NEWARK, Del, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The rare disease clinical trials market has been growing prominently over the past few years. The market is driven by increased funding from governments and pharmaceutical companies. Moreover, advances in technology and understanding of rare diseases are improving the performance of the market.
According to FMI, the rare disease clinical trials market size is projected to be valued at US$ 12,566.14 million in 2023 and is expected to rise to US$ 31,715.25 million by 2033. The sales of rare disease clinical trials are expected to expand at a significant CAGR of 9.7% during the forecast period. The report states that clinical trials for rare diseases have grown significantly, with numerous biopharmaceutical companies focusing on rare diseases.
Request Your Sample Report for Intelligence into the Rare Disease Clinical Trials Market
One of the key drivers of market growth is the Orphan Drug Act. It provides incentives to pharmaceutical companies to develop treatments for rare diseases. Additionally, the rise in funding for rare disease research from both private and public sources has also contributed to the growth of the market.
Another key trend in the market is the use of innovative technologies such as gene therapy and precision medicine in rare disease clinical trials. These technologies offer the potential for more targeted and effective treatments for rare diseases.
The rare disease clinical trials market still faces several challenges. These challenges included difficulties in recruiting patients for clinical trials, high costs of drug development, and regulatory hurdles. Nonetheless, with the growing demand for treatments for rare diseases, the market is expected to continue to grow in the coming years.
Key Takeaways from the Rare Disease Clinical Trails Market
- In terms of phase, Phase III is expected to have a high CAGR of 10.3% during the forecast period. The high proportion of Phase III trials is because they are expensive and involve subsequent subjects. In phase III trials, long-term safety studies are conducted for registration and post-marketing commitments.
- High prevalence of rare diseases and the presence of a robust healthcare system for diagnosis and treatment are anticipated to expand North America to 49.3%.
- Pharmaceutical and biopharmaceutical companies recorded a strong revenue share of 58.5% in 2022. Pharmaceutical companies are actively involved in rare disease clinical trials through collaboration with other companies.
- Asia Pacific region is expected to hold a swift rate of 10.6%. The region's expansion can be attributed to government initiatives to assist orphan disease patients. For example, the Indian government directed national and state governments in July 2022 to ensure the effective implementation of health policies developed to treat patients suffering from orphan diseases.
- During the forecast period, the nonprofit organization segment is expected to secure a CAGR of 9.9%. Non-profit and other public organizations are actively involved in funding rare disease clinical research to support the development of potential treatments for rare diseases.
Rare Disease Clinical Trials Market Competitive Landscape:
The market for rare disease treatment is competitive, with several leading players. A few key players are dominating the market in terms of market share. Amgen Inc., AstraZeneca (Alexion Pharmaceuticals Inc.), Bristol-Myers Squibb Company, Biomarin Pharmaceuticals, and Bayer AG are among the companies currently dominating the market. Market participants readily implement a variety of initiatives, such as mergers, acquisitions, and product launches, to strengthen their market position.
Rare Disease Clinical Trials Market Latest Developments:
- ProtalixBiotherapeutics Inc. and Chiesi Global Rare Diseases resubmitted the Biologics License Application (BLA) to the United States Food and Drug Administration (FDA) in November 2022. The license was submitted for PRX-102 (pegunigalsidasealfa) which is used for the treatment of adult patients with Fabry disease.
- The National Institutes of Health, the United States Food and Drug Administration, ten pharmaceutical companies, and five non-profit organizations joined forces in October 2022. The collaboration took place to accelerate the development of gene therapies for people suffering from rare diseases.
Find a Winning Segment to Diversify your Portfolio. Purchase Report Now: https://www.futuremarketinsights.com/checkout/16889
Key Players in the Rare Disease Clinical Trials Market:
- Takeda Pharmaceutical Company
- F. Hoffmann-La Roche Ltd.
- Pfizer, Inc.
- AstraZeneca
- Novartis AG
- LabCorp
- IQVIA, Inc.
- Charles River Laboratories
- Icon PLC
- Parexel International Corporation
Rare Disease Clinical Trials Market Segmentation
Therapeutic Area Outlook:
- Oncology
- Cardiovascular Disorders
- Neurological Disorders
- Infectious Disease
- Genetic Disorders
- Autoimmune And Inflammation
- Hematologic Disorders
- Musculoskeletal Disorders
- Others
Phase Outlook:
- Phase I
- Phase II
- Phase III
- Phase IV
Sponsor Outlook:
- Pharmaceutical & Biopharmaceutical Companies
- Non-profit Organizations
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News
Have a Look at Related Reports of the Rare Disease Clinical Trials Market:
Rare Gastrointestinal Diseases Treatment Market: The global rare gastrointestinal diseases treatment market garnered a market value of US$ 1,314.8 million in 2022. The market is set to reach US$ 1,353.2 million in 2023 and is expected to register a CAGR of 3.7% from 2023 to 2033.
Clinical Trial Biorepository & Archiving Solutions Market: Clinical Trial Biorepository & Archiving Solutions Market analysis report by Future Market Insights shows that global sales of Clinical Trial Biorepository & Archiving Solutions Market in 2021 was held at US$ 3.5 Bn. With 12.1%, the projected market growth during 2022 - 2032
Clinical Research Organization Market: The global clinical research organization market was valued at US$ 58.0 Billion in 2022 and is expected to reach US$ 139.6 Billion by 2033.
Rare Inflammatory Disease Treatment Market: The rare Inflammatory Disease Treatment Market has garnered a market value of US$ 12,664 Mn in 2021, anticipated to register a positive CAGR of 4.6% in the forecast period 2022-2028 and reach a value of US$ 17,335.8 Mn.
Rare Neurological Disease Treatment Market: Rare neurological disease treatment market to record spectacular growth between the period 2022 and 2032. Revenues from treatment of rare neurological disorders worldwide are poised to surpass US$ 19.795.14 Million by 2032-end.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
