The global Sandhoff Disease Therapeutics Market is expected to garner a market value of USD10 Million in 2023 and is expected to accumulate a market value of USD 17.91 Million by registering a CAGR of 6% in the forecast period 2023 to 2033. The market for Sandhoff Disease Therapeutics registered a CAGR of 4% in the historical period 2018 to 2022.
The Sandhoff Disease Therapeutics market is a segment of the healthcare industry that deals with the effective management of the condition. The Sandhoff Disease Therapeutics market offers a range of products and services for its effective management and treatment such as physical therapy, seizure medications, and other supportive care measures such as Genetic counseling and prenatal testing.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 10 Million |
| Anticipated Forecast Value (2033) | USD 17.91 Million |
| Projected Growth Rate (2023 to 2033) | 6% CAGR |
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According to market research and competitive intelligence provider, Future Market Insights- the market for Sandhoff Disease Therapeutics reflected a value of 4% during the historical period, 2018 to 2022.
The market for Sandhoff Disease Therapeutics is gaining prominence as it is considered a rare genetic disorder that affects the nervous system. Furthermore, due to the rarity of the disease, there is ongoing research into developing new treatments for sandhoff disease therapeutics, expected to drive demand for these treatments.
The development of new 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 Sandhoff Disease Therapeutics 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 Sandhoff Disease Therapeutics is fuelling the market growth. Thus, the market for Sandhoff Disease Therapeutics is expected to register a CAGR of 6% in the forecast period 2023 to 2033.
Growing advancements in diagnostic and treatment options to push the market growth
The global market for Sandhoff Disease Therapeutics is primarily driven by an increased awareness of the disease among healthcare professionals, advances in genetic testing and diagnosis, and ongoing research and development efforts towards the development of new and effective treatment options and technologies. According to the latest studies, Sandhoff disease is a rare disorder that is estimated to affect 1 in 1,000,000 individuals.
The growth of the Sandhoff Disease Therapeutics market is owed to the increasing prevalence of the condition owing to the increasing use of gene therapy, enzyme replacement therapy, and small molecule drugs. These treatments have shown promising results in preclinical and early-stage clinical trials, and if they are successful in later-stage trials and gain regulatory approval, they could significantly impact the Sandhoff disease therapeutics market. As a result, the players in the market are working on the development of new diagnostic tools and techniques that are likely to improve the accuracy of Sandhoff Disease Therapeutics.
For instance, in February 2021, Sio Gene Therapies made the announcement of the first patient being dosed with AXO-AAV-GM2, which is a significant milestone for the company as well as for the field of gene therapy. The goal of the Phase 1/2 trial is to evaluate the safety and efficacy of AXO-AAV-GM2, which has the potential to restore lysosomal enzyme activity and potentially change the course of the disease.
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 Sandhoff Disease Therapeutics 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 Sandhoff Disease Therapeutics and the availability of diagnostic and therapeutic options.
Improvement in healthcare spending propelling growth of market in Asia Pacific
The South & East Asia region 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 and prevalence of Sandhoff Disease, significant increases in healthcare spending, and the growing investments in research and development of innovative therapies in the region. South Asia is an emerging market due to the increase in point of care approach to health & care. Increasing number of hospitals in India and China makes a promising market for the market worldwide.
Increasing Focus on R&D Shaping Landscape for Sandhoff Disease Therapeutics 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, and high level of healthcare expenditure leading to a large patient population are some of the factors responsible for the growth of the market in the region.
Rising prevalence of gene therapy to push market growth
According to the studies, Gene therapy is being researched as a potential treatment for Sandhoff disease. The therapy works by introducing a functional copy of the missing enzyme into the patient's cells, thereby restoring the ability to break down GM2 ganglioside. This can potentially slow or stop the progression of the disease, and improve the patient's quality of life.
Gene therapy is still in the early stages of development and clinical trials are underway to determine its safety and efficacy. However, it has the potential to be a one-time treatment that could change the lives of patients suffering from GM2 gangliosidosis and provide a new hope for a cure.
Hospitals to take the lead and drive market growth
According to the FMI analysis, Hospitals account for the largest market share. The requirement for several hospital stays and visits during the Sandhoff Disease Therapeutics treatment facilitates the growth of this segment. Majority of the serious diseases involving the nervous system 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 Bioasis Technologies Inc, Nuo Therapeutics Inc, Sio Gene Therapies, Inc., INTRABIO IRELAND LIMITED, Sanofi, ROIVANT SCIENCES LTD, Azafaros, Polaryx Therapeutics, Abbott Medtronic, and Merck & Co., Inc. along with healthcare providers and technology companies among other global players.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 10 Million |
| Market Value in 2033 | USD 17.91 Million |
| Growth Rate | CAGR of 6% 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 | Therapy, Type, End-Users, Region |
| Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Rest of Latin America, Germany, United Kingdom, France, Spain, Italy, Rest of Europe, Malaysia, Singapore, China, India, Thailand, Rest of South Asia, Gulf Cooperation Council, Japan, South Korea, Australia, New Zealand, GCC countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | NeoImmuneTech; Neurimmune; GlaxoSmithKline Plc/ Sanofi S.A.; Gilead Sciences; Inc.; Allergan Plc.; Novartis AG; AbbVie Inc.; and Bristol-Myers Squibb Company |
| Customization | Available Upon Request |
The market in 2023 is valued at USD USD10 million.
By 2033, the market will reach USD 17.91 million.
The market will expand at a 6% CAGR through 2033.
From 2018 to 2022, the market rose at a 4% CAGR.
In 2023, North America accounts for 40% revenue.
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Sandhoff Disease Therapeutics Market
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