Covina, Aug. 30, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global rare disease market size and share value is projected to grow from USD 161.4 Billion in 2020 and is forecasted to reach USD 547.5 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.1% during the forecast period (2020 - 2030).
Rare Disease Market Report Overview
Rare disease is often referred to as orphan diseases and are conditions that affect a small percentage of the population typically fewer than 1 in 2,000 people. Despite their low prevalence individually, the collective burden of rare diseases is substantial, impacting millions of individuals globally.
These conditions can be genetic, congenital, or acquired and may encompass a wide range of medical issues, from metabolic disorders to autoimmune diseases. The rarity of these diseases often leads to challenges in diagnosis and treatment, primarily due to limited research, lack of awareness, and the high costs associated with developing treatments.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Rare disease Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Pfizer
- Hoffman La Roche
- Abbott
- Sanofi
- Eli Lilly
- Genelux
- Mercks & co.
- Glaxosmith Kline
- Astra Zeneca
- Eisai
- Rexahn
- Taino
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Analyst View:
Rare disease market is changing quickly as advances in precision medicine, genetics, and biotechnology spur new discoveries in diagnosis and treatment methods. There are an increasing number of orphan medications and treatments on the market that are designed to meet the unmet requirements of individuals with rare diseases.
A dynamic environment for market expansion is being fostered by regulatory structures that facilitate the development and approval of specialized medicines, such as orphan drug designations and incentives.
Market Dynamics:
Drivers:
Increased Focus on Genomic Research and Precision Medicine
- The awareness and management of rare diseases are being completely transformed by advances in genetics and biotechnology. Researchers and pharmaceutical companies are creating tailored medicines that address the underlying causes of rare disorders by discovering specific genetic abnormalities linked to them. Due to the rising availability and efficacy of personalized medicines, this factor is propelling innovation and market expansion.
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Market Trends:
Government Incentives and Orphan Drug Regulations
- Orphan drug regulations and incentives such as tax credits, grants and extended market exclusivity are designed to encourage the development of treatments for rare diseases. These incentives help offset the high costs and risks associated with developing therapies for small patient populations.
Segmentation:
Rare disease Market is segmented based on Drug Type, Route of Administration, Phase, Therapeutic Area, Patients, Distribution Channel, and Region.
Drug Type Insights
- This industry includes the following: Biologics and Non-Biologics. The market growth for biologics is anticipated to be dominant as biologics are medical products derived from living organisms or their products and are utilized in the treatment of rare diseases that often have limited or no effective therapies available. These products include monoclonal antibodies, gene therapies and other advanced therapeutic modalities.
Route of Administration Insights
- Oral is anticipated to boost the growth for target market as significant advancements in drug formulation and delivery technologies have enhanced the efficacy and safety of oral medications. Innovations such as extended-release formulations has improved solubility and also targeted delivery systems have addressed previous limitations of oral drugs, making them more effective for treating rare diseases.
Phase Insights
- Phase 3 is anticipated to boost the growth for target market as given the high cost and complexity of conducting Phase 3 trials, significant investment and resources are allocated to this stage.
Therapeutic Area Insights
- Cancer is anticipated to boost the growth for target market as the field of oncology is at the forefront of medical innovation, with significant advancements in targeted therapies, immunotherapies, and precision medicine. These innovations are tailored to specific genetic mutations and cancer types, offering more personalized and effective treatment options.
Patients Insights
- Adults is anticipated to boost the growth for target market as many rare diseases manifest or are diagnosed in adulthood including genetic disorders, autoimmune diseases and certain types of cancers. Conditions such as cystic fibrosis, Huntington's disease and various types of rare cancers are more commonly diagnosed in adults.
Distribution Channel Insights
- Hospital & retail pharmacies is anticipated to boost the growth for target market as are pivotal in dispensing specialized medications required for the treatment of rare diseases. Many of these medications are often available only through prescription and may require precise handling and distribution.
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Recent Development:
- In July 2024, a new rare disease innovation hub set up by the US Food and Drug Administration (FDA) aims to expedite the development and approval of orphan drugs. Rare disease clinical trials can be tricky to navigate, especially for conditions with very few patients. Moreover, even after clinical success, some therapies for rare diseases have been dropped by companies due to the high development costs.
Regional Insights
- North America: Strong government support, including incentives for orphan medication development and research into uncommon diseases contributes to this region. For instance, the U.S. Orphan Drug Act offers financial and regulatory incentives to support the development of medicines for uncommon diseases, which has resulted in the approval of a large number of orphan pharmaceuticals.
- Asia Pacific: The market in this region is characterized by a rising focus on expanding healthcare access and developing local pharmaceutical and biotech industries. Government initiatives to support rare disease research and treatment along with increasing collaboration between international and local companies are driving the target market growth.
Browse Detail Report on "Rare disease Market Size, Share, By Drug Type (Biologics and Non-biologics),By Route of Administration (Oral and Injectable), By Phase (Preclinical, Phase1, Phase2, Phase3, Phase4), By Therapeutic Area (Infectious disease, Neurological, Alimentary/Metabolic, Cancer, Blood & Clotting and Others), By Patients (Neonatal, Pediatric, Adult), By Distribution Channel (Hospital & Retail Pharmacies, e-Commerce/Online Pharmacies), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/global-rare-disease-market-4634
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