The global Friedreich's ataxia market is anticipated to expand throughout the forecast period due to the high burden of the disease. During the course of the forecast period, rising research and development efforts for the introduction of novel Friedreich's ataxia therapies are anticipated to propel market expansion. For example, according to a January 2021 article in the journal Neurobiology of Disease, leriglitazone, an oral medication, had demonstrated efficacy in treating Friedrich's ataxia in cellular and animal models. Global Friedreich's ataxia market growth is anticipated throughout the forecast period as key market players concentrate on getting regulatory approval for their Friedreich's ataxia medications. Quickly developing novel therapies for the treatment of Friedreich's ataxia is the goal of research and development. More market participants are utilising inorganic business growth tactics like partnerships, acquisitions, and others.
According to Coherent Market Insights, the market for treatments for Friedreich's Ataxia will be worth US$777.2 million worldwide in 2022 and grow at a CAGR of 13.0% from 2017 to 2022. (2022-2030).
Key Competitors in the Friedreich's Ataxia Industry:
1. Reata Pharmaceuticals, Inc
The business was established in 2002 and is situated in Plano, Texas. It creates ground-breaking medications for the combating of deadly and serious illnesses. In February 2023, Reata Pharmaceuticals announced that SKYCLARYSTM (Omavaloxolone), the first and only medication indicated for patients with Friedreich's ataxia, has received FDA approval. Omaveloxolone's New Drug Application for the Treatment of Individuals with Friedreich's Ataxia was successfully submitted by Reata Pharmaceuticals in March 2022.
2. Retrotope Inc.
The business was established in 2006, with its headquarters in Los Altos, California, in the United States. In order to fight the illness and cellular deterioration brought on by lipid peroxidation, Retrotope is creating a new class of medications (LPO). Project Started by Retrotope to Test RT001 in an Animal Model of Lung Injury to Prevent Impact of COVID-19 in April, 2020. In January 2020, RT001 was administered for the first time to patients with Friedreich's ataxia (FA), expanding Retrotope's drug pipeline.
3. PTC Therapeutics
The business was started in 1998. The company's corporate headquarters are in South Plainfield, New Jersey, USA. Developing small-molecule medications to treat hereditary and uncommon disorders is the focus of a biopharmaceutical business. For the treatment of AADC Deficiency, PTC Therapeutics received a favourable CHMP opinion for UpstazaTM in May 2022.
4. Larimar Therapeutics, Inc.
The company was established in 2005 and has its headquarters in Bala Cynwyd, Pennsylvania. A clinical-stage biotechnology business called Larimar Therapeutics is dedicated to creating cures for difficult-to-treat uncommon diseases. Larimar Therapeutics reported that CTI-1601 will be covered by a U.S. patent that safeguards the material's composition in October 2022.
5. Zydus Lifesciences Ltd
The business was established in 1952 and has its headquarters in Ahmedabad. Zydus creates and manufactures a wide range of medications, diagnostics, herbal remedies, cosmetics items, and other over-the-counter (OTC) items. The USFDA authorised Zydus Cadila's Desidustat medication to begin clinical trials on cancer patients in 2020.
6. GlaxoSmithKline plc
The business was established in 2000, and it is based in London, England. GSK manufactures drugs for conditions like diabetes, cancer, parasites, and mental health. The company reported receiving three unsolicited bids to purchase Unilever's Consumer Healthcare business segment in January 2022. In November 2022, GSK published encouraging Phase IIa study findings for a brand-new, first-in-class prospective therapy for tuberculosis patients.
7. Sun Pharmaceutical Industries Limited
Sun Pharmaceuticals, a company founded in 1983, is based in Mumbai. The business develops and sells active pharmaceutical ingredients and pharmaceutical formulations. Sun Pharma will release Palbociclib, a groundbreaking targeted drug for advanced breast cancer, in January 2023 along with a unique Patient Support Program. Sun Pharma introduced their brand of vortioxetine in India in March 2022 thanks to an exclusive patent licence from Lund beck.
8. Cipla Limited
Cipla was established in 1935, and its corporate headquarters are located in Mumbai. Cipla primarily produces medications for the treatment of a wide range of ailments, including respiratory, cardiovascular, arthritic, diabetic, and psychological conditions. Remdesivir from Gilead Sciences will be marketed as CIPREMI in India, the company said in July 2020.
Definition: Friedreich ataxia (FA) is a rare genetic condition that impairs movement and gradually damages the neurological system. The spinal cords and peripheral nerves' nerve fibres age and thin out.
