The Necrotizing Autoimmune Myositis Market to grow on a prudent note from 2018 to 2028
Necrotizing autoimmune myositis is also known as Immune-Mediated Necrotizing Myopathy (IMNM), is an extremely rare autoimmune muscle disease resulting in symptoms such as skeletal muscle inflammation, pain, and weakness leads to difficulty in muscle movement. The histopathologically of necrotizing autoimmune myositis is myocyte necrosis and regeneration without significant inflammation. The most commonly affected muscles include the muscles closer to the body such as the upper arms, hips, shoulders, thighs, and neck. Necrotizing autoimmune myositis currently has no cure and the treatment is symptomatic. The exact cause of necrotizing autoimmune myositis is unknown although certain medications such as statins, certain autoantibodies, and diseases such as cancer, viral infections, and others are associated with it.
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Necrotizing Autoimmune Myositis Market: Drivers and Restraints
The rising screening rates, awareness coupled with the growing use of drugs such as statins, certain autoantibodies, and incidence of diseases such as cancer, viral infections, and others is the prime driver of the necrotizing autoimmune myositis market. The estimated prevalence of necrotizing autoimmune myositis in the U.S. is approximately 300 cases. Myositis has an incidence of 5 to 10 people per 1,000,000 of a population across all age groups above 18 years old.
The attractive reimbursement and financial incentives afforded to rare diseases affecting fewer than 200,000 people is a prime driver of the market. The ‘orphan’ status allows the drug developer incentives until the marketing approval to all stages of the drug development such as tax credits on clinical research, elaboration of an application file necessary for marketing approval, technical assistance during the application and simplification of administrative procedures such as fast approval resulting in reduction of the waiting period and the amount of registration fees. The growing valuation of orphan drug designation by investors is driving a large research and development expenditure. It has been witnessed that on average, the stock price of a pharmaceutical company rises by 3 to 4 % after the orphan drug designation is awarded resulting in increasing the valuation of the company. It also places the company at the apex of the technological chain resulting in substantial growth in public and investor goodwill.
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The growing geriatric population is another driver of the necrotizing autoimmune myositis as the age of onset ranges from 30 to 70 years. The growing R&D intensively and attractive government support and initiatives are other drivers of the growth of the necrotizing autoimmune myositis market.
Strong government support and incentives to biotech and pharmaceutical sectors are another driver of the growth of the market. For example, the Government of India and China have made the biotech sector a strategic one owing to its positive externalities on other sectors and rich foreign exchange earning potential. For example, in India, the Department of Biotechnology (DBT) along with other government-funded institutions such as the National Biotechnology Board (NBTB) are collaborating to project India as a global hub for biotech research. The Indian Union Budget 2017-18, allocated US$ 333.31 million aimed at implementing the national biotech strategy with a target to increase the turnover of the biotech sector to $100 billion by 2025 from approximately $7 billion in 2016.
However, the constraints such as high cost of treatment, and lack of curative treatment is hampering the Necrotizing Autoimmune Myositis market.
Necrotizing Autoimmune Myositis Market: Segmentation
To gain a comprehensive and better understanding of the future market equity, the necrotizing autoimmune myositis report is segmented based on drug class, and application.
Based on autoantibodies classification, the global Necrotizing Autoimmune Myositis market is segmented into:
- SRP autoantibodies
- HMGCR autoantibodies
Based on drugs, the global Necrotizing Autoimmune Myositis market is segmented into:
- Monoclonal Antibodies
- Pain Management
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Necrotizing Autoimmune Myositis Market: Overview
Based on regions, the global necrotizing autoimmune myositis market is classified into North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific, Japan, Middle East & Africa, and Asia Pacific market excluding Japan. North America led by the U.S. is expected to dominate the global necrotizing autoimmune myositis market owing to excellent healthcare infrastructure, large screening rates, and attractive reimbursement rates.
The Europe necrotizing autoimmune myositis market is expected to be led by the Germany, France, Italy, Spain, Portugal and the UK. The Latin America and the Middle East and Africa necrotizing autoimmune myositis market is constrained due to the low healthcare expenditure and poor economic conditions. The Middle East and Africa necrotizing autoimmune myositis market are projected to be dominated by the Gulf economies of UAE, Saudi Arabia, and Kuwait owing to their large wealth relative to the African nations.
The Asia Pacific market is expected to expand at a furious pace owing to growing research and development expenditure and the support of the governments to the technology sector. The growing economy of China and India is expected to drive large market adoption.
Some of the major players in the global Necrotizing Autoimmune Myositis market are GlaxoSmithKline plc, Dr. Reddy’s Laboratories, Genentech USA, Inc. (F. Hoffmann-La Roche Ltd.), Hetero Drugs Limited, AbbVie Inc., Teva Pharmaceutical Industries, Novartis AG, and others.
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