July 25, 2024

Amyotrophic Lateral Sclerosis Treatment Market Breakthroughs: Advancing Patient Care

Market Overview:
Amyotrophic lateral sclerosis (ALS) is a neurodegenerative disease marked by loss of motor neurons that control voluntary muscle movement. The disease leads to paralysis and death within a few years. The standard treatments for ALS are focused on managing symptoms and slowing disease progression using riluzole and edaravone. Treatment options also include nutritional support and management of symptoms. However, there is no cure available yet. The need for effective treatment options to manage and cure ALS drives growth of the market.

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 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the ALS treatment market is rising investment in research and development for novel therapies. Many biopharmaceutical companies are engaged in R&D for new targets and mechanisms of action. For instance, Orion Corporation is developing Temivrolimus for treatment of ALS. Additionally, increasing approval and launch of new drugs is also boosting the market growth. In 2020, FDA approved Relyvrio (dextromethorphan and quinidine) developed by Aquestive Therapeutics for the treatment of ALS. Moreover, growing awareness activities by non-profit organizations for early diagnosis and treatment is another major trend in the market.

Porter’s Analysis
Threat of new entrants: The development of new drugs for ALS treatment requires extensive R&D and clinical trials, presenting a high entry barrier. Regulatory approvals also make the entry of new players challenging.
Bargaining power of buyers: The bargaining power of buyers is moderate as treatment options for ALS are limited. However, the inability to switch between therapies limits buyers’ power.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the specialized products and services required for ALS treatment with few manufacturers and service providers.
Threat of new substitutes: There is a low threat of new substitutes as no alternative exists currently to fully treat or cure ALS. Research efforts aim to develop new treatment options.
Competitive rivalry: Competition in the market is high among existing players to gain more market share through product launches and partnerships.

Key Takeaways
The global Amyotrophic Lateral Sclerosis Treatment Market is expected to witness high growth, exhibiting a CAGR of 4.6% over the forecast period, due to increasing research & development activities and rising awareness.

Regional analysis
North America dominates the global ALS treatment market and is expected to continue its dominance over the forecast period. This is attributed to the growing patient pool in the US and Canada and high healthcare spending. Europe also enjoys a significant market share due to the rising initiative to support ALS research.

Key players
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.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it