PLEXIFORM NEUROFIBROMAS TREATMENT MARKET ANALYSIS

Plexiform Neurofibromas Treatment MarketSize and Trends

The global plexiform neurofibromas treatment market is estimated to be valued at US$ 1,371.14 million in 2022 and is expected to exhibit a CAGR of 8.2% during the forecast period (2022-2030).

Figure 1. Global Plexiform Neurofibromas Treatment Market Share (%), by Drug Class, 2022

Global Plexiform Neurofibromas Treatment Market - Driver

Increasing adoption of inorganic strategies such as product approval by regulatory authorities such as Japanese Ministry of Health, Labour and Welfare (MHLW), is expected to drive the global plexiform neurofibromas treatment market over the forecast period. For instance, in September 2022, AstraZeneca, a biopharmaceutical company, announced that the Japanese Ministry of Health, Labour and Welfare (MHLW), approved Koselugo (selumetinib) in Japan for the treatment of plexiform neurofibromas with clinical symptoms, such as pain and disfigurement in paediatric patients three years of age and older.

Figure 2. Global Plexiform Neurofibromas Treatment Market Share (US$ Million), by Region, 2022

Global Plexiform Neurofibromas Treatment Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 can affect the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

The COVID-19 pandemic also had a negative impact on the global plexiform neurofibromas treatment market growth during COVID-19. Key stakeholders in the healthcare industry were impacted by the COVID-19 pandemic, which significantly disrupted clinical trial operations across the globe. Due to staff leaves, social-distance protocols, financial losses, and patient safety concerns, the investigative site's capabilities were disrupted. Companies that support the development of pharmaceuticals, including sponsors and contract research organizations, have shifted to remote working arrangements. Participation in clinical trials was affected due to COVID-19. According to half of clinics, existing clinical trial protocols were modified or postponed, and new research protocol delays or suspensions were reported. Even short-term delays in clinical trial research that devastated many neurofibromatosis families and slow Neurofibromatosis research aimed at developing new treatments, because the majority of Neurofibromatosis manifestations do not have approved treatment options.