Stargardt Disease Therapeutics Market revenue to cross USD 1,701.0 Million by 2028, At a CAGR of 31.7% | Market Size during the forecast period (2023 – 2028)
Global Stargardt Disease Therapeutics Market, By Drug Type (LBS-008 and Emixustat), By Age Group (Adult (17+ Years) and Children (-17 Years)), By Distribution Channel (Online Pharmacies, Hospital Pharmacies, and Retail Pharmacies), By Region (North America, Asia Pacific, Latin America, Europe, Middle East, and Africa), is projected to attain a market valuation of US$ 213.5 million in 2023 and is anticipated to grow at a CAGR of 31.7 percent over the forecast period (2023-2028), as mentioned in a new report published by Coherent Market Insights.
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During the forecast period, major initiatives by industry players are poised to fuel the global stargardt disease therapeutics market growth. In November 2019, the biotechnology business Applied Genetic Technologies Corporation stated that Stargardt disease has been recognized as the second ophthalmology product in its previously disclosed preclinical pipeline expansion. The firm also released proof-of-concept data sets in non-human animals for their Stargardt illness gene therapy candidate (NHPs).
Aftermath of the COVID-19 Pandemic
Clinical study implementation in the U.S. was severely disrupted by the COVID-19 epidemic, affecting important players across the sector. Staff furloughs, social-distancing rules, monetary loss, and worries about patient safety wreaked havoc on research site operations. Sponsors, CROs, and other drug development support firms have moved to remote job roles. As a result of the COVID-19 pandemic, an estimated 80% of non-COVID-19 studies were halted or terminated. According to a research published in April 2020, investigative sites showed flexibility and inventiveness in adopting new methods to deal with the COVID’s problems, with more than half of them switching to virtual methods to communicate with patients. This may have pushed the completion deadline, and hence the debut of new items, forward. Furthermore, according to a study performed by Medidata Solutions, Inc. on April 23, 2020, 63 percent of survey respondents said they had ceased recruiting new participants for existing clinical trials, and 43 percent said their studies had been delayed.
To expedite the advancement of therapy for stargardt disease, key companies are concentrating on different inorganic expansion methods such as partnerships and mergers, which is projected to drive the growth of the global stargardt disease therapeutics market throughout the forecast period. ReVision Therapeutics, Inc., an emerging biopharmaceutical business, signed an exclusive licensing deal with Cornell University in September 2020 to create and market Cornell’s unique Stargardt disease solution.
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The global stargardt disease therapeutics market is anticipated to expand at a CAGR of 31.7 percent during the forecast period, owing to growing implementation of business expansion methods by major players in the industry, which is projected to fuel market growth. Spark Therapeutics, Inc., a pioneer of gene therapy medicines for illnesses like hemophilia, Huntington’s disease, and Stargardt syndrome, signed a final partnership deal with F. Hoffmann-La Roche AG in February 2019.
In the Global Stargardt Disease Therapeutics Market in 2023, the Emixustat segment is expected to grow at a faster rate than the other drug types. Acucela Inc., a wholly-owned subsidiary of Kubota Pharmaceutical Holdings Co., Ltd., obtained orphan drug classification in January 2017 for its flagship product emixustat, which is used to treat Stargardt illness.
Adult (Above 17 Years) segment is expected to dominate the global stargardt disease therapeutics market over the forecast period in terms of age group. Furthermore, the category is anticipated to rise due to an increase in the number of patients suffering from atrial fibrillation throughout the forecast period.
The segment of online pharmacies is expected to dominate the global stargardt disease therapeutics market over the forecast period. In affluent nations like the U.S., online pharmacies are a well-established form of drug delivery. The rising popularity of online pharmacies in emerging nations is projected to foster the expansion of the online pharmaceutical segment. Netmeds, an e-pharmacy company, revealed intentions in 2017 to extend its footprint in India’s small villages and cities in order to provide consumers with speedier distribution.
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Current and future of global Stargardt Disease Therapeutics market outlook in the developed and emerging markets
The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
Regions/countries that are expected to witness the fastest growth rates during the forecast period
The latest developments, market shares, and strategies that are employed by the major market players
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Due to the rising number of product releases and legal agreements connected with stargardt disease therapies, North America is anticipated to retain a leading position in the global stargardt disease therapeutics market throughout the forecast period. Nanoscope Therapeutics Inc., a clinical-stage biotechnology firm, acquired Orphan Drug classification from the US Food and Drug Administration in January 2021 for vMCO-010, a gene therapy-based cure for Stargardt illness (FDA).
Key companies contributing in the global stargardt disease therapeutics market include Alkeus Pharmaceuticals Inc., Sanofi S.A., Iveric Bio, Inc., Stargazer Pharmaceuticals Inc., Kubota Pharmaceutical Holdings Co., Ltd., F. Hoffmann-La Roche AG, Biogen Inc., Lin BioScience, Inc., ReVision Therapeutics, Inc., CHABiotech Co., Ltd., and Astellas Pharma Inc.
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