The Amyotrophic Lateral Sclerosis Treatment Market is driven by growing research funding
The Amyotrophic Lateral Sclerosis Treatment Market involves medications and therapies used for treating Amyotrophic Lateral Sclerosis (ALS), also known as Lou Gehrig’s disease. ALS is a progressive neurodegenerative disease that affects nerve cells in the brain and spinal cord. Current treatment options aim to manage symptoms such as muscle weakness, spasticity, drooling, and problems swallowing. Drugs approved for ALS include Rilutek (riluzole), Radicava (edaravone), and Tiglutik (riluzole). Other treatment alternatives include physical and occupational therapy, speech and swallowing therapy, nutritional support through feeding tubes, and tracheostomy for breathing assistance. However, there is currently no cure for ALS and the majority of patients survive 3-5 years after diagnosis.
The Global Amyotrophic Lateral Sclerosis Treatment Market is estimated to be valued at US$ 692.77 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Amyotrophic Lateral Sclerosis Treatment market are Orion Corporation, Bausch Health Companies Inc., CYTOKINETICS, INC., Aquestive Therapeutics, Inc., Sanofi, Covis Pharma, Sun Pharmaceuticals Industries Ltd, Mitsubishi Tanabe Pharma Corporation, BrainStorm Cell Limited, ViroMed Co., Ltd, Ionis Pharmaceuticals, Genervon Biopharmaceuticals, LLC, Biogen, Orphazyme A/S, Apotex Inc, Neuralstem, Inc., Implicit Bioscience, F. Hoffmann-La Roche Ltd, AB Science, ADVANZ PHARMA. These companies are actively focusing on research and development of novel treatment options for ALS.
Growing research funding for ALS treatment development is fueling market growth. Various foundations and organizations offer funding to support research initiatives. For instance, the ALS Association is a major nonprofit funder of ALS research worldwide. Increased awareness about ALS and supportive government policies are also contributing to market expansion.
Geographically, North America dominates the global market due to high awareness levels, strong research infrastructure, and supportive reimbursement policies in the region. However, the Asia Pacific market is expected to witness the highest growth over the forecast period with improving healthcare infrastructure and increasing spending on orphan and rare disease treatment in emerging countries.
Market Drivers
Growing research funding for ALS treatment development is a key driver propelling the amyotrophic lateral sclerosis treatment market forward. Various non-profit organizations and government bodies offer funding opportunities that support continued research in drug discovery and clinical testing of novel therapies. For instance, the ALS Therapy Development Institute receives funding from the ALS Association which it uses to advance its drug development pipeline. Increased research budgets and strategic collaborations between pharmaceutical companies and research institutes are underway to accelerate the development of improved medications for ALS patients.
The current geopolitical instability and economic uncertainties caused by the Russia-Ukraine war are expected to negatively impact the growth of the Amyotrophic Lateral Sclerosis Treatment Market during the forecast period. Due to rising inflation and falling consumer confidence, healthcare spending is expected to rise at a slower pace. Many patients may delay treatment procedures to save costs. Additionally, economic sanctions and trade restrictions imposed on Russia by western nations will disrupt crucial raw material supply chains and drug exports for several key market players. The unstable macroeconomic conditions will make capital investments and research & development activities more challenging for pharmaceutical companies. To counter these headwinds, market players must enhance supply chain resilience, expand into new emerging markets and focus on cost-effective generic drugs. Collaborating with regional players can also help mitigate regional supply chain risks.
In terms of value, North America accounted for the largest share of the global Amyotrophic Lateral Sclerosis Treatment Market in 2023, while Asia Pacific is identified as the fastest growing regional market. Within North America, the United States holds the highest market share due to well-established healthcare systems and higher treatment rates.Major European countries like Germany, United Kingdom and France are other prominent regional markets. The awareness and diagnosis rates remain comparatively lower in developing Asian and Latin American countries indicating substantial future growth opportunities. Concerted efforts to boost healthcare access and investments by regional governments will aid the market expansion opportunities across emerging economies over the coming years.
