You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text.

SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global Niemann pick disease type C market is estimated to be valued at US$ 32.0 million in 2020 and is expected to exhibit a CAGR of 42.3% during the forecast period (2020-2027). Key Trends and Analysis of the Global Niemann Pick Disease Type C Market: Market players are conducting research and development in order to identify targets for the disease, against which a new treatment can be developed in the future. For instance, in 2018, Centogene AG Rostock, a genetic diagnostic company, initiated a clinical trial to prepare a cell culture from patients suffering from Niemann Pick disease type C for the identification of novel proteins involved in pathways that lead to disease progression. This would also aid in early diagnosis. The proteins can be targeted for the development of treatment options for NPC, which is expected to create conducive growth opportunities for market players. Furthermore, increasing approval of drugs for the NPC treatment is expected to drive the global Niemann pick disease type C market growth during the forecast period. For instance, in September 2020, Orphazyme A/S (a late-stage biopharmaceutical company) received the U.S. Food and Drug Administration (FDA) new drug application (NDA) acceptance with priority review for arimoclomol for the indication of Niemann-Pick disease Type C (NPC). Request Sample Copy of this Report @ https://www.coherentmarketinsights.com/insight/request-sample/4275 Furthermore, market players are also obtaining special status for drugs for the treatment of rare diseases, which is expected to support growth of the market during the forecast period. For instance, on May 18, 2017, CTD Holdings Inc. (now Cyclo Therapeutics a clinical-stage biotechnology company) announced that it received the fast track designation from the U.S FDA for fast testing of the safety and efficacy of Trappsol(R) Cyclo(TM), for the treatment of NPC. Moreover, the company also received Orphan Drug Designation in both the U.S and Europe and Rare Pediatric Disease Designation from the U.S. FDA for Trappsol(R) Cyclo(TM). Key Market Takeaways: The global Niemann pick disease type C market is expected to exhibit a CAGR of 42.3% over the forecast period. This is owing to increasing research and development activities for NPC. For instance, on September 30, 2020, IntraBio Inc. (a biopharmaceutical company with a late-stage drug pipeline that includes novel treatments for genetic and neurodegenerative diseases) announced positive results for the Phase II clinical trial, which is carried out for testing the safety and efficacy of drug candidate, IB1001, for the treatment of NPC. The clinical trial showed decrease in the severity of ataxia, a symptom of NPC and the trial also passed the endpoint for Clinical Impression of Change in Severity (CI-CS). Competitive Landscape: Key players operating in the global Niemann pick disease type C market include Orphazyme A/S, Cyclo Therapeutics, Inc., and Johnson & Johnson Buy-Now this Research Report for detailed market insights @ https://www.coherentmarketinsights.com/insight/buy-now/4275 Market Segmentation: About Us: Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.

Answer: Global Niemann Pick Disease Type C Market to Surpass US$ 378.8 Million by 2027, Says Coherent Market Insights (CMI)