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Retinitis Pigmentosa Market Research and Market Share Insights
Retinitis Pigmentosa Global Market Report 2024
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According to The Business Research Company's, The retinitis pigmentosa market size has grown strongly in recent years. It will grow from $10.52 billion in 2023 to $11.32 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to genetic research advancements, the development of retinal imaging technologies, increased awareness campaigns, growing patient advocacy groups, and the expansion of clinical trial networks.
The retinitis pigmentosa market size is expected to see strong growth in the next few years. It will grow to $15.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to advancements in stem cell research for retinal regeneration, personalized medicine approaches, increased investment in orphan drug development, and expansion of telemedicine services. Major trends in the forecast period include a shift towards combination therapies, a rise in patient-centric clinical trial designs, the adoption of value-based pricing models, and the integration of digital therapeutics.
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Market Drivers and Trends:
The increase in healthcare expenditure is expected to propel the growth of the retinitis pigmentosa market going forward. Healthcare expenditure refers to the total amount of money spent on healthcare goods and services, including medical treatments, medications, hospitalizations, and preventive care, within a specified period, reflecting the overall cost of healthcare provision within a population. Healthcare expenditure is rising due to the increasing cost of advanced medical technologies, aging populations, and the prevalence of chronic diseases. Healthcare expenditure for retinitis pigmentosa is focused on advancing diagnostic methods, developing effective treatments, and providing supportive care to manage vision loss. For instance, in January 2024, according to the National Institutes of Health, a US-based government agency, healthcare expenditure in the US rose by 4.1% in 2022 to reach $4.5 trillion, representing a faster growth rate compared to the 3.2% increase observed in 2021. Therefore, the increase in healthcare expenditure is driving the growth of the retinitis pigmentosa market.
Major companies operating in the retinitis pigmentosa market are increasingly focusing on developing innovative treatment options, such as gene therapy, to provide more effective and targeted solutions for managing and potentially curing this debilitating condition. Gene therapy for retinitis pigmentosa (RP) involves the delivery of functional genes to replace or repair the defective ones causing the disease. This innovative treatment aims to restore normal function to the affected photoreceptor cells in the retina, thereby slowing or potentially halting the progression of vision loss. For instance, in April 2024, ViGeneron GmbH, a Germany-based biotechnology company, launched a Phase Ib clinical trial to evaluate the safety, tolerability, and efficacy of VG901, a gene therapy designed to treat retinitis pigmentosa (RP) caused by mutations in the CNGA1 gene. The trial is an open-label, single-arm, dose-escalation study that will investigate the intravitreal injection of VG901 in patients with autosomal recessive RP due to biallelic CNGA1 mutations.
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Major Key Players of the Market:
Johnson & Johnson, Novartis AG, AbbVie Inc., Astellas Pharma Inc., Biogen Inc., Sun Pharmaceutical Industries Ltd, Spark Therapeutics, REGENXBIO Inc., Editas Medicine, IVERIC bio, MeiraGTx Holdings, Gensight Biologics, Second Sight Medical Products, Copernicus Therapeutics Inc., Kiora Pharmaceuticals, 4D Molecular Therapeutics, ReNeuron Group, Acucela Inc., AGTC (Applied Genetic Technologies Corporation), Editgene
Retinitis Pigmentosa Market 2024 Key Insights:
• The retinitis pigmentosa market size is expected to see strong growth in the next few years. It will grow to $15.23 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Rising Healthcare Expenditure Drives Growth In The Retinitis Pigmentosa Market
• Innovative Gene Therapy Developments In Retinitis Pigmentosa
• North America was the largest region in the retinitis pigmentosa market in 2023
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