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Boom Expected in Osteoporosis Drugs Market in Future

Human skeleton has changed drastically during the thousands of years of evolution. According to the research pubished in the PNAS (Proceedings of the National Academy of Sciences of the United States of America), a multidisciplinary science journal, the advent of agriculture and the subsequent change of human lifestyles from hunter-gatherers to farming-based have caused a considerable reduction in the weight of the human skeleton. Moreover, this has caused a sharp reduction in the bone densities of humans.

According to the World Health Organization (WHO), over 50% of the population in the world currently live in urban areas and this share is predicted to rise to 70% by 2050. This rapid urbanization is giving rise to sedentary lifestyles and unhealthy eating habits, which are, in turn, fueling the rise in the prevalence of osteoporosis across the world. Osteoporosis is a bone condition that occurs when the human body makes too little bone or loses too much bone.

Globally, the North American osteoporosis drugs market is currently very prosperous and is predicted to exhibit lucrative growth in the future years. According to industry experts, the sales of osteoporosis drugs will rise tremendously in the Asia-Pacific (APAC) region in the forthcoming years, on account of the presence of a soaring geriatric population suffering from osteoporosis and the rising adoption of unhealthy lifestyles, which negatively impact the bone health of people.

Hence, it can be said with surety that due to the ballooning incidence of osteoporosis, on account of the growing adoption of unhealthy lifestyles and consumption of fast foods, the sales of osteoporosis drugs will climb all over the world in the upcoming years.

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Biopharmaceuticals: Saving Lives and Transforming Healthcare in Disease-Infested World

The rising prevalence of neurological disorders is rapidly becoming a major health problem across the world. According to the Global Burden of Diseases, Injuries, and Risk Factors Study (GBD) 2016, neurological diseases were the main cause of disability-adjusted life years (DALYs) in people and the second-major cause of deaths in 2016.

Because of the aforementioned reasons, the global biopharmaceuticals market will exhibit rapid expansion in the future, according to the forecast of the market research firm, P&S Intelligence. Due to the growing adoption of sedentary and unhealthy lifestyles and the rising consumption of fast foods, the incidence of chronic diseases is rapidly shooting-up, which is, in turn, boosting the worldwide sales of biopharmaceuticals. Industry experts predict that the oncology applications will generate significantly high demand for biopharmaceuticals in the future years.

Recombinant proteins, recombinant human insulin, colony-stimulating factor, growth hormones, interferon, erythropoietin, purified proteins, vaccines, and monoclonal antibodies are the main types of biopharmaceutical products available in the market. Out of these, the sales of the monoclonal antibodies are currently very high around the world. In the near future, the sales of the recombinant human insulin will soar rapidly, on account of the growing incidence of diabetes all over the world.

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Cancer Treatment Made Painless through Immunotherapy Drugs

The increasing cases of chronic diseases have raised the demand for immunotherapy drugs in recent years. Such a treatment modulates the immune system to fight off infections, inflammation, and cancer. These drugs are administered in two forms — vaccines and checkpoint inhibitors. Checkpoint inhibitors are preferred over vaccines for the treatment of chronic diseases, as they offer effective and better results than the latter. These drugs act directly on the site of action without delay, which is why, according to P&S Intelligence, the immunotherapy drugs market size will advance from $106.1 billion in 2017 to $227.6 billion by 2023, at a CAGR of 13.6% during 2018–2023.

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The requirement for immunotherapy drugs is increasing due to the growing incidence of chronic diseases in both low- and middle-income countries (LMIC) and high-income countries. According to the World Health Organization (WHO), in 2018, nearly 9.6 million people died because of cancer, globally. The WHO also says that approximately 70% of the cancer deaths occur in LMICs. According to the International Agency for Research on Cancer (ICAR), by 2040, around 29.5 million people will be affected by cancer, thus echoing the WHO’s concern and red-flagging the unmet need for effective therapy.

 To contain cancer deaths and treat the disease, doctors are administering immunotherapy drugs in high volumes. For instance, the immunotherapy drug Keytruda is prescribed for the treatment of non-small cell lung cancer (NSCLC), gastric cancer, melanoma, cervical cancer, urothelial carcinoma, and head and neck squamous cell cancer (HNSCC). Apart from cancer, immunotherapy drugs are administered for the treatment of infectious and autoimmune and inflammatory diseases. In the coming years, large quantities of immunotherapy drugs will be used to treat autoimmune and inflammatory diseases.

 For instance, Pfizer Inc. signed an asset contribution agreement with Allogene Therapeutics Inc. in April 2018 to utilize Pfizer's portfolio of allogeneic CAR-T therapy, an investigational immune cell therapy for cancer. Further, Sanofi received the approval for Libyato in September 2018 to treat patients suffering from metastatic cutaneous squamous cell carcinoma (CSCC) or locally advanced CSCC. The therapy is indicated for patients who are not fit for curative radiation or curative surgery.

Thus, the development of new drugs and increasing demand for the treatment of chronic diseases will result in the increased utility of immunotherapy drugs in the foreseeable future.

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Recent Success in Hepatitis Drugs Market  Brings Relief to Patients but Challenges to Companies

The increasing prevalence of different types of hepatitis types, including hepatitis B and C, is one of the major factors propelling the demand for hepatitis drugs across the world. An article published by the Hepatitis B Foundation says that hepatitis is one of the leading causes of mortality in the world. According to the World Health Organization (WHO), almost 1 million deaths are caused every year by hepatitis B and the numerous complications associated with it in the world, and nearly 500,000 deaths are caused every year across the globe, because of hepatitis C.

The other major factor powering the surge in the demand for hepatitis drugs is the soaring number of government initiatives and incentives being enacted throughout the world for promoting the development of different types of drugs for hepatitis. In addition to this, many government organizations and firms such as the WHO, the U.S. Department of Health and Human Services (HHS), American Liver Foundation, and Centers for Disease Control and Prevention (CDC) are taking various measures for encouraging diagnosis, promoting the development of drug therapies, and helping the healthcare service providers to offer tailor-made solutions to patients.

Across the world, North America observed huge demand for hepatitis drugs in the past and this trend is also predicted to continue in the coming years. This is mainly attributed to the presence of a large geriatric population in the region. In addition to this, the governments and private organizations in many North American countries are taking numerous measures and initiatives for increasing the public awareness about hepatitis infections, their severity, and treatment and this is massively boosting the demand for hepatitis drugs in the region.

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What is the Role of Technological Advancements in Growth of BPH Procedures?

Increasing life expectancy and fall in the birth rates are the major reasons for rise in the aging population. The people in this category require extensive care, since they are more prone to illness due to low immunity levels and longer recovery time. Increase in the aging population in the U.S., Germany, China and India in the next few years, is expected to create high demand for BPH treatment devices, since the population aged 50 years and above is more prone to BPH, and therefore tend to opt for various treatments that involve the use of procedures such as TURP, prostate implants and laser based treatments. Thus, growing aging population acts as a strong driver supporting the increase in the number of BPH procedures performed.

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According to the National Institute of Health, it has been estimated that around 14 million men in the U.S. had symptoms suggestive of BPH, which can affect 50% of men aged between 51 and 60 years of age, and up to 90% of men aged more than 80 years. With 50% of men getting affected with BPH, there is a consequent increase in the BPH procedures.

Geographically, Europe accounted for the largest number of BPH procedures done in 2016. Growing ageing population, lower cost of BPH treatment as compared to the U.S., high healthcare spending, and technological advancements in the field of urological procedures technology are some of the factors driving the growth of the BPH procedures in the Europe. France, Germany and the U.K. are expected to be the most promising countries for the growth in number of the BPH procedures. In June 2016, National Institute of Health and Care Excellence (NICE) approved GreenLight XPS laser treatment for the treatment of BPH.

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Vast Population Base of Elderly To Boost Active Pharmaceutical Ingredient Demand

According to the World Health Organization (WHO), ‘active pharmaceutical ingredient (API)’ refers to any substance or a blend of substances that is used in finished pharmaceutical products. These substances intend to furnish pharmacological activity in products used to diagnose, cure, mitigate, prevent, or treat diseases and items that have a direct effect in modifying, correcting, and restoring physiological functions in human beings. According to the U.S. Food and Drug Administration (USFDA), major steps or operations in an API production process include multi-step fermentation and chemical synthesis, testing, purification, labeling, drying, crystallization, packing, and milling.

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The surging demand for APIs can be primarily attributed to the booming geriatric population. Owing to this reason, the active pharmaceutical ingredient market size is expected to rise from about $190 billion in 2020 to around $300 billion by 2030. The World Population Ageing 2020 report estimates that the global population of people aged 65 years and above will reach around 1.5 billion by 2050. In 2020, the population of this age pool stood at 727 million. Due to a weak immune system, the elderly create a high demand for medicated drugs for treating different disorders and diseases.

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APIs manufactured by such companies are used in communicable diseases, cardiovascular diseases (CVDs), respiratory diseases, pain management, diabetes, and oncologic applications. With the growing prevalence of CVDs, cancer, and diabetes, the usage of APIs will rise exponentially. According to the WHO, CVDs caused around 17.9 million deaths in 2019, and cancer caused approximately 10 million deaths in 2020. Nearly 2.26 million, 2.21 million, 1.93 million, 1.41 million, 1.20 million, and 1.09 million cases of breast, lung, colon and rectum, prostate, skin (non-melanoma), and stomach cancer, respectively, were recorded in 2020.

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Huge Growth Expected in Age-Related Macular Degeneration Market in Future

Registering a CAGR of 7.6% during the forecast period (2016–2022), the global age-related macular degeneration (AMD) market is projected to garner $8.9 billion by 2022, significantly growing from $5.3 billion in 2015. The market is experiencing growth due to the rising geriatric population, growing pipeline for AMD therapeutics, surging chronic disease prevalence, and increasing healthcare expenditure. Age-related macular degeneration is a retinal disorder, which is indicated by changes in the fundus of the eye. It commonly affects the elderly, in which, first, the central vision becomes blurred, which ultimately leads to blindness.

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Based on type, the age-related macular degeneration market is bifurcated into wet AMD and dry AMD. Between the two, during the historical period (2012–2015), the larger revenue in the market was generated by the wet AMD type. This type of AMD is caused due to the abnormal growth of blood vessels from the choroid layer, which is situated beneath the macula. It is also known as neovascular macular degeneration, and even though it accounts for only 10–15% of AMD cases, it is expected to be the faster growing category in the forecast period.  

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With the rising awareness about the disease, more funding is being allocated in the research and development of AMD therapeutics. This is resulting in the increase in the number of AMD pipeline drugs. Currently, the U.S. Food and Drug Administration has not approved any drug in the age-related macular degeneration (AMD) market for dry age-related macular degeneration. Therefore, the need to investigate more compounds with possible therapeutics properties is rising. Some of the major investigational compounds in the market are Roche/Genentech’s lampalizumab, MacuCLEAR’s MC1101, and Allergan’s brimonide implant.

Therefore, the market for age-related macular degeneration is predicted to register remarkable growth in the forecast period with the rising prevalence of this disease and surging geriatric population.  

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Low-Cost and High Insurance Coverage Set to Make UroLift Procedure Most Popular Benign Prostatic Hyperplasia (BPH) Treatment Option in U.S. in Future

Benign Prostatic Hyperplasia (BPH) is a medical condition in which the prostate gland becomes enlarged. The enlargement of the prostate gland causes urinary tract problems by blocking the flow of urine out of the body. This happens because the prostate gland surrounds the urethra, which is the tube that carries the urine from the urinary bladder to out of the body, and so, the enlargement of the gland squeezes or blocks the urethra, causing discomfort and problems while urinating. 

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This condition is common in geriatric men, so much so, that almost half of all men in the age bracket 51—60 years suffer from it. As per many studies and reports, up to 90% of all men over the age of 80 years all over the world suffer from benign prostatic hyperplasia. This disease is commonly treated via medications, laser-based treatment, transurethral resection of the prostate (TURP), and various other energy-based treatments such as prostate artery embolization and implants.

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Out of the surgical, laser-based, and UroLift procedures, the requirement for UroLift treatment procedures is predicted to rise rapidly in the U.S. in the forthcoming years. The main factors responsible for the growing popularity of these treatment procedures are the increasing aging population, lower-costs of the procedure in comparison to the other energy-based procedures, and increasing provision of insurance coverage for this procedure by many insurance companies in the country.

Out of these, the demand for green light laser-based procedures was observed to be significantly high in the U.S. during the last few years. According to many experts, the main factor responsible for the large-scale adoption of green light laser-based procedures was the fact that these procedures allow faster recovery and cause far lesser short-term side effects in comparison to the other laser-based procedures. Moreover, these procedures significantly improve the comfort level experienced by patients while urinating.

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Why Does Geriatric Population Need Wet Age-Related Macular Degeneration (AMD) Drugs?

According to the World Health Organization, approximately 1.1 billion people smoke tobacco, and the number would double by 2050, if nothing is done. Tobacco consumption, apart from leading to lung cancer and other respiratory diseases, is the most-significant reason behind the development and progression of age-related macular degeneration (AMD). A chronic eye disease, AMD damages the macula of the retina, thereby leading to blurred vision and often a blind spot in the visual field.

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The chronic visual disorder is caused due to the leakage of fluid or blood in the macula because of an abnormal blood vessel. There are two forms of AMD: wet and dry, of which the dry form is more prevalent. This is because wet AMD often starts as dry AMD, and, if detected early, blurry vision and the loss of sight can be prevented. Wet AMD affects the aging (40–80 years) population worldwide.

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wet age-related macular degeneration drugs are receiving a huge demand from the Asia-Pacific region because of a significant rise in the geriatric population here. The United Nations says, “By 2050, one in four people in Asia and the Pacific will be over 60 years old. The population of older persons (aged over 60) in the region will triple between 2010 and 2050, reaching close to 1.3 billion people.” According to the National Eye Institute, AMD is a leading cause of vision loss among the elderly, especially those aged 60 years and above.

Thus, the demand for wet AMD drugs is directly proportional to the increase in the geriatric population. And, as people focus on creating a healthier future for themselves, the consumption will eventually increase. The lack of a definitive cure for the disease also makes these drugs important for the aging population, to manage the symptoms and potentially slow the progression of the disorder.

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Muscle Relaxant Drugs Market to Witness Growth because of Increasing Incidence of Skin Diseases

Today, the population of people aged 60 years or above is growing much faster than it was a few years back. As per the World Health Organization (WHO), the proportion of aged people will nearly double from 12% in 2015 to 22% in 2050. Owing to this, the medical settings need to be prepared for catering to the needs of this age group, since the geriatric population is more susceptible to diseases and therefore requires frequent and effective care.

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Out of these, the demand for facial aesthetic relaxants was the highest in the past, which is basically because of the high safety and efficiency of these drugs. Different types of facial aesthetic relaxant drugs are dysport and Botox, between which, the demand for Botox was higher in the past. Other than this, the demand for skeletal muscle relaxants is also expected to rise in the near future. Antispastic and antispasmodic are two types of skeletal muscle relaxants. Antispastic agents are utilized for conditions such as multiple sclerosis and cerebral palsy and antispasmodic agents are used for the management of musculoskeletal conditions such as neck pain, tension headaches, and lower back pain.

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Owing to the growing utilization of facial muscle relaxants and surging geriatric population, North America has been a major consumer of muscle relaxants in the past. Furthermore, increasing research & development investments, rising awareness regarding musculoskeletal problems and their management, and advancements in healthcare infrastructure are also driving the demand for muscle relaxants in the region. Apart from this, the Asian region is predicted to emerge as the fastest-growing muscle relaxant drugs market in the coming years, which is due to the rising prevalence of chronic diseases, increasing number of surgeries, and surging geriatric population.

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Biosimilar Medicines: Cost-Effective Alternatives to Conventional Medicines

Biosimilars are basically biologic medical products or biologics that are very similar to the conventionally used generic drugs, which are also called reference drugs in the medical industry in order to differentiate them from biosimilars. The extreme similarity that exists between the two groups of drugs often causes confusion among the buyers at pharmaceutical stores. Unlike the generic drugs, the biosimilar drugs are only identical to the original medicines in terms of their therapeutic and clinical results.

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The other major factor fueling the demand for these medicines is the rising incidence of various chronic diseases throughout the world. As per the studies of the World Health Organization (WHO), “cardiovascular disease resulted in 31% of all deaths, globally, and cancer constituted the second-most devastating disease, causing approximately 9.6 million deaths worldwide in 2016.” Apart from this factor, the surging geriatric population is also pushing up the requirement for biosimilar medicines.

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As per the findings of the National Institutes of Health, geriatric people (people in the age bracket 65 years and above) accounted for 8.5% of the global population in 2015 and this share is predicted to rise to 17% in 2050. Due to the rapid growth of the geriatric population, the prevalence of chronic diseases would increase as the older people are more vulnerable to chronic diseases. This would, in turn, augment the sales of biosimilars in the coming years.  Hence, with the mushrooming sales of biosimilar products, the global biosimilars market will exhibit huge expansion in the forthcoming years.

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What is the Major Key Drivers for Human Insulin Market?

On account of the growing number of diabetic patients, increasing geriatric population, technological advancements in insulin delivery devices, and rising population exposed to risk factors are leading to the growth of the human insulin market. The global market generated a revenue of $42.9 billion in 2017, and it is expected to witness a CAGR of 8.8% during the forecast period (2018–2023). Human insulin (HI) is synthetic insulin, which mimics the effects and functionality of natural insulin in humans. It is generally created by growing the insulin protein in the E. coli bacteria.

In a recent P&S Intelligence research, the human insulin market is segmented by type, application, and region. Under the product segment, the market is further divided into HI drugs and delivery devices. Due to increase in research and development  activities for drugs discovery and manufacture, and high prevalence of diabetes, HI drugs held the larger share (79.5%) in the market in 2017 in terms of value. Furthermore, the rise in geriatric population and growth in demand for HI analogs is also pushing the market progress; analogs and biologics are two categories of the HI drugs division.

Browse report with detailed COVID-19 impact analysis on Human Insulin Market Revenue Estimation and Demand Forecast

Therefore, it is apparent that the steady growth of the market will give players lucrative opportunities to invest in the research and development of improved insulin drugs and delivery systems.

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Uveitis Treatment Market Supply Chain Trends Mapping the Latest Technological Advancements

Globally, North America is the largest, while Asia-Pacific is the fastest growing uveitis treatment market. The uveitis treatment market is witnessing significant growth, due to increasing prevalence of uveitis and related complications. The global uveitis treatment market currently has many technologically innovative products in the pipeline, which are expected to improve efficiency and safety profiles in the clinical trial stage of development, thereby reducing the progression of disease considerably.

Uveitis is an inflammation of middle layer of an eye (the uvea), also known as the uceal tract. The uvea consists of the iris, choroid and ciliary body. Auto-immune disorders, infections, injuries, inflammatory disorders, and surgeries are some common causes of uveitis. Common symptoms related to uveitis include eye pain, eye floaters, blurred vision, increased sensitivity to light and redness of the eye.

Anterior uveitis represents the largest growing segment of global uveitis treatment market, as per the type of uveitis. Anterior uveitis refers to redness in the middle layer of an eye, which contains ciliary body and iris. Anterior uveitis might be chronic or acute in nature. Anterior uveitis is caused primarily due to fungal, bacterial or viral infections and auto-immune disorders. The treatment for uveitis is primarily based on steroids and immunosuppressants. The global uveitis treatment market is currently dominated by uveitis treatment through corticosteroid (steroid medication) as well as off-label immuno-suppressive and biologic drugs.

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However, the adverse effects related to uveitis treatment medication such as watery eyes, irritation and others are the factors which are expected to hinder growth of the global uveitis treatment market. Poor primary healthcare infrastructure, lack of awareness about eye disorders, and lack of health insurance in developing countries are also obstructing the uveitis treatment market.

Some of the major competitors in the global uveitis treatment market are XOMA, pSivida Corp., Novartis, Allergan India Private Limited, Enzo Biochem Inc., AbbVie Inc., Bausch & Lomb Incorporated, Ophthalix Inc., Santen Pharmaceutical Co., Ltd., Topivert Ltd, HANALL and Regeneron Pharmaceuticals, Inc.

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Protein A Resin Market Industry Analysis and Forecast Report By Product Type, Formulation, and Region

The global protein A resin market is expected to witness considerable growth during the forecast period due to the increasing research and development activities and increasing prevalence of chronic diseases. High traction for monoclonal antibodies in biopharmaceutical industry is supporting the growth of the global market. The increasing demand for monoclonal antibodies has fueled the need for high capacity commercial scale purification of monoclonal antibodies.

Protein A resins are designed for the simple and rapid purification of antibodies. Therefore, an increase in demand for monoclonal antibodies implies an increase in demand for protein A resins. The market for natural protein A resin was the larger than recombinant protein A resin market in 2015; however, recombinant protein A resin market is expected to witness the higher growth during the forecast period.

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Among the different matrix of the protein A resin chromatography, agarose-based matrix was the largest contributor to the global protein A resin revenue in 2015. Biopharmaceutical industry was the largest end user of the protein A resins in 2015, as most monoclonal antibody research development activities are carried out in this industry.

Geographically, North America accounted for the largest share in the global protein A resin market in 2015, owing to the large number of clinical trials for the monoclonal antibody based therapeutics and increasing traction for biosimilars with the recent U.S. Food and Drugs Administration in the region. The U.S. contributed largest revenue to the North American as well as global protein A resin market. The country is expected to remain the largest market for protein A resin globally during the forecast period.

The key players operating in the global protein A resin market are General Electric Company, Thermo Fisher Scientific Inc., Merck KGaA, Tosoh Corporation, Repligen Corporation, Novasep, Expedeon Ltd., and GenScript.

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Pain Management Drugs Market by Therapeutics, Diagnostics, Patient, Drugs Policy and Regulatory Landscape

The growing geriatric population and increasing demand of innovative and advanced pain relaxing medications around the world are the predominant growth drivers for the global pain management drugs market. Additionally, the increasing number of hospitalization cases; unmet requirements for neuropathic pain management drugs; innovative and advanced applications of pain management therapies; increasing prevalence of various chronic diseases, such as cancer, and neurological problems; and increasing healthcare expenditure are also driving the growth of the global market. 

The growing numbers of mergers and acquisitions is a key trend observed in the market. Among the various therapeutic indications, the post-operative pain relief segment accounted for the largest share, and the low-back pain segment accounted for the second largest share in the global market.

The stringent regulation for the approval of pain management drugs is restraining the growth of global market. High expenditure requirement in the manufacturing of pain management drugs and risks of side-effects associated with pain-killers are also hindering the growth of global market.

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North America and Europe are the major markets, due to increasing prevalence of chronic diseases, and growing awareness about various types of chronic pain conditions in these regions. The U.S. followed by Canada, is the largest market for pain management drugs in North America. Whereas, the U.K., Germany and France are some of the major countries holding significant share in the European pain management drugs market.

The Asian market is growing with a significant rate, owing to huge pool of patients, and increasing healthcare spending in the region. In addition, the initiatives taken by various government associations to develop chronic pain rehabilitation centers, and increasing prevalence of various chronic diseases are also supporting the growth of the Asian pain management drugs market. The countries such as India, Japan and China, are the major markets in the region.

Some of the major players operating in the global pain management drugs market include Purdue Pharma L.P., Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, Forest Laboratories Inc., Endo International PLC, Johnson & Johnson, Pfizer Inc., Valeant Pharmaceuticals International Inc., GlaxoSmithKline PLC, F. Hoffmann-La Roche Ltd., and Baxter International Inc.

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Pompe Disease Market Size and Key Trends in Terms of Volume and Demand in Coming Years

The pompe disease market is growing at a significant rate mainly due to special provisions for orphan drugs. Regulatory assistance in emerging nations is one of the major trends seen in the pompe disease market.

Pompe disease is a type of lysergic acid diethylamide (LSD). LSD refers to a group of diseases arising from the increase of specific substrates and is inherited autosomal recessive disorders. Lysergic acid diethylamide is progressive and having uneven age of onset and clinical symptoms. Pompe disease is a hereditary and repeatedly incurable disorder caused by lack of acid alpha glucosidase, an enzyme desired to split down glycogen in particular structures of our body.

Pompe disease is categorized into two broad categories as adult-onset pompe disease and infantile onset pompe disease. Both the parents pass on one strangely altered copy of the gene to their child. A parent with an altered copy of the gene is known as a carrier and the disease can affect both men and women irrespective of the gender. The disease is acquired by the individuals at the time of birth only, but the onset of indications differs significantly. The researchers have identified more than 300 genetic mutations that can cause pompe disease. Enzyme replacement therapy and diet therapy are useful in dropping the clinical demonstrations of the disease.

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The competition in the pompe disease market is mainly weak, and the market is served by the two estrogen replacement therapy drugs available in the market namely Myozyme for infants and Lumizyme for adults. Both the drugs are permitted for different subclasses of Pompe disease. Gene therapy for the treatment of pompe disease is presently under study; however, its advancement is in a preclinical stage. Dietary treatment for pompe disease has also been described and it is under study.

Some of the competitors in the market are Genzyme Corporation, EpiVax, Inc., Amicus Therapeutics, Audentes Therapeutics, BioMarin Pharmaceutical Inc., Valerion Therapeutics, LLC, Oxyrane, and Sangamo BioSciences Inc.

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Medical Marijuana Market Latest Innovations, Drivers, Dynamics And Strategic Analysis, Challenges

The global medical marijuana market is expected to witness considerable growth during the forecast period on account of the rise in the number of countries legalizing the consumption of the drug for medicinal purposes and its potential application in the treatment of several chronic diseases. Increasing awareness among healthcare providers and individuals regarding the benefits of medicinal marijuana will also support the market growth in the future. Moreover, growing investments (by both private and public organizations) in research associated with the use of marijuana for medical purposes are expected to continue driving the market growth.

On the basis of application, the medical marijuana market is categorized into chronic pain, arthritis, migraine, cancer, and others. Among these, chronic pain is the largest application area of medical marijuana and is expected to continue leading the market during the coming years. This can be attributed to the increasing prevalence of chronic diseases and rising awareness among patients and healthcare providers regarding the potential benefits of using marijuana for relieving chronic pain.

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Globally, North America was the largest revenue generator in the medical marijuana market in 2017, because of high investments in research and development activities to investigate the potential medical applications of cannabinoids. Moreover, Canada and some states of the U.S. are planning to legalize the usage of marijuana for medical as well as recreational purposes. For instance, by October 2018, Canada plans to legalize the drug use by adults. As per the current medical regime associated with cannabis, patients are allowed to access cannabis under the authorization of their healthcare providers. Thus, government initiatives to spread awareness about the medical application of marijuana and legalize its usage are expected to contribute to the market growth in the near future.

Players, through the acquisition of other similar companies, are strengthening their position in the medical marijuana market. For instance, in October 2018, Wuhan General Group [China] Inc. (Wuhan) announced that it signed a letter of intent to acquire MJ MedTech Inc. (MedTech), a manufacturer of medical marijuana and cannabidiol (CBD) products. Through this acquisition, Wuhan expects to gain from MedTech’s insights, market value, and advanced technology to establish its presence in the U.S., Canadian, and European markets and strengthen its position in the medical CBD product business.

Some of the other key players in the medical marijuana industry are Canopy Growth Corporation, Aurora Cannabis Inc., Medical Marijuana Inc., GW Pharmaceuticals PLC, Aphria Inc., CanniMed Ltd., Tilray Inc., and Emerald Health Therapeutics Inc.

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