New York, July 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Enzyme Replacement Therapy Global Market Report 2023" - https://www.reportlinker.com/p06479974/?utm_source=GNW
, Amicus Therapeutics Inc., Johnson & Johnson Services Inc., Digestive Care Inc., Nestle Health Science, Alexion Pharmaceuticals Inc., Allergan Plc., Actelion Pharmaceuticals Ltd., CANbridge Life Sciences Ltd., Chiesi Farmaceutici S.P.A., Astrazeneca Plc., Genzyme Corporation, and JCR Pharmaceutical Co. Ltd.
The global enzyme replacement therapy market is expected to grow from $10.03 billion in 2022 to $10.85 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions and affecting many markets across the globe. The market is expected to reach $14.79 billion in 2027 at a CAGR of 8.1%.
The enzyme replacement therapy market includes revenues earned by entities by providing Sebelipase alfa, Elosulfase alfa, Idursulfase, AL glucosidase alfa and Alpha1-Proteinase inhibitor enzyme replacement therapies.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Enzyme replacement therapy (ERT) refers to a sort of medical treatment in which patients with chronic disorders brought on by insufficient or failing enzymes are given alternative enzymes.The body can complete the processes inhibited by the deficit by getting enzyme replacements.
It is particularly effective at returning urinary GAG levels to normal and boosting liver and spleen development.
North America was the largest region in the enzyme replacement therapy market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the enzyme replacement therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of enzymes used in enzyme replacement therapy include agalsidase alfa, agalsidase beta, galsulfase, other enzyme types that are used in gaucher disease, pompe disease, fabry disease, others.Agalsidase alfa refers to a recombinant human alpha-galactosidase that is used in the treatment of fabry’s disease as an enzyme replacement therapy.
It has a long half-life and a broad therapeutic spectrum.Patients should be advised about the possibility of infusion-related symptoms and sensitivity.
Agalsidase alfa is beneficial to enzyme replacement therapy because it aids in the treatment of Fabry disease. The enzyme replacement therapy is used by hospitals, infusion centers and others that is administered through oral and parenteral route.
The rising prevalence of rare, chronic, and inherited disorders is expected to propel the growth of the enzyme replacement therapy market going forward.Chronic disease refers to a form of illness that lasts for three months or more and can deteriorate with time.
Chronic diseases are more common in elderly people and typically can be controlled but not eradicated. For instance, in January 2023, according to a report issued by the US-based National Library of Medicine, which is operated by the federal government, the number of people in the USA aged 50 and older who have at least one chronic condition will increase by 99.5%, from 71.522 million in 2020 to 142.66 million by 2050. Therefore, the rising prevalence of rare, chronic, and inherited disorders will drive the growth of the enzyme replacement therapy market going forward.
Product approvals have emerged as the key trend gaining popularity in the enzyme replacement therapy market.Several enzyme replacement therapy medications introduced by large players are getting approvals in the market.
For instance, in February 2023, the Food and Drug Administration, a US-based federal agency of the Department of Health, approved Lamzede (velmanase alfa), the first enzyme replacement therapy approved in the United States for the treatment of non-central neurological indications of alpha-mannosidosis, a rare genetic disorder characterized by an absence of the alpha-mannosidase enzyme in the body.Lamzede helps patients regain normal cellular function by acting similarly to the alpha-mannosidase enzyme in their bodies, restoring healthy cellular functioning in patients.
Lamzede is administered to patients once a week as a 10mg injection.
In November 2020, Retrophin Inc., a US-based biopharmaceutical company, acquired Orphan Technologies Ltd for an undisclosed amount. Through this acquisition, Retrophin Inc. will expand its pipeline of potential first-in-class therapies targeting rare diseases. Orphan Technologies Limited is a Switzerland-based biopharmaceutical company that operates in enzyme replacement therapy.
The countries covered in the enzyme replacement therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The enzyme replacement therapy market research report is one of a series of new reports that provides enzyme replacement therapy market statistics, including enzyme replacement therapy industry global market size, regional shares, competitors with enzyme replacement therapy market share, detailed enzyme replacement therapy market segments, market trends, and opportunities, and any further data you may need to thrive in the enzyme replacement therapy industry. This enzyme replacement therapy market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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