NEUROFIBROMATOSIS TREATMENT DRUGS MARKET ANALYSIS

Neurofibromatosis Treatment Drugs MarketSize and Trends

The global neurofibromatosis treatment drugs market is estimated to be valued at US$ 8,801.0  million in 2020 and is expected to exhibit a CAGR of 13.40% during the forecast period (2020-2027).

Figure 1. Global Neurofibromatosis Treatment Drugs Market Value (US$ Mn)

Global Neurofibromatosis Treatment Drugs Market: Drivers

Increasing focus of major players on research and development of novel therapies for treating neurofibromatosis. Moreover, clinical studies are well supported by regulatory authorities which is expected to drive the growth of the global neurofibromatosis treatment drugs market. For instance, in October 2019, SpringWorks Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on developing life-changing medicines for patients with severe rare diseases and cancer, initiated the Phase 2b ReNeu clinical trial to evaluate the mirdametinib (formerly PD-0325901), an oral, small molecule designed to inhibit MEK1 and MEK2, in children and adult patients with neurofibromatosis type 1 (NF1)-associated plexiform neurofibromas (NF1-PN). In July 2019, the European Commission granted Orphan Drug Designation for SpringWorks Therapeutics’ mirdametinib (formerly PD-0325901), an oral, small molecule inhibitor of MEK1 and MEK2, for the treatment of neurofibromatosis type 1 (NF1).

Neurofibromatosis Treatment Drugs Market Report Coverage

Global Neurofibromatosis Treatment Drugs Market – Impact of Coronavirus (COVID-19) Pandemic

The coronavirus (COVID 19) pandemic and lockdown in various countries across the globe have impacted the financial status of businesses in all sectors. Private healthcare is one such sector, which has been majorly impacted by the COVID-19 pandemic.

The lockdown in various countries due to the pandemic has placed an economic burden on the private healthcare sector.

Moreover, the coronavirus pandemic has hampered the development, production, and supply of healthcare products (medical devices and medicinal products) and affected growth of healthcare businesses of various companies across the globe.

The lockdowns have led to closure of industrial establishments, except manufacturing of essential commodities, and disrupted supply chains.

The COVID-19 pandemic has affected the economy in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) by its financial impact on firms and financial markets

As a result, the impact of coronavirus (COVID-19) pandemic is also expected to limit growth of the global neurofibromatosis treatment drugs market during the forecast period.

Figure 2. Global Neurofibromatosis Treatment Drugs Market Value (US$ Mn), by Region, 2020