Rising Drug Development Activities drive growth of Hypophosphatasia Treatment Market
Hypophosphatasia is a rare, inherited disorder that impairs the body's ability to mineralize bones. The hypophosphatasia treatment products mainly includes drug therapies and bone grafting procedures. The major drugs used for hypophosphatasia treatment include asfotase alfa, bone morphogenetic proteins, and calcium and vitamin D supplements. These drugs help in improving bone mineralization and reducing skeletal abnormalities associated with hypophosphatasia.
The hypophosphatasia treatment market is estimated to be valued at USD 2.79 Bn in 2024 and is expected to reach USD 3.97 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.15% from 2024 to 2031.
Key Takeaways
Key players operating in the hypophosphatasia treatment market are Alexion Pharmaceuticals Inc., Merck KGaA, and Kyowa Hakko Kirin.
The rising prevalence of hypophosphatasia, especially among children, is expected to drive the demand for Hypophosphatasia Treatment Market . As per research, the incidence rate for hypophosphatasia is around 1 in 100,000 individuals.
Technological advancements are being made for developing novel treatment drugs and alternative therapies like enzyme replacement therapy to improve the quality of life of hypophosphatasia patients. Alexion Pharmaceuticals launched Strensiq (asfotase alfa), the first drug approved for pediatric-onset hypophosphatasia treatment in 2015.
Market Trends
Increasing research funding for rare disease drug development: Government and private research foundations are investing heavily in conducting clinical trials for investigational drugs to treat rare diseases like hypophosphatasia. This is expected to accelerate the development of new treatment options.
Growing collaboration between pharmaceutical companies and research institutes: Pharmaceutical giants are partnering with research institutes and biotech companies to develop novel treatment alternatives and gain access to innovative pipeline drugs. Such collaborations may help in faster development of safe and effective drugs.
Market Opportunities
Untapped emerging markets: Emerging countries in Asia Pacific and Latin America present significant growth opportunities for key players as the diagnosis and treatment rates for hypophosphatasia are still low in these regions.
Alternate drug delivery formulations: Development of formulations like extended-release pills and injections can improve patient compliance over conventional daily pills. This can open new revenue streams for pharmaceutical manufacturers.
Impact of COVID-19 on Hypophosphatasia Treatment Market Growth
The COVID-19 pandemic has adversely impacted the global Hypophosphatasia Treatment market growth. With the imposition of lockdowns across major countries, several medical institutes witnessed delays or postponement of routine check-ups and elective surgeries. This led to a decline in new patient identification and diagnosis of Hypophosphatasia. Furthermore, supply chain disruptions and trade restrictions affected the availability of key drugs and therapies.
However, with the gradual lifting of lockdowns and resumption of medical services, the market is likely to regain momentum in the post-COVID period. Teleconsultations and online prescriptions have become popular during this time and are expected to continue supplementing in-person care. This will help identify new cases and ensure treatment adherence. Moreover, the pandemic has highlighted the importance of rare disease management. Government bodies and pharmaceutical companies may increase focus on rare disease research, drug development, and ensuring access to treatment.
North America dominates in terms of value contribution to the global Hypophosphatasia Treatment market currently. Factors such as strong healthcare infrastructure, high treatment uptake rates, availability of advanced therapies, and presence of leading market players have consolidated North America's position. Meanwhile, Asia Pacific is projected to be the fastest-growing regional market in the upcoming years. This can be attributed to the rising per capita healthcare expenditure, growing patient awareness, increasing focus on rare disease diagnosis and management, and presence of large untapped opportunities in countries like China and India.
In terms of value, the highest concentration of the global Hypophosphatasia Treatment market is in Europe currently. Major European countries including Germany, UK, France, Italy, and Spain collectively account for a large patient pool and healthcare spending on rare disease management. Furthermore, the region has witnessed approvals and launches of newer drug therapies in recent years, which has further strengthened its market position.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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