The global progressive multifocal leukoencephalopathy treatment market is expected to garner a market value of USD 1,320 million in 2023 and is expected to accumulate a market value of USD 1,773.97 million by registering a CAGR of 3% in the forecast period 2023 to 2033. The market for progressive multifocal leukoencephalopathy treatment registered a CAGR of 2% in the historical period 2018 to 2022.
The progressive multifocal leukoencephalopathy treatment market is a segment of the healthcare industry that deals with the effective management of the condition. The progressive multifocal leukoencephalopathy treatment market offers a range of products and services for its effective management and treatment such as corticosteroids, such as prednisone, antiviral medications, such as cidofovir, Immunoglobulin therapy, and immunomodulatory treatments, such as interferon.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | USD 1,320 million |
| Anticipated Forecast Value (2033) | USD 1,773.97 million |
| Projected Growth Rate (2023 to 2033) | 3% CAGR |
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According to market research and competitive intelligence provider, Future Market Insights- the market for progressive multifocal leukoencephalopathy treatment reflected a value of 2% during the historical period, 2018 to 2022.
The market for Progressive Multifocal Leukoencephalopathy Treatment is gaining prominence as it is considered a rare, life-threatening brain disease caused by the JC virus. Furthermore, due to the rarity of the disease, there is ongoing research into developing new treatments for PML, expected to drive demand for these treatments.
The development of new PML treatments is a high priority for the medical community due to the devastating effects of the disease and the limited treatment options available. As more effective treatments become available, the market for PML treatment is likely to grow. In the years to come, increasing focus by government organizations and private agencies like WHO and pharmaceutical companies to create awareness of Progressive Multifocal Leukoencephalopathy Treatments is fuelling the market growth. Thus, the market for progressive multifocal leukoencephalopathy treatment is expected to register a CAGR of 3% in the forecast period 2023 to 2033.
Growing advancements in diagnostic and treatment options to push the market growth
The global market for progressive multifocal leukoencephalopathy treatment is primarily driven by the incidence of blood cancers, including multiple myeloma, the development of new and effective treatment options, advancements in treatment technologies and development of new diagnostic technologies and the availability of more effective treatments. According to the latest studies, PML occurs in approximately one in 200,000 people. As per the same report, each year, it is estimated that 4,000 people develop PML in the United States and Europe combined.
The growth of the progressive multifocal leukoencephalopathy treatment market is owed to the increasing prevalence of the condition owing to the increasing use of immunosuppressive drugs for autoimmune and other conditions. As a result, the players in the market are working on the development of new diagnostic tools and imaging techniques that are likely to improve the accuracy of Progressive Multifocal Leukoencephalopathy diagnosis.
For instance, in November 2021, Japan approved the world's first oncolytic virus-based immunotherapy called Teserpaturev, bringing new hope to individuals struggling with a malignant brain tumor known as GBM. Teserpaturev is a genetically engineered herpes simplex virus type 1 (HSV-1) that boasts a unique capability of not only killing the brain tumor cells it infects, but also those that have spread to other parts of the brain. This is achieved by activating a patient's own immune system to fight the tumor.
Expensive Cost of Treatment to restrict Market Growth
The market is projected to get significantly affected by the challenging factors such as limited availability and high cost of advanced Progressive Multifocal Leukoencephalopathy Treatment options. Expensive treatments and related costs such as hospitalization, intensive care, or specialized diagnostic tests, is expected to hinder the market growth. Furthermore, poor healthcare infrastructure, especially in developing countries, can limit access to Progressive Multifocal Leukoencephalopathy Treatment and the availability of diagnostic and therapeutic options.
Improvement in healthcare spending propelling growth of the regional markets
The South and East Asia is expected to exhibit the significant growth rate of all regions over the forecast period, with a share of 20% during the forecast period. The growth is owed to increased awareness, significant increases in healthcare spending, and a rising frequency of the progressive multifocal leukoencephalopathy treatment in the region.
South Asia is an emerging market due to the increase in point of care approach to health & care. An increasing number of hospitals in India and China makes a promising market for the market worldwide.
Increasing Prevalence of Skin Conditions Shaping Landscape for Progressive Multifocal Leukoencephalopathy Treatment in North America
North America is anticipated to acquire a market share of about 40% in the forecast period. This growth is attributable to the rising prevalence of the condition in the region along with the high healthcare expenditure and a large geriatric population.
The United States of America holds the highest share in the North American market, followed by Canada. Presence of a large number of pharmaceutical companies, which are investing heavily in the development of new, targeted treatments for the condition, high level of healthcare expenditure and the high incidence of PML leading to a large patient population are some of the factors responsible for the growth of the market in the region.
Rising prevalence of HIV infection to push market growth
According to the studies, 38 million people worldwide are currently living with HIV or AIDS. The increasing incidence of HIV infection in many middle- and low-income countries is projected to drive the growth of the market for progressive multifocal leukoencephalopathy treatment over the forecast period.
Favorable reimbursement policies for both HIV and cancer treatment are expected to further drive the growth of the progressive multifocal leukoencephalopathy market over the forecast period.
Hospital pharmacies to take the lead and drive market growth
According to the FMI analysis, Hospital pharmacy accounts for the largest market share. The requirement for several hospital stays and visits during the progressive multifocal leukoencephalopathy treatment facilitates the growth of this segment. The majority of the serious venous diseases involving the brain are treated in hospitals, and with the availability of trained medical personnel, it is simpler to control an individual's health more correctly.
Key players in the market include pharmaceutical companies such as NeoImmuneTech, Neurimmune, GlaxoSmithKline Plc, Sanofi S.A., Gilead Sciences, Inc., Allergan Plc., Novartis AG, AbbVie Inc., and Bristol-Myers Squibb Company along with healthcare providers and technology companies among other global players.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 1,320 million |
| Market Value in 2033 | USD 1,773.97 million |
| Growth Rate | CAGR of 3% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Treatment, Indication, Distribution Channel, Region |
| Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, Malaysia, Singapore, Thailand, China, Japan, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | NeoImmuneTech; Inhibikase Therapeutics; Neurimmune; Pfizer Inc.; GSK Plc; Sanofi S.A.; Gilead Sciences Inc.; Allergan Plc.; Novartis AG; F. Hoffmann-La Roche Ltd.; AbbVie Inc.; Bristol-Myers Squibb Company |
| Customization | Available Upon Request |
The market in 2023 is valued at USD 1,320 million.
The market rose at a 2% CAGR from 2018 to 2022.
Until 2033, the market will experience a 3% CAGR.
The market shall reach USD 1,773.97 million in 2033.
North America is likely to generate 40% revenue in 2023.
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Progressive Multifocal Leukoencephalopathy Treatment Market
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