Charcot-Marie-Tooth disease (CMT) refers to a group of inherited neurological disorders that causes damage to the peripheral nervous system, and leads to weakness and wasting away of the foot and leg muscles. The global Charcot-Marie-Tooth Disease Market is gaining momentum due to rising research funding to develop novel treatment options.
The global Charcot-Marie-Tooth Disease Market is estimated to be valued at US$ 1208.92 Mn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing funding for research and clinical trials is one of the major factors fueling the growth of the Charcot-Marie-Tooth Disease Market. For instance, according to National Institute of Neurological Disorders and Stroke (NINDS), the total funding for CMT research for Fiscal Year 2020 was US$ 5.2 million. Additionally, various non-profit foundations such as CMTA (Charcot-Marie-Tooth Association) and CMT United Kingdom are also involved in funding research activities to develop new treatment options. This rising research funding is expected to result in new drug developments and clinical trial approvals over the forecast period.
Strength: The increasing research activities to develop diagnostic tests and therapies for CMT disease would drive the market growth.
Weakness: High cost associated with the treatment and diagnosis of CMT disease which limits market growth.
Opportunity: Rising government support and funding for research activities related to rare diseases presents growth opportunities.
Threats: Presence of other treatment alternatives may hinder the market growth.
The Global Charcot-Marie-Tooth Disease Market Size is expected to witness high growth. The global Charcot-Marie-Tooth Disease Market is estimated to be valued at US$ 1208.92 Mn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030.
North American region dominates the global CMT disease market and is expected to continue its dominance during the forecast period. It is owing to the increasing research activities and government funding to develop therapies for CMT disease in this region.
Key players operating in the Charcot-Marie-Tooth Disease are Baxter, AbbVie Inc., Piramal Enterprises Ltd., Fresenius SE & Co. KgaA, Drägerwerk AG & Co. KgaA, GE Healthcare, and Mindray Medical International Limited, among others. The key players are focusing on developing novel diagnostic tests and therapies to expand their product portfolio. For instance, in 2023, Baxter received FDA approval for ‘Ferric Carboxymaltose’ injection to treat iron deficiency anemia in patients with CMT disease.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it