Market Trends of Neurofibromatosis Drugs Industry
Neurofibromatosis Type 1 (NF1) is Expected to Show Healthy Market Growth During the Forecast Period
Neurofibromatosis type (NF1) 1 is a mono-genic condition of neuro-cutaneous tissue growth that increases secondarily due to the tumor suppressor gene NF1 mutations. It includes an autosomal dominating pattern of inheritance. Most of the drugs for this segment are undergoing clinical trials and are in Phase II or III of the clinical study.
The major factor accounting for the growth of neurofibromatosis type 1 drugs is the growing prevalence of cases worldwide. As per the American Society of Clinical Oncology in June 2023, NF1 was one of the genetic conditions, with as many as 1 in 3,000 people suffering from NF1 mutation around the globe. Such prevalence of NF1 is anticipated to increase the demand for NF1 therapeutics, thereby contributing to segment growth.
Also, rising investments in the development of NF1 therapeutics are anticipated to surge the market demand due to the rise in the development of novel therapeutics for NF1. For instance, in April 2023, Children鈥檚 Hospital of Philadelphia (CHOP) received more than USD 10 million from the Gilbert Family Foundation to accelerate a cure for neurofibromatosis type 1 (NF1) and to fund critical neurofibromatosis research.
Therefore, the high prevalence of NF1 and rising initiatives such as funding for NF1 research are anticipated to boost the segment's growth during the forecast period.
\North America Holds a Significant Market Share and is Expected to Maintain the Same Position During the Forecast Period
North America is expected to increase its market share in the future, owing to its well-developed healthcare industry and rising research and development. The United States holds most of the market in North America due to rising healthcare expenditures, the development of innovative therapies, and awareness among the population.
Increasing research and development on neurofibromatosis in the region is anticipated to boost the market growth due to the development of novel molecules in the future. For instance, in September 2023, the Gilbert Family Foundation established the Nick Gilbert Neurofibromatosis Research Institute in partnership with Henry Ford Health and Michigan State University Health Sciences.
Also, many government agencies and non-profit organizations are working together to create awareness and contribute toward research related to neurofibromatosis drugs. The rising funding for neurofibromatosis disease helps in the clinical development of innovative therapies, thereby anticipated to propel the market growth in the region. For instance, as per the National Institute of Health in May 2024, the estimated funding for neurofibromatosis in 2024 and 2025 were around USD 39 million and USD 47 million, respectively.
Therefore, developing research institutes and rising research funding for neurofibromatosis are anticipated to boost the market's growth during the forecast period.
