- The global lysosomal storage diseases market should reach $7.6 billion by 2023 from $5.1 billion in 2018 at a compound annual growth rate (CAGR) of 8.3% for the period 2018 to 2023.
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The pharmaceutical sector is undergoing expansions driven by the unmet need in several disease areas. Launch of novel therapies, that included cell and gene therapy with an increase in access to medicines is also driving the growth of the pharmaceutical market. The approval of second CAR T-cell therapy tisagenlecleucel (Kymriah) in 2018 signifies the dramatic progress in the field. Pharmaceutical sector witnessed uncertainties due to the US presidential elections, and weak economic growth in 2017 which have now settled down leading to steady growth in the sector.
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Pharmaceutical industry is continuing the pursuit of drug discovery, and development for meeting the worldwide unmet need in the area of oncology, and orphan diseases with an unprecedented rigor. Pharma sector ratifies this trend with a rich cancer pipeline, availability of clinical and real-world data and an increase in associated investments. Pharma industry would surge owing to mergers and acquisitions that bolster company’s portfolio, drive innovation, and unlocks synergies. The merger announcement of Bristol-Myers Squibb and Celgene would create a new biopharmaceutical leader with deep and broad pipeline to deliver high-value innovation medicines.