Amyotrophic Lateral Sclerosis market to be boosted by increase in the incidence rate of ALS, rise in the awareness about the disease among patients, and rise in the geriatric population, Analyzes Market Research Future.
Amyotrophic lateral sclerosis is a neurodegenerative disease. ALS affects the nerve cells in the brain and spinal cord that control the voluntary muscles. It is also known as the Lou Gehrig’s disease. Amyotrophic lateral sclerosis can be caused due to various factors such as genetics or environmental factors such as exposure to toxic or infectious agents, viruses, physical trauma, diet, and behavioral and occupational factors.
The Global Amyotrophic Lateral Sclerosis Market is majorly driven by the growing prevalence of ALS, rising older population leading to rise in the patient population. Additionally, government funding, rising programs to create awareness, and market players offering advanced products are likely to drive the market.
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According to the United Nations, in 2017 approximately over 962 million population were aged over 60 and above globally. United Nations has also estimated that by 2050, the number of older population is likely to reach 425 million. This is likely to propel the growth of the global amyotrophic lateral sclerosis market. Factors that are likely to hamper the growth of the market is the lack of awareness regarding the treatment.
Global Amyotrophic Lateral Sclerosis Market is expected to grow at a CAGR of 7.89% during the forecast period.
Some of the key players in the Amyotrophic Lateral Sclerosis market are GNT Pharma, Synthetic Biologics, Avicena Inc., Amkor Pharma, Mitsubishi Tanabe Pharma, Sanofi, and Biogen Inc., among others.
The Global Amyotrophic Lateral Sclerosis Market is segmented on the basis of type, treatment, diagnosis, and end-user.
On the basis of type, the market is segmented into Familial ALS and Sporadic ALS.
On the basis of diagnosis, the market is segmented into laboratory tests, imaging tests, and others. On the basis of diagnosis, laboratory tests are further sub-segmented into blood tests, urine tests, and thyroid functioning tests. On the basis of imaging test, it is further sub-divided into Electromyography (EMG), X-ray, and Nerve Conduction Study (NCS).
On the basis of treatment, the market is segmented into medication, physical therapy, speech therapy, nutritional support, and breathing support. On the basis of treatment, medication is further sub-segmented into Edaravone and Riluzole.
On the basis of end-user, the market is segmented into specialty centers, hospitals, and research centers.
The North American amyotrophic lateral sclerosis market is a growing market. On a regional basis, the Americas region is segmented into North America and South America. North America is segmented into the U.S. and Canada. The increasing prevalence of ALS affected population, along with the rising older population is likely to drive the market. Additionally, growing healthcare expenditure and rising demand for technologically advanced treatment and products along with the rising government support is likely to enhance the growth of the amyotrophic lateral sclerosis market in North America. For instance, in 2015, a group of ALS organizations in the U.S., such as ALS Association, Les Turner ALS Foundation, and ALS Therapy Development Institute, introduced the Ice Bucket Challenge to raise further funds and spread awareness about ALS among the population.
Asia Pacific is expected to be the fastest growing market. The increasing prevalence of chronic diseases and infections are the major drivers for the market growth. China is the fastest growing region owing to an increasingly older population and rising patient population. The increasing awareness regarding the health and availability of new treatment methods drives the market in this region. The increasing healthcare expenditure and change in the standard of living are driving the growth of the amyotrophic lateral sclerosis market in the Asia Pacific region.
Europe is the second largest market and holds a healthy share in the global amyotrophic lateral sclerosis market. The European market is expected to grow at a healthy CAGR during the forecast period owing to the availability of newer and advanced treatment facilities and rising skilled medical professionals along with the growing need for better healthcare scenario. Furthermore, rising older population, along with growing inclination towards sedentary lifestyle is driving the growth of the amyotrophic lateral sclerosis market.
The Middle East and Africa is expected to show the least growth in the market due to some major factors such as lack of awareness and limited access and availability of treatment facilities. In the Middle East, the United Arab Emirates is the largest market owing to the rise in healthcare development and rising demand for availability of specialty care centers.
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