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DUBLIN--(BUSINESS WIRE)--Sep 12, 2022--
The "Enzyme Replacement Therapy Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Enzyme Type, Therapeutic Conditions, Route of Administration, and End User" report has been added to ResearchAndMarkets.com's offering.
The enzyme replacement therapy market is expected to grow from US$ 9,673.39 million in 2021 to US$ 15,184.70 million by 2028; it is estimated to grow at a CAGR of 6.8% from 2022 to 2028.
The report highlights trends prevailing in the market and factors driving the market growth. The growth of the global enzyme replacement therapy market is attributed to the rising prevalence of lysosomal storage diseases (LSDs) and rapid regulatory approval with other marketing benefits for drug with orphan drug designation. However, cutthroat competition among market players hinders the overall market growth.
Enzyme replacement therapy (ERT) is performed to treat congenital enzyme deficiencies by using enzymes or proteins having enzymatic activity. Animal, human, and recombinant engineered enzymes are a few sources of enzyme required for treatment. The therapy is generally applied in rare and lysosomal storage diseases, including Pompe's disease, Fabry's disease, Gaucher's disease, Tay-Sachs disease, and Hurler syndrome. The most common ERT method is IV infusions, in which the replacement enzyme is administered directly into the bloodstream through a controlled drip of fluids.
European Medicines Agency (EMA) approves orphan drugs. For instance, according to EMA, if a product that has an orphan drug designation receives EMA marketing approval for the indication for which it has such designation, the product is entitled to orphan market exclusivity. It means the EMA may not approve any other application to market a similar drug for the same indication for 10 years.
Impact of COVID-19 Pandemic on Global Enzyme Replacement Therapy Market
The COVID-19 pandemic significantly affected the global healthcare system. To combat the spread of SAR-CoV-2 virus, governments imposed stringent policies to prevent and reduce the infection and mortality rates. According to the Department of Emergency Medicine, in many cities across various countries in North America, emergency department (ED) visits decreased by ~40% in 2020. Moreover, outpatient appointments and elective treatments were postponed or replaced by telemedicine practices.
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For more information about this report visit https://www.researchandmarkets.com/r/oyuav6
View source version on businesswire.com:https://www.businesswire.com/news/home/20220912005728/en/
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KEYWORD:
INDUSTRY KEYWORD: BIOTECHNOLOGY PHARMACEUTICAL GENETICS HEALTH
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/12/2022 10:37 AM/DISC: 09/12/2022 10:37 AM
http://www.businesswire.com/news/home/20220912005728/en