Application (sNDA) for VOXZOGO (vosoritide) for injection to broaden treatment in the country to include children with achondroplasia under the age of five. BioMarin Pharmaceutical Inc. is dedicated to transforming lives through genetic discovery. The most frequent cause of disproportionately small stature is achondroplasia.
• In June 2023, At the 2023 American Society of Clinical Oncology (ASCO), Myriad Genetics, Inc., a provider of genetic testing and precision medicine, unveiled new studies and an expansion of its Precise Oncology Solutions portfolio.
• In January 2020, Chemical industry leader Wacker Biotech produces goods for all significant international industries. A biopharmaceutical business that specializes in creating medications for oncology and endocrinology applications, the company Provides Active Ingredients for the Treatment of Achondroplasia in Children.