The Phenylketonuria Treatment Market is estimated to be valued at US$ 1 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The phenylketonuria treatment market consists of drugs and dietary supplements that help in managing phenylketonuria, a genetic disorder characterized by the inability to break down phenylalanine, an essential amino acid found in most protein-containing foods. These treatments help reduce phenylalanine levels in the blood.
Market key trends:
One of the major trends in the phenylketonuria treatment market is the increasing number of new product launches. Companies in the market are focusing on developing new and innovative treatment options to expand their market share. For instance, in July 2022, BioMarin Pharmaceuticals received FDA approval for Palynziq injection for treatment of phenylketonuria in patients 16 years and older. Similarly, SOM Innovation Biotech SL announced FDA approval for Pegvaliase-pqpz injection in May 2021. Such new product launches are expected to fuel the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The Phenylketonuria Treatment Market Size requires high capital investment in R&D for developing novel therapies. This makes it difficult for new players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is moderate given the availability of limited treatment options for PKU. However, increasing awareness may provide more bargaining power to patients.
Bargaining power of suppliers: Major suppliers in this market include raw material suppliers and contract manufacturing organizations. Their bargaining power is moderate due to the availability of substitute suppliers.
Threat of new substitutes: Currently, there are limited treatment options available for PKU making the threat of substitutes low. However, innovation in drug delivery and screening methods can increase substitute threats.
Competitive rivalry: Established pharmaceutical companies fiercely compete based on product pricing and portfolio.
SWOT Analysis
Strengths: The availability of specialized nutritional formulas and medical foods aid in long-term management of PKU. Moreover, increasing awareness regarding screening & treatment boosts the market.
Weaknesses: High treatment costs and lack of disease-oriented support in many regions are key restraints. Limited approved drug therapies and delivery methods also challenge the market.
Opportunities: Emerging economies present lucrative growth prospects due to rising awareness. Furthermore, ongoing R&D in gene therapies and PKU enzymes expands opportunities.
Threats: Delayed diagnosis and treatment non-adherence can lead to irreversible damage. Stringent regulatory approvals and reimbursement policies also pose threats.
Key Takeaways
The global phenylketonuria treatment market is expected to witness high growth, exhibiting CAGR of 8.6% over the forecast period, due to increasing awareness regarding screening and long-term management of PKU.
Regional analysis - North America dominates the global market and is estimated to maintain its lead throughout the forecast period. This is attributed to the rising PKU incidence and growing genetic testing in the region. However, Asia Pacific is anticipated to witness the fastest growth owing to improving healthcare infrastructure and increasing spending capabilities.
Key players operating in the phenylketonuria treatment market are Cigna, BioMarin Pharmaceuticals, Codexis, Inc., Erytech Pharma, SOM Innovation Biotech SL, Synthetic Biologics, Inc., Retrophin, Inc., Danone. These players are focused on developing novel and affordable therapies to expand their product portfolio and strengthen market position. They are also investing in R&D for PKU enzymes and gene therapies with advanced delivery mechanisms.
Read Our More Blogs : https://www.dailyprbulletin.com/phenylketonuria-treatment-market-forecast-outlook-trend-2023-2030/
