Initiation of tax incentives to promote qualified clinical trials will magnify the hypoparathyroidism treatment market demand
The global hypoparathyroidism treatment market is anticipated to grow at 8 % CAGR throughout the forecast period of 2021 to 2031. Globally nearly 200,000 people suffer from hypoparathyroidism mainly due to accidental removal of parathyroid gland during thyroid surgery. Rise in demand for personalized medicines and treatment options in case of severe hypoparathyroidism have positively impacted the market growth.
According to the US Food and Drug Administration (FDA), the long-acting drug for parathyroid hormone named “TransCon PTH”, developed by Ascendis Pharma was granted with the Orphan Drug Designation (ODD). The drug is still under development but is expected to display superior outcomes in patient in long run.
Postponing of clinical trials during COVID-19 pandemic and prioritizing the development of COVID-19 vaccine have temporarily slowed the market growth, finds ESOMAR-certified consulting firm Future Market Insights in this study. However, with relaxation in lockdown manufacturers are developing drugs as per the regulatory requirements in order to get faster approval from governing bodies. Government promotion towards developing new hormonal therapies will significantly improve the market demand.
“Consistent research from manufacturers towards developing novel and effective hormonal therapies with no side effects will positively influence market growth,” remarks the FMI analyst.
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- Increased government initiatives and better regulatory and reimbursement policies will provide lucrative market growth opportunities in US.
- Rising incidences of parathyroid diseases and increased consumer spending on medical care facilities are driving the market growth in Germany.
- India is expected to create lucrative growth opportunities for the forecast period of 2021-2031. Rising population and prevalence of thyroid diseases coupled with increasing government initiative towards developing affordable and high quality medical treatment facilities are major market growth drivers in India.
- High effectiveness, limited complications and side effects, and easy bioavailability of orally ingested drugs will boost the oral hypoparathyroidism treatment market demand.
- Recall of NATPARA recombinant hormonal therapy has driven the patients towards accepting the calcium supplements treatment to treat and control the hypoparathyroidism.
- Increasing government initiative towards developing new drugs for treating hypoparathyroidism by providing financial incentives will accelerate the hypoparathyroidism treatment market growth.
- Rapid advancement in the field of biologic and incorporation in developing treatment for hypoparathyroidism and is expected to fuel the market growth.
- Introduction of customized medicines and increased patient screening for checking various thyroid conditions will intensify the market growth.
- Huge risk of side effects like osteosarcoma and high blood calcium levels while using NATPARA drug hampers the market growth.
- Insufficient understanding of long term health effects of hormonal therapy used in hypoparathyroidism treatment restricts the market growth.
- High price of hormonal therapy and limited study of long term drug usage symptoms will negatively affects the market sales.
Discover more about the hypoparathyroidism treatment market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/ask-question/rep-gb-7857
Leading players profiled by FMI operating in hypoparathyroidism treatment market include Takeda Pharmaceutical Company Limited., Entera Bio Ltd., Amgen Inc., Ascendis Pharma A/S, F. Hoffmann-La Roche Ltd, ProLynx, Inc., Extend Biosciences, Inc., BionPharma Inc. Their main area of focus is performing merger, acquisition and strategic collaboration to expand their global foothold.
For instance, Shire plc was acquired by Takeda Pharmaceutical Company in January 2019. The sole purpose of acquisition was to consolidate Takeda’s position in US biopharmaceuticals market. Acquisition also made the company one of the leaders in rare diseases, oncology, GI, neuroscience, and PDT. Shire plc also fortified the product portfolio necessary to dominate the market.
Similarly, new drug “encaleret” developed by BridgeBio Pharma showed promising results after conclusion of its 2nd stage trial as announced by the company in March 2021. The drug also showed positive effects in patients with autosomal dominant hypocalcemia type 1.
More Insights on FMI’s Hypoparathyroidism treatment Market
The latest market study on global hypoparathyroidism treatment market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of product type (parathyroid hormone, vitamin D analogue, calcium supplement), Molecule type (small Molecule Generic injectable, Large Molecule Generic injectable), route of administration (oral, parenteral), distribution channels (hospital pharmacies, Retail pharmacies, online sales), and across major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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