Global Friedreich’s Ataxia Treatment Market - 2023-2030

Global Friedreich’s Ataxia Treatment Market - 2023-2030

Global friedreich’s ataxia treatment market reached US$ YY billion in 2022 and is expected to reach US$ YY billion by 2030, growing with a CAGR of YY% during the forecast period 2023-2030.

The global friedreich’s ataxia treatment market has witnessed significant growth and transformations over the years, with various factors influencing its dynamics. A rare, genetic, degenerative condition called friedreich's ataxia harms the cerebellar region of the brain, peripheral nerves, and the spinal cord. This illness typically appears in kids and teenagers and gets worse over time. As the condition worsens, unsteady, uncomfortable movements and a lack of sensation from nerve damage occur.

Government investments and research, particularly in developing economies, will continue to drive utilization of novel medicines like omaveloxolone or propranolol and boost the global friedreich’s ataxia treatment market. The respective innovative medications are being developed by several researchers and currently are under trials.

Market Dynamics: Drivers & Restraints

Growing collaborations and acquisitions

Developed economies have been witnessing rapid growth in betterment of their healthcare sectors, driven by high investments, income levels, and infrastructure development. Several countries have experienced substantial demand for friedreich’s ataxia treatment owing to the rising research. Various collaborations, acquisitions and product launches with technological advanecments among different countries will be a crucial factor driving the growth of the market.

On January 9, 2023, In order to advance several gene treatments for the treatment of neurological illnesses, Voyager Therapeutics, Inc. and Neurocrine Biosciences, Inc. recently forged a new strategic partnership. The preclinical GBA1 gene therapy program from Voyager, which integrates a GBA1 gene replacement payload with new capsids from Voyager's TRACERTM (Tropism Redirection of AAV via Cell-type-specific Expression of RNA) platform, is a part of the collaboration.

Additionally, recently, it was revealed that Dr. Michele Lufino would be leading a new cooperative drug discovery study in Friedreich's ataxia (FA) between Ataxia UK, the University of Oxford, Pfizer Inc., UCL, and Imperial College London. The national ataxia charity, Ataxia UK, was the driving force for the partnership. It brings together university researchers who will collaborate with Pfizer experts situated in the UK's Genetic Medicine Institute as well as in Cambridge, Massachusetts, in the US (Pfizer's home base).

Furthermore, the rising utilization of novel technology and product launches for the several research purposes. Rising friedreich’s ataxia cases and increasing research for innovative treatment product development will be a major factor driving the growth of the friedreich’s ataxia treatment market.

Side effects associated with the friedreich’s ataxia medications

There could be stomach pain, diarrhea, or nausea. Many users of this medicine report no significant negative effects. Serious side effects are swelling feet/ankles/ hands, sudden/unexplained gain in weight, pounding heartbeat, and shortness of breath.

Signs of liver problems include nausea/vomiting that doesn't stop, appetite loss, stomach/abdominal pain, yellowing eyes/skin, and dark urine. It is uncommon for this medication to cause a very significant allergic reaction, which includes rash, itching/swelling (particularly of the face, tongue, and neck), extreme disorientation, and difficulty breathing.

Segment Analysis

The global friedreich’s ataxia treatment market is segmented based on medications, route of administration, distribution channel and region.

Omaveloxolone segment accounted for approximately 61% of market share

Reata Pharmaceuticals, Inc. is developing omaveloxolone (SKYCLARYS), a small molecule, orally active, semi-synthetic triterpenoid medication that boosts antioxidant activity, to treat Friedreich's ataxia. Specifically, omaveloxolone is employed to treat a condition that affects the muscles and nerves.

Nuclear factor (erythroid-derived 2)-like 2 (Nrf2) pathway suppression in Friedreich's ataxia patients is linked to oxidative stress, mitochondrial malfunction, and cell damage, especially to central and peripheral neurons. Omaveloxolone may cause the Nrf2 pathway to be active because it prevents Nrf2 from being ubiquitinated and degraded. Omaveloxolone was authorized for use in the USA in February 2023 to treat Friedreich's ataxia.

On February 28, 2023, the U.S. Food and Drug Administration (""FDA"") has approved Reata Pharmaceuticals, Inc.'s SKYCLARYS (omaveloxolone) for the management of Friedreich's ataxia in adults as well as adolescents aged 16 and older. Reata Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to developing and marketing new treatments for patients with severe diseases. The FDA gave a priority review voucher for a rare pediatric condition with this approval.

Geographical Penetration

North America accounted for around 38% of market share in 2022

Due to the rising need for friedreich’s ataxia treatment in healthcare, manufacturers in North America have chances of increasing their operations. There are many producers and suppliers in North America and owing to the quick economic growth of the region, industrial production has expanded, driving the demand for friedreich’s ataxia treatment.

Increasing expenditure on healthcare and rising research studies, advancement of technologies and different types of medicines, and increase in biopharmaceutical or biotechnology business establishment across the region are also contributing to the growth of friedreich’s ataxia treatment market share of this region. The market in this area is growing as people become more aware of various novel approved medicines. The aforementioned elements further attest to North America's hegemonic position in the world.

North America continues to be a key player in the global friedreich’s ataxia treatment market, with United States leading the way. Government initiatives promoting infrastructure development and investment, and a focus on rising advancements have fueled the demand for friedreich’s ataxia treatment in the U.S. United States have been proactive in executing several initiatives or researches, stimulating friedreich’s ataxia treatment demand.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic in late 2019 created unprecedented challenges for industries worldwide, including the global friedreich’s ataxia treatment market. As countries grappled with lockdowns, supply chain disruptions and reduced economic activity, the pharmaceutical sector, with a significant consumer of various treatments, was significantly impacted. Several efforts all throughout the world were impacted by the pandemic's broad lockdowns and limitations that started in early 2020.

Major medical and biotechnology industries came to a standstill and shifted their attention towards the management of COVID-19, leading to a slump in demand for friedreich’s ataxia treatment. Now several research studies have been initiated and companies have again started trial for their products efficiency. Overall, the impact of the pandemic on the global friedreich’s ataxia treatment market is expected to be relatively moderate, with the market continuing to grow steadily due to the ongoing need and research for inovative medications.

Key Developments
• On August 14, 2023, initial findings from Design Therapeutics, Inc.'s phase one multiple-ascending dose (MAD) clinical study of DT-216 in patients having Friedrich ataxia (FA) were revealed. Design Therapeutics, Inc. is a clinical-stage biotechnology business exploring treatments for severe degenerative genetic illnesses. The findings demonstrated that DT-216 was usually well tolerated and increased the levels of frataxin (FXN) mRNA in skeletal muscle biopsies in a dose-dependent and statistically significant manner.
• On May 31, 2023, Topline data from the MOVE-FA study of vatiquinone in individuals with Friedreich ataxia were released by PTC Therapeutics. The primary goal of the trial, which was a statistically significant shift in mFARS score in the main analysis population at 72 weeks, was not achieved. However, the use of vatiquinone did show a significant improvement in important illness endpoints and subscales.
• On November 29, 2022, a Phase 2 double-blind, randomized, placebo-controlled investigation into the impact of leriglitazone on patients with Friedreich's ataxia (FRAMES study) was published in Neurology Genetics by Minoryx Therapeutics, a late-stage biotech company specializing in the development of therapies for orphan central nervous system (CNS) disorders.

Competitive Landscape

The major global players in the market include Reata Pharmaceuticals, Inc., Retrotope Inc., Minoryx Therapeutics, Design Therapeutics, Inc., PTC Therapeutics, Lexeo Therapeutics, Inc., Larimar Therapeutics, Inc., Metro International Biotech, LLC, Astellas Gene Therapies, Inc. and Voyager Therapeutics, Inc. among others.

Why Purchase the Report?
• To visualize the global friedreich’s ataxia treatment market segmentation based on medications, route of administration, distribution channel and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of friedreich’s ataxia treatment market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global friedreich’s ataxia treatment market report would provide approximately 61 tables, 59 figures and 186 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies