Global Enzyme Replacement Therapy Market Report 2022: Consistent Levels of R&D Driving Sector Growth
The global Enzyme Replacement Therapy Market is set to be valued at US$ 9.3 Bn in 2022, and is predicted to expand at a CAGR of 6.7% to attain a net worth of US$ 13.8 Bn by the end of 2028.
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|Enzyme Replacement Therapy Market Size (2022)||US$ 9.3 Bn|
|Revenue Estimation (2028)||US$ 13.8 Bn|
|Global Market Growth Rate (2022-2028)||6.7% CAGR|
|North America Market Share||28.6%|
Revenue from enzyme replacement therapy (ERT) accounts for around 63% share of the global hormone replacement market. Increasing prevalence of rare diseases has majorly led to the deployment of enzyme replacement therapies, and medical research is expected to further advance these developments.
Enzyme Replacement Therapy Demand Analysis (2013 to 2021) Vs Market Predictions (2022 to 2028)
The enzyme replacement therapy market is expected to flourish over the coming years as instances of rare and unknown diseases increase on a global scale. There has been a surge in the emergence of rare and ultra-rare diseases over the past few years, and this trend is not expected to slow down anytime soon. The need for orphan disease management and orphan drugs has seen a substantial increase as rare diseases have become more frequent.
Enzyme replacement therapy demand increased at a CAGR of 6.4% from 2013 to 2021 and ended up with a value of US$ 8.8 Bn in 2021. Increasing instances of rare diseases that require unique treatment approaches, rising availability of enzyme replacement therapies, increasing awareness, and less tough regulations for rare disease treatment are primarily driving demand for ERT.
Increasing medical research and rising awareness about enzyme replacement therapies are expected to be common factors propelling ERT market growth across the world.
All in all, the global enzyme replacement therapy market is predicted to progress at a CAGR of 6.7% from 2022 to 2028.
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Enzyme Replacement Therapy Industry Report Scope
|Historical Data Available for||2013-2021|
|Market Analysis||US$ Mn for Value|
|Key Market Segments Covered||
|Key Companies Profiled||
Which Region is Most Lucrative for Enzyme Replacement Therapy Providers?
This enzyme replacement therapy industry survey by FMI covers market statistics on a global scale, and especially gives metrics specific to regions such as North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa (MEA).
Leading the global market landscape, the North America enzyme replacement therapy market holds a dominant market share of 28.6% in 2022.
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This region is expected to be one of the most lucrative markets for enzyme replacement treatment, and ERT demand is expected to be driven by rising healthcare expenditure in the region. The U.S. is expected to lead the North American enzyme replacement therapy industry.
Following closely is the Western Europe enzyme replacement therapy market. The region, over the past few years, has experienced tremendous increase in rare disease instances, and this has influentially shaped the enzyme replacement therapy demand growth.
For instance, Germany and the U.K. have a high incidence of Fabry’s disease and other rare diseases as well that drives demand for enzyme replacement therapy.
East Asia, South Asia, and the Pacific regions are expected to exhibit lucrative opportunities for enzyme replacement therapy providers over the coming years.
Rising disposable income, developing healthcare systems, increasing awareness are major factors influencing the enzyme replacement therapy market potential in these regions. Japan, India, and China are expected to be leading nations in these regions.
Demand for enzyme replacement treatment in MEA is anticipated to rise at a steady pace over the forecast period; the region currently holds around 3% of the global market share.
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