DUBLIN--(BUSINESS WIRE)--The "Rare Diseases Treatment Market - Global Industry Analysis (2019 - 2021), Growth Trends, and Market Forecast (2022 - 2029)" report has been added to ResearchAndMarkets.com's offering.
Worldwide demand for rare diseases treatment has been rising high and will exhibit 10.4% growth between 2022 and 2029. Up from the revenue of around US$155.4 Billion attained in 2021, the rare diseases treatment market is expected to reach nearly US$346.5 Billion toward the end of 2029. The latest published report of the analyst forecasts an impressive growth outlook for the market, largely attributed to the dynamically expanding orphan drug development scenario.
In addition, there has been a lot of effort around raising awareness about rare diseases and availability of orphan drugs in form of the various promotional events, campaigns, and advocacy programs, which further uphold the growth of market.
It is however mentioned in the report that the rare diseases treatment market will continue to face certain major impediments in form of expensive treatment costs and limited cure, poor checks on drug prices, inadequate specialized treatment centres, and the lack of regulatory and legal standards.
Key Insights and Trends Across Global Rare Diseases Treatment Market
- Global rare diseases treatment market all set to expand at a CAGR of 10.4% over 2022 - 2029
- Pediatrics likely to emerge as a lucrative segment, reaching the estimated revenue of US$138 Billion by 2029 end
- Biologics remain dominant in rare diseases treatment market, likely to account for revenue worth around US$186.7 Billion by the end of 2029
- Oncology therapeutics poised to remain an attractive segment, whereas neurology all set to exhibit nearly 10.7% growth through 2029
- Dominance of Oncology Therapeutics Intact, Demand for Biologics Higher in Rare Diseases Treatment Market
The report findings suggest that the biologics will remain dominant over non-biologics throughout the period of projection. With the constant surge in the number of patients living with rare diseases), there has also been a considerable rise in the number of overall orphan designations, which promotes approvals for biologics, in turn pushing the prospects of the biologics category.
On the other side, oncology will remain the most significant application area with the largest revenue share of more than 48% in orphan drugs. This dominance is clearly attributed to the high prevalence of rare cancers. Moreover, although pediatric orphan drug development has been facing certain major challenges during the trials, the situation is likely to improve with the increasing efforts toward the development of supportive regulatory initiatives, and favorable public health policies across different parts of the globe.
The US Retains a Dominating Spot in Rare Diseases Treatment Market, Asian Countries Reflect High Growth Potential
Between 2021 and 2029, North America's rare diseases treatment market will experience more than double expansion in revenue. The report anticipates the market value of North America to exceed US$177.8 Billion by the end of 2029, exhibiting the estimated growth of 10%. The US has been the pioneer in orphan drug development and will thus retain its leading position in the global market for rare diseases treatment as well. Although North America will maintain its lead in revenue, the market players are likely to discover brighter opportunities across Asia Pacific. The region is projected to witness a robust CAGR of 12.8% during the forecast period. Higher market attractiveness of the region is attributable to the presence of a large population of rare diseases) patients across China, India, Taiwan, and a few southeast Asian countries.
Key Topics Covered:
1. Executive Summary
2. Market Overview
3. Global Rare Diseases Treatment Market Outlook, 2019 - 2029
4. North America Rare Diseases Treatment Market Outlook, 2019 - 2029
5. Europe Rare Diseases Treatment Market Outlook, 2019 - 2029
6. Asia Pacific Rare Diseases Treatment Market Outlook, 2019 - 2029
7. Rest of the World Rare Diseases Treatment Market Outlook, 2019 - 2029
8. Competitive Landscape
- Bristol Myers Squibb
- Bayers AG
- Johnson & Johnson
- Novartis AG
- Takeda Pharmaceutical Company Limited
- F. Hoffmann-La Roche Ltd
- Astra Zeneca
- Vertex Pharmaceuticals
- Pfizer Inc.
- Novo Nordisk A/S
- BioMarin Pharmaceuticals Inc.
For more information about this report visit https://www.researchandmarkets.com/r/mqzywg