[2021] Neurofibromatosis Treatment Drugs Market to Inspire a Growth up to US$ 21,223.7 Million by 2027 – Coherent Market Insights

SEATTLE, April 29, 2021, (PHARMIWEB) — Global Neurofibromatosis Treatment Drugs Market Analysis

Impact of COVID-19 epidemic

The COVID-19 epidemic and its resulting lockdowns in several countries of the world have affected the financial positioning of businesses across all the sectors. One such sector is the private healthcare sector which was severely affected by the epidemic. The nationwide lockdown in several countries across the globe due to the epidemic has put the burden of economy on the private healthcare sector. Furthermore, the SARS-CoV-2 virus has hindered the growth, manufacture, and distribution of healthcare products and also impacted the expansion of healthcare businesses of several organizations globally. These lockdowns have resulted in halt of multiple industrial organizations, excluding the production of necessary commodities and disturbed distribution channels. COVID-19 pandemic has majorly impacted the economy in three different ways; with its direct effect on manufacture and demand by creating disturbances in the supply chain, with its financial influence on the financial markets and firms.

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Consequently, the effect of COVID-19 epidemic is expected to hamper growth of the global neurofibromatosis treatment drugs market over the forecast period.

Overview

Generally, there are three kinds of Neurofibromatosis, i.e., Schwannomatosis, Neurofibromatosis type 1, and Neurofibromatosis type 2. Neurofibromatosis type (NF) 1 is a general type of mono-genic condition of neuro-cutaneous tissue growth which increases secondarily to the mutations of the tumor suppressor gene NF1. It includes an autosomal dominating pattern of inheritance. Patients with NF1 disorder usually have an accelerated pre-disposition to different types of malignant and benign tumors and generate neuro-fibromas along with axillary and inguinal freckling. The Neurofibromatosis 2 (NF2) is a rarely reported disorder than the NF1. General symptoms of NF2 are steady-growing tumors affect the spinal, peripheral nerves, and cranial, and the meninges. The only drug present for treating the NF1 is the Koselugo-selumetinib. Furthermore, the bevacizumab drug is sometimes used as an off-label for treating NF.

The global neurofibromatosis treatment drugs market is expected to manifest a CAGR of 13.40% over the forecast period of 2020-2027 and is estimated to have a market valuation of US$ 8,801.0 million in 2020.

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Drivers

Rising focus of key companies in the market on research and development of novel therapies for treatment of neurofibromatosis. Furthermore, the regulatory authorities-backed clinical studies are expected to propel growth of the global neurofibromatosis treatment drugs market during the forecast period. In October 2019, a bio-pharmacy company, SpringWorks Therapeutics, had initiated the Phase IIb ReNeu clinical trial for evaluating the mirdametinib (formerly PD-0325901), a tiny molecule developed to impede MEK2 and MEK1, in children and adult patients with NF1-related plexiform neurofibromas (NF1-PN). In July 2019, the European Commission had approved this drug of mirdametinib (formerly PD-0325901) developed by SpringWorks Therapeutics for treating the NF1.

Market Taxonomy   

• According to the type of disease: Neurofibromatosis 1 (NF1), Neurofibromatosis 2 (NF2), and Schwannomatosis.
• According to the Distribution Channel: Online Pharmacies, Hospital Pharmacies, and Retail Pharmacies.

Regional Insight

Due to the availability of major companies along with research institutes, which are engaged in clinical trial of NF treatments, the North American market is expected to manifest a robust growth over the forecast period of global neurofibromatosis treatment drugs market. In November 2017, the University of Alabama had initiated its Phase II clinical study on Binimetinib in adults as well children with nf1 plexiform neurofibromas. Further in February 2020, the university had initiated Phase II trial on crizotinib on adults as well as children suffering from neurofibromatosis type 2 and progressive vestibular.

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Key Players

Key company contributing in the global neurofibromatosis treatment drugs market is AstraZeneca Plc.

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