Global Plexiform Neurofibromas Treatment Market Sees Steady Growth

  • Failure of clinical trial during the development stage can also act as restraints the market growth.
  • Plexiform neurofibromas are caused by inherited mutation in the NF1 gene resulting in arises of neurofibromas from multiple nerves and skin.
  • Huge financial support to the researchers for developing novel intervention is enhancing the market growth.

Global plexiform neurofibromas treatment market is growing at a steady CAGR in the forecast period of 2019-2026. Increasing research and development expenses and high demand of novel therapies are some factors fueling the market growth. Plexiform neurofibromas are inherited genetic disorders which account of 30% neurofibromatosis.

Emergence of drugs used to treat complication associated with neurofibromatosis is accelerating the market growth.

Market Definition: Global Plexiform Neurofibromas Treatment Market

It is caused by inherited mutation in the NF1 gene resulting in arises of neurofibromas from multiple nerves and skin. The symptoms associated with this disease are soft lumps on and under the skin. It can causes clinical issues such as motor function impairment, airway dysfunction, learning difficulties and increases a person’s risk of developing other cancers.

According to the statistics published in the National Organization for Rare Disorders, Inc, it is estimated 1 in every 2,500 to 3,000 birth affected by neurofibromatosis. Prevalence of cases of neuron injuries and high demand of novel therapies are some factors fueling the market growth.

Market Drivers

  • Increase special designation from the regulatory authorities is boosting the market growth.
  • Emergence of drugs used to treat complication associated with neurofibromatosis is accelerating the market growth.
  • Huge financial support to the researchers for developing novel intervention is enhancing the market growth.
  • Family history of neurofibromatosis is propelling the market growth.

Market Restraints

  • Limited availability of disease specific treatment options due to low prevalence of neurofibromatosis is restraining the market growth.
  • Lack of trained personnel and stringent safety regulations is hampering the market growth.
  • Failure of clinical trial during the development stage can also act as restraints the market growth.

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Key Developments in the Market:

  • In July 2019, SpringWorks Therapeutics has received an Orphan Drug designation from the European Commission for mirdametinib (formerly PD-0325901), an oral dual inhibitor of MEK1 and MEK2 for the treatment of neurofibromatosis type 1 in patients who are potential to develop plexiform neurofibromas. With this designation enables the company to receive certain benefits and incentives along with 10 years period of market exclusivity upon approval, reduced regulatory fees and protocol assistance.
  • In April 2019, AstraZeneca in collaboration with Merck & Co., Inc received Breakthrough Therapy Designation from the FDA for Selumetinib, a MEK 1/2 inhibitor for the treatment of neurofibromatosis type 1 plexiform neurofibromas. The Breakthrough Therapy designation enables the company to receive expedited regulatory review and bring the drugs to patients as quickly as possible.
Family history of neurofibromatosis is propelling the market growth.

Competitive Analysis:

Global plexiform neurofibromas treatment market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of global plexiform neurofibromas treatment market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Key Market Players:

Few of the major competitors currently working in the Global Plexiform Neurofibromas Treatment Market are AstraZeneca, Merck & Co., Inc, Array BioPharma, BioXcel Corporation, SpringWorks Therapeutics, Recursion Pharmaceuticals, Inc, Novartis AG, Celldex Therapeutics, Pfizer Inc, and others.

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