MRFR Provides Appropriate Analysis of Global Myasthenia Gravis Market Geographical Analysis, Scope, Applications, Products, Prominent Audience, End Users, and Market Players for Global, and Country Level Market Segments, etc
Myasthenia Gravis Market – Overview
The latest study conducted by Market Research Future (MRFR) reveals the global myasthenia gravis (MG) is set to witness 9.61% CAGR during the assessment period (2018-2023) and surpass a valuation of USD 3,000 Mn. Factors such as increased prevalence rate, investment in R&D and advances in healthcare are likely to support the growth of the market. In recent years, a sharp rise in MG and related incidences has been noticed. In advanced countries, a greater level of awareness prevails, which is favoring the market’s growth. It is understood that early diagnosis and treatment can reduce the impact of the condition to a significant extent, however outcomes may vary from case to case.
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Advances in technology has resulted in development of therapeutics that are more effective as compared to traditional medicines. At the same time, increased level of awareness among patients and government support in product research & development is expected to create market opportunities in forthcoming years. Nonetheless, high cost of treatment is currently viewed as the primary restraint for the markets
The growing prevalence rate of hair & skin ailments is further estimated to foster the market growth during the appraisal period. Homeopathy, according to the WHO, is the fastest-growing and second-most widely-used medicine system in the world. Moreover, with the rising concern of side effects and adverse effects of prolonged usage of allopathic medicines among patients have further resulted in the proliferating demand for homeopathy products across the globe.
On the flip side,lack of funding,misleading claims and false advertisingmade by homeopaths, negative opening and publicity against homeopathy medicine, poor awareness campaign in favor of homeopathy medicine, limited R&D in the field of homeopathy, are some of the major concerns considered to dampen the market growth during the appraisal period.
Global players mentioned in MRFR’s report include GE Healthcare, Novartis AG, Boston Scientific Corporation, Grifols S.A., Koninklijke Philips N.V., Alexion Pharmaceuticals, Inc. Valeant Pharmaceuticals International, Inc., Pfizer Inc., Medtronic Plc., Shire, CSL Behring and Baxter.
The report includes a segmental analysis of the market, which covers disease type, end-user, diagnosis and treatment and region. By type, the market has been segmented into congenital myasthenia gravis, transient myasthenia gravis, ocular myasthenia gravis, generalized myasthenia gravis and others. The generalized myasthenia gravis segment accounts for the dominant share of the market. The segment currently stands at market valuation of USD 700 Mn and is likely to reach USD 1526.66 Mn by 2023, reflecting a healthy CAGR. This primarily owing to the widespread prevalence of generalized myasthenia gravis. By diagnosis and treatment, the market has been into diagnosis and treatment. Sub-segments of the diagnosis segment that are discussed in the report are electrodiagnostic testing, imaging and Lab-based test. Sub-segments of the treatment segment discussed in the report are plasmapheresis and intravenous immunoglobulin, immunosuppressive drugs, thymectomy and cholinesterase inhibitors. The treatment segment is expected to highly profitable over the next couple of years. The segment currently accounts for nearly two-third share of the market and expected to capture 9.52% CAGR during the forecast period. By end user, the market has been segmented into academic and research organizations, diagnostic centers and hospitals and clinics. The hospitals and clinics segment commands the largest market share in terms of value.
The regions that are covered in the report are Europe, Americas, Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, Americas captured the largest market share in terms of value. The region is likely to retain its dominance over the review period. There are several factors that can be linked with the region superior position, the prominent ones being existence of a world-class healthcare system, particularly in countries such as the U.S. and Canada, rising healthcare spending and availability of a wide rang of treatment options. The region is followed by Europe and Asia Pacific respectively. The market in Europe is currently valued at USD 675.12 Mn and expected to record a steady growth over the review period. Meanwhile, Asia Pacific is expected to post the highest CAGR over 2023. Presence of a massive patient pool and rising geriatric population is driving the market’s growth in APAC. Additionally, countries such as India and China are undergoing policy overhaul, to improve the socio-economic elements. As a result, a number of sectors, including the healthcare have witness tremendous transformation. Such changes are opening new avenues for market players functioning in the region.
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