Yahoo Finance Rare Disease Therapeutics Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028
Segmented By Therapeutic Area (Cancer, Cardiovascular Disorders, Musculoskeletal Disorders, Hematologic Disorders, Infectious Diseases, Metabolic Disorders, Endocrine Disorders, Others), By Route of Administration (Oral, Injectable, Others), By Drug Type (Biologics, Biosimilars, Small Molecule), By Distribution Channel (Hospital Pharmacies, Specialty Pharmacies, Online Pharmacies), By Region and Competition.
New York, March 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Rare Disease Therapeutics Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028" - https://www.reportlinker.com/p06435449/?utm_source=GNW
Global rare disease therapeutics market is projected to undergo a vigorous expansion in the coming years.A robust product pipeline and upcoming launches are anticipated to drive market growth.
In 2021, approximately 791 prospective orphan drug candidates were undergoing clinical trials for the treatment of rare diseases, according to Pharmaceutical Research and Manufacturers of America.Clinical orphan pharmaceuticals were used to treat 192 genetic disorders, 56 neurological disorders, 54 blood disorders, 51 autoimmune diseases, and 36 infectious diseases.
Also, 168 were for rare malignancies and 120 were for rare blood cancers.
Additionally, the Center for Drug Evaluation and Research (CDER) approved about 26 new orphan medications in 2021 for the treatment of rare disorders.Amondys 4, Exkivity, Lumakras, Cytalux, Bylvay, Scemblix, Welireg, Empaveli, fexinidazole, Besremi, Evkeeza, and Zynlonta were a few of the products that were approved.
Therefore, it is projected that increased approval and the introduction of novel orphan medications will spur industry growth.
Increasing Number of Patients with Rare Diseases
The market for treating rare diseases will expand as the number of rare diseases rises.There are about 7,000 rare ailments that have been diagnosed, and about 70% of them have no treatment options, according to a 2020 Journal of Rare Disorders article.
Therefore, continued market expansion prospects will arise from research into unmet rare disease treatments in the future.Furthermore, the Global Genes Project estimates that 300 million people globally suffer from uncommon diseases.
Due to the increased occurrence of rare conditions, it will be necessary to use specialized medications, which will accelerate the use of therapies for rare diseases.
Approximately 6% to 8% of people in the European Union are thought to be affected by a rare disorder, according to estimates from the European Organization for Rare Diseases (EURORDIS).To address the demand for specific therapies for the treatment of rare conditions such as fatal familial insomnia and rare cardiovascular ailments, among others, various research laboratories are concentrating on research and development.
Furthermore, between 50% and 60% of rare illnesses start in childhood, and several of these conditions are deadly.Thus, it is anticipated that in the upcoming years, there will be a significant increase in the need for certain therapeutic medications due to the expanding pediatric population suffering from rare ailments.
Additionally, due to the surge in incidences of rare diseases, several biopharmaceutical companies are funding clinical studies for brand-new medications intended to treat rare diseases.
Initiatives Taken by Governments & Various Market Players
Government rules that encourage product development, such as the Orphan Drug Act, which grants the orphan drug classification to potential drug candidates created by pharmaceutical companies, are expected to assist the market’s growth. This program advances treatment for orphan diseases through research and development.
For patients with rare diseases afflicted by the COVID-19 pandemic, the National Organization for Rare Disorders (NORD) introduced the "COVID-19 critical relief" program in April 2020.Through this initiative, the NORD offered orphan disease patients and their guardian’s financial support of up to USD 1,000 annually to meet their non-medical requirements.
Therefore, it is projected that the availability of such programs will increase the uptake of rare disease treatment over the forecast period.
Additionally, businesses have launched projects including partnerships and collaborations for the creation, production, and marketing of new treatments in the global market. For example, in August 2020 Sarepta Therapeutics, Inc. and the University of Florida collaborated on the development of innovative genetic therapies for the treatment of individuals with a variety of orphan diseases, such as Duchenne muscular dystrophy (DMD).
Growing Research and Development Strategies
One of the key market-driving factors is the rising R&D expenditures made by well-known players for the creation of fresh product offerings for orphan drugs.A significant number of major clinical-stage biopharmaceutical companies and existing market players currently have orphan drug pipeline candidates at various phases of clinical trials due to the increase in public awareness and knowledge of rare diseases.
Because rare disorders are more likely to have big pharmacological discoveries that lead to the development of blockbuster drugs than more common diseases, there is an increasing interest in therapies for rare disorders. According to clinicaltrials.gov, there are around 2,615 studies related to rare disease therapeutics which are in different phases of development across different parts of the globe. In the coming years, this number is further expected to increase, thereby opening new prospects for market growth.
Market Segmentation
Global rare disease therapeutics market is segmented by therapeutic area, route of administration, drug type, distribution channel, region, and company.Based on therapeutic areas, the market can be segmented into cancer, cardiovascular disorders, musculoskeletal disorders, hematologic disorders, infectious diseases, metabolic disorders, endocrine disorders, and others.
Based on the route of administration, the market can be divided into oral, injectable, and others.Based on drug type, the market can be categorized into biologics, biosimilars, and small molecules.
Based on distribution channels, the market can be fragmented into hospital pharmacies, specialty pharmacies, and online pharmacies.
Company Profiles
Some of the major competitors operating in the global rare disease therapeutics market include Novartis AG, Pfizer Inc., F Hoffmann-La Roche Ltd., AbbVie Inc, Novo Nordisk A/S, Sanofi SA, Bayer AG, Amgen Inc, Eisai Co Ltd, and Bristol-Myers Squibb Co.
Report Scope:
In this report, global rare disease therapeutics market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
• Rare Disease Therapeutics Market, By Therapeutic Area:
o Cancer
o Cardiovascular Disorders
o Musculoskeletal Disorders
o Hematologic Disorders
o Infectious Diseases
o Metabolic Disorders
o Endocrine Disorders
o Others
• Rare Disease Therapeutics Market, By Route of Administration:
o Oral
o Injectable
o Others
• Rare Disease Therapeutics Market, By Drug Type:
o Biologics
o Biosimilars
o Small Molecule
• Rare Disease Therapeutics Market, By Distribution Channel:
o Hospital Pharmacies
o Specialty Pharmacies
o Online Pharmacies
• Rare Disease Therapeutics Market, By Region:
o North America
United States
Canada
Mexico
o Europe
Germany
France
United Kingdom
Italy
Spain
o Asia Pacific
China
India
Japan
South Korea
Australia
o South America
Brazil
Argentina
Colombia
o Middle East & Africa
Saudi Arabia
UAE
South Africa
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global rare disease therapeutics market.
Available Customizations:
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p06435449/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001
