Increasing Prevalence Of Rare Diseases To Augment Growth Of The Rare Disease Drugs Market

 

Rare Disease Drugs

Global Rare Disease Drugs Market, by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis

The global rare disease drugs market is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

A Rare Disease is also known as orphan disease. Rare disease is a medical condition which impacts in smaller percentage. A rare disease drug is a drug developed to specially treat the orphan diseases. Drug companies were not interested to adopt the development of treatments. Orphan diseases are would not be profitable to manufacture without official assistance. An orphan disease is a rare illness that affects less than 200,000 people. The sponsors of the rare disease are so reluctant to develop them under general marketing conditions.

Competitive Landscape:

Major players operating in the global Rare Disease Drugs Market are Bayer, Sanofi S.A., Pfizer, Inc., Shire plc, Novartis AG, Biogen, Inc., Celgene Corporation, Hoffmann-La Roche Ltd., Alexion Pharmaceuticals, Inc., and Bristol-Myers Squibb Company, among others.

Key Market Drivers:

Increase in number of rare diseases cases across the globe is expected to propel growth of the global Rare Disease Drugs Market over the forecast period. For instance, according to an article published by the Journal of Rare Disorders (2020), there are around 7,000 categorized rare disorders and nearly 70% of these disorders have no cure.

Moreover, growing number of new drug approvals is expected to augment the growth of the global rare disease drugs market. For instance, as per an article published recently U.S. Food and Drug Administration has approved 22 novel drugs for more than 800 rare disease signs.

Covid-19 Impact Analysis:

Covid-19 had adversely effected the global Rare Disease Drugs Market owing to the delay of the treatment of non-life threatening diseases. Moreover, the restrictions and lockdown during the pandemic led to decrease in people’s visit to healthcare centers. According to a report published by TransUnion Healthcare there was a decrease of around 32-60% of outpatient hospital visits in March 2020 for over 500 healthcare centers.

Key Takeaways:

·       The global rare disease drugs market is anticipated to exhibit a CAGR of XX % during the forecast period due to the increasing prevalence of various forms of cancer malignancy disorder across the globe. According to an article published by IRCI, more than two-third of cancers in patients with less than age of 20 years is rare. This in turn is anticipated to propel the market growth.

·       Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the Rare Disease Drugs Market due to the increase in incidence of rare diseases, favorable government policies, increasing research and development, and growing number of new drug launches in these regions. For instance, according to National Institute of Health, there have been nearly 7,000 rare diseases with around 25-30 million Americans surviving with a rare disease.