The Growing Inclusion for Body Myositis Market: Trends and Opportunities
The Growing Inclusion for Body Myositis Market: Trends and Opportunities
Blog Article
Inclusion Body Myositis is an inflammatory myopathy that causes gradually worsening muscle weakness and wasting. The disease gets its name from its characteristic pathology, which includes amyloid-like inclusion bodies in muscle fibers. Symptoms of Inclusion Body Myositis include weakness of the fingers, wrists, arms, thighs or neck.
The inclusion body myositis market is estimated to be valued at USD 527.5 Mn in 2024 and is expected to reach USD 767.1 Mn by 2031, growing at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031.
Key Takeaways
Key players operating in the Inclusion Body Myositis market are Clover Biopharmaceuticals, Cytokinetics Inc., BioBlast Pharma Ltd., Ra Pharmaceuticals Inc., IBM Institute of Myology.
Key players are focusing on developing new and effective therapies for treating Inclusion Body Myositis Market. Growing disease incidence and lack of approved treatment options are fueling the demand for innovative drugs in the market. Technological advances in identifying molecular targets and biomarkers are anticipated to accelerate drug development process in the coming years.
Market Trends
Growing focus on developing biologics and precision medicines: Major players are investing in developing biologics such as monoclonal antibodies, recombinant proteins and gene therapies to achieve targeted disease modification. Precision medicine approaches utilizing biomarkers and molecular targets are also gaining traction.
Rising collaborations and acquisitions: Leading companies are partnering with clinical research organizations and academic institutes to strengthen product pipelines and tap novel targets. Strategic acquisitions of small biotechs are helping large pharma players to enhance their portfolios.
Market Opportunities
Untapped emerging markets: Markets in Asia Pacific and Latin America offer significant growth potential attributed to rising healthcare expenditure, speedy drug approvals and less stringent regulations in these regions.
High unmet need: There is no approved drug for Inclusion Body Myositis currently. Hence, first-mover products demonstrating efficacy stand to capture a sizable market share.
Impact of COVID-19 on Inclusion Body Myositis Market Growth:
The COVID-19 pandemic has significantly impacted the growth of the inclusion body myositis market. During the initial outbreak, most clinical trials and research activities related to finding new drugs and treatment options for inclusion body myositis came to a halt as resources were diverted towards combating the pandemic. This led to delays in development of new drugs and diagnostic tests. Patients also avoided or postponed visits to healthcare facilities due to fear of contracting the virus. This impacted the diagnosis and treatment-seeking rate for inclusion body myositis in 2020.
However, as the pandemic situation stabilizes in 2021 with increased vaccination drives globally, market growth is expected to regain momentum. Pharmaceutical companies are resuming their clinical trials and expediting regulatory approvals for drugs to cater to the growing patient pool. Telemedicine and virtual consults have also picked up, helping patients continue their treatment regimen and seek medical advice without risks of exposure. Governments and healthcare systems are focusing on implementing safe treatment protocols for chronic conditions like inclusion body myositis along with COVID-19 management. With rapid vaccine rollouts, the market is anticipated to witness higher demand for inclusion body myositis diagnostics and management in the post-COVID period.
Geographical Regions with Highest Market Value:
North America represents the largest regional market for inclusion body myositis, accounting for over 35% of the global market value. This is attributed to high diagnosis and treatment rates in countries like the United States. With presence of leading pharmaceutical companies and advanced healthcare infrastructure, the United States accounts for the major share within the North American region. Availability of various approved treatment options and growing patient awareness levels have been boosting the market value.
Europe is the second largest regional market, dominated by countries such as Germany, United Kingdom, France and Italy. Asia Pacific is expected to be the fastest growing regional market in the coming years, driven by expanding healthcare spending, growing geriatric population, and increasing research focus on rare disease treatment in countries like China, India and South Korea.
Fastest Growing Regional Market:
The Asia Pacific region is poised to showcase the fastest growth in the inclusion body myositis market over the forecast period. This can be attributed to factors such as improving access to healthcare in emerging Asian countries, expanding middle-class population with higher spending on medical treatments, and rising incidence of neurological disorders due to increasing life expectancy and lifestyle changes.
Governments in Asia Pacific are implementing new policies and programs to strengthen the treatment ecosystem for rare diseases. Leading global pharmaceutical companies are also focusing on Business expansion to tap growth opportunities in Asian markets through partnerships, acquisitions and strategic investments. Additionally, increasing collaborations between regional research institutes and foreign drug developers would help accelerate clinical trials and new product launches. Overall, the patient pool, healthcare investments, and research landscape are advancing steadily in the Asia Pacific region, presenting lucrative opportunities for inclusion body myositis market players.
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About Author: Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)