Global demand for the treatment of rare diseases is likely to experience around 10.4% growth during 2022 – 2029 as projected by a recently published report of Fairfield Market Research. While the global rare diseases treatment market attained revenue worth US$155.4 Bn in the year 2021, it will possibly reach past US$346.5 Bn by the end of 2029, says the report. The growth is attributable to the dynamically progressing orphan drug development space in addition to the increasing awareness about rare diseases, and growing availability of orphan drugs. An increasing number of promotional campaigns, awareness events, and advocacy programs further complement the growth of rare diseases treatment market to facilitate around 10.4% growth through the end of 2025.
While paediatrics will emerge as a highly attractive segment, biologics are expected to retain their dominance in rare diseases treatment market through the end of forecast period. The report also offers projection insights into the various application areas, among which oncology therapeutics will generate the maximum demand for treatment. However, the market will also continue to face a few longstanding challenges, says the report. The key impediment to the growth of market will be in form of the expensive treatment costs, limited cure, inadequate availability of specialized treatment centres, lack of regulatory and legal standards, and poor check on drug prices.
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Biologics Dominant, Oncology Therapeutics Develop a Highly Attractive Application Segment in Rare Diseases Treatment Market
The biologics continue to experience the maximum demand when compared with that for non-biologics, which is clearly attributable to the constant surge in the number of rare disease patients and the subsequent rise expected in the number of overall orphan designations. This will accelerate the number of approvals for biologics. Demand for biologics is likely to account for nearly US$186.7 Bn through the end of forecast year, says the report. Oncology therapeutics remains a highly lucrative application segment with over 48% market value share, whereas neurology is expected to witness around 10.7% growth through 2029 end. Moreover, the report anticipates demand for rare diseases treatment from the paediatrics segment to reach around US$138 Bn toward the end of projection period.
Asian Economies Develop High Growth Potential While the US Continues to Maintain the Top Spot in Rare Diseases Treatment Market
Anticipated to exhibit around 10% growth during 2021 – 2029, North America’s rare diseases treatment market is poised to reach the revenue worth over US$177.8 Bn. The US retains its primacy in global market with an indispensable position in orphan drug development space, says the report. North America will thus retain its dominance in global rare diseases treatment market. It however also indicates the emergence of high-potential growth opportunities in Asia Pacific during the stipulated period. The region is forecast to experience a robust CAGR of 12.8% through 2029, majorly attributing to strong presence of a sizeably large patient population living with rare disease(s), prominently across India, China, Taiwan, and some of the southeast Asian countries.
Key Market Players
Global rare diseases treatment market report provides detailed competition insights that cover some of the leading players in the market for strategic analysis. The report profiles Novartis, Bristol Myers Squibb, Johnson & Johnson, Abbvie, Roche, Vertex Pharmaceuticals, Sanofi, Takeda, Pfizer, and Astra Zeneca as the top 10 companies in global rare diseases treatment market.
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