Porphyria Treatment Market: Increase in focus on development of better treatment options is anticipated to drive the market
Porphyria Treatment Market: Introduction
- Porphyria is a group of disorders in which the substance called porphyrin accumulates in the body and affects the nervous system or skin and may cause abdominal pain. Porphyrin is an essential substance for the function of hemoglobin. Porphyria is categorized into two types: acute porphyrias and cutaneous porphyrias. Symptoms of acute porphyrias include severe abdominal pain, constipation or diarrhea, breathing problems, high blood pressure, and seizures. Emergence of innovative therapies is a key factor that is likely to boost the market.
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Key Drivers and Opportunities of Global Porphyria Treatment Market
- Surge in number of people with porphyria is anticipated to drive the market. The prevalence of disease is not known; however, it probably ranges from 1 in 500 to 1 in 50,000 people worldwide. Acute porphyrias is a highly common form of diseases in most countries across the globe. It may occur more frequently in countries in Northern Europe such as the U.K. and Sweden.
- Increase in focus on development of better treatment options is anticipated to drive the market. Thus, key players are engaged in the development of new products through research and development. For instance, drug hydroxychloroquine is in phase II clinical trial phase for porphyria cutanea tarda indication.
- Government initiatives and funding to support and expand research & development activities are also likely to augment the market. Furthermore, adoption of rapidly developing innovations further propels the market.
- Governments in developing countries are making significant investments toward modernization of healthcare infrastructure, which is likely to increase access to healthcare. This is expected to increase the demand for advance technologies and thereby creates significant opportunity in the market. Moreover, increase in R&D expenditure leads to development of promising pipeline that caters to significant opportunity in the market
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North America to Capture Major Share of Global Porphyria Treatment Market
- North America is expected to account for a major share of the global porphyria treatment market due to high prevalence of diseases among the population. Moreover, presence of key market players and adoption of advanced healthcare technologies are likely to augment the market in the region.
- The porphyria treatment market in Asia Pacific is projected to expand at a rapid pace during the forecast period owing to a rise in awareness and large patient population. Moreover, government initiatives to improve healthcare infrastructure is likely to propel the market.
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Key Players Operating in Global Porphyria Treatment Market
The global porphyria treatment market is highly concentrated due to the presence of key players. A large number of manufacturers hold a major share in their respective regions. Demand for porphyria treatment products has increased in emerging as well as developed markets owing to a surge in number of people with porphyria. Introduction of new products and growth strategies adopted by leading players are likely to drive the global market. For instance, in November 2019, Alnylam Pharmaceuticals, Inc. received approval from U.S. Food and Drug Administration for GIVLAARI (givosiran) injection for subcutaneous use for the treatment of adults with acute hepatic porphyria (AHP).
Major players operating in the global porphyria treatment market are:
- Alnylam Pharmaceuticals, Inc.
- Recordati Rare Diseases Inc.
- Other Prominent Players
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