FDA Has Authorised The VMAT2 Inhibitor Deutetrabenazine From Teva Pharmaceuticals As A Novel Chemical Entity (NCE)
In September 2018, the Food and Drug Administration (FDA) approved the VMAT2 inhibitor deutetrabenazine from Teva Pharmaceuticals as a new chemical entity (NCE) under its 501(b)(2) regulations, ushering in a new paradigm in drug development in the spring of last year. This molecule is special since it is the first commercially available deuterium-substituted medication, and it ushers in a new era for the clinical development of medications with similar modifications.
Increase in the Number of R&D Activities to Boost Market Growth
An increase in R&D activities is fueling the market's expansion. This will provide advantageous opportunities for the growth of the deuterium-substituted drugs market. Additionally, rising deuterium-substituted drug approvals and launches will accelerate the market's growth rate. Furthermore, rising investment in advanced technology development and an increase in emerging markets will provide additional opportunities for deuterium-substituted drugs market growth during the forecast period. Rising public and private sector initiatives to raise awareness will expand the market. Furthermore, rising disposable income and increased deuterium-substituted drug development will drive the market forward.
Impact of COVID-19 on Deuterium-Substituted Drugs Market
Due to stringent government actions such as lockdowns to prevent the spread of infection, the COVID-19 pandemic had a negative impact on the market. During the pandemic, the prescription rate for deuterium-substituted drugs used to treat Alzheimer's disease was reduced due to decreased patient visits to clinics and hospitals for treatment and concern about COVID infection, hampered market expansion. The COVID-19 pandemic, which occurred in most of the region's countries in 2020, significantly impacted the regional market.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the deuterium-substituted drugs market plan acquisitions to improve their brand recognition globally. For instance, in March 2022, the collaboration agreement between Biogen Inc. and Eisai Co., Ltd. about Alzheimer's disease treatments was enlarged. This may result in the growth of the deuterium-substituted drugs market.
List of Key Players Profiled in the Report
- Bristol-Myers Squibb
- Jazz Pharmaceuticals
- Hinova Pharmaceuticals Inc.
Further Report Findings
- The market in North America is expected to gain a huge portion of the global deuterium-substituted drugs market share in the coming years because more research and development is being done in this field and because major corporations are concentrating more on improving medications using a deuterium replacement.
- The market for deuterium-substituted medications is growing due to the expansion of research into Alzheimer's therapy.
- In the Asia Pacific, the growth in this region is primarily driven by rising healthcare expenditures and the prevalence of Alzheimer's disease in the area.
|Market Size in 2022
|USD 241.2 Million
|Market Forecast in 2030
|USD 326.9 Million
|Compound Annual Growth Rate
|Revenue (USD Million) and Volume (Kilo Tons)
|By Type, By Application and By Geography