Rare Disease Therapeutics Market to grow at a Significant Rate During the Forecast Period
Rapid increase in the prevailing rare diseases is
driving the growth of Global Rare Disease Therapeutics Market.
According to TechSci Research report, “Global
Rare
Disease Therapeutics Market By Drug Type (Biologics, Organic Compounds) By
Therapeutic Area (Cancer, Blood-related Disorders,
Central Nervous System (CNS), Respiratory Disorders, Musculoskeletal Disorders,
Cardiovascular Disorders, Others) By Route of Administration (Oral,
Injectable, Others) By Distribution Channel (Hospital Pharmacies, Retail
Pharmacies, Specialty Pharmacies) By Region, Competition Forecast &
Opportunities, 2026”, the Global rare disease therapeutics is
expected to grow at a promising rate during the forecast period. The market
registered its growth on the account of availability of better and more
effective therapeutics for the rare disease that are expressing themselves
rapidly. With the changed lifestyle and adoption of busy and unhealthy
schedules, the population around the world is being diagnosed with more rare
diseases. This increasing number is driving the market for the better and
effective therapeutics that are able to treat these diseases.
COVID-19 effected the global rare disease therapeutics market like the
whole world economy. The market suffered a setback in the first half of 2020,
owing to the pandemic that spread in all around the world. The countries were
observing a complete lockdown and healthcare industry was totally invested in
finding the prevention and cure for the COVID-19. Soon the vaccine for the
virus was discovered. This discovery did slow down the ongoing studies on the
rare disease therapeutics thus setting a drawback for the market. Now, the
market has recovered and is expected to show considerable growth in the
forecast period.
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The global rare disease therapeutics market is
segmented by drug type, therapeutic area, route of administration, distribution
channel, and regional distribution. Based on therapeutic area the market is
further categorized into cancer, blood-related disorders, central nervous
system (CNS), respiratory disorders, musculoskeletal disorders, cardiovascular
disorders, and others. Cancer has by far dominated the market segment owing to
the highest number of cancer patients in the world. The world has more than 20
million cancer patients, according to the last year reports of IARC, 2020.
Moreover, almost two-thirds if this population is less than the age of 20 and
suffer from rare type of cancer. This has led to the growth of the market for
global rare disease therapeutics of cancer. The market is expected to
consistently grow in near future of five years owing to the continued increase
in the number of patients.
Some of the major competitors in the market are Medtronic Plc., Boston
Scientific Corporation, St. Jude Medical, Inc. (Abbott), Synapse Biomedical
Inc, Nevro Corporation, NDI Medical LLC, Terumo Corporation, Edwards
Lifesciences Corporation, NeuroPace, Inc., LivaNova PLC, Synchron Inc.,
Functional Neuromodulation Ltd., Beijing PINS Medical Co. Ltd, Renishaw Plc,
Aleva Neurotherapeutics SA. The companies are focussing on extensive research
and developments activities to stay competitive in the market. Other competitive
strategies include formation of alliances and partnerships.
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“Recent times have seen
rare disease drugs and treatment plans as a promising sector of pharmaceutical
industry. Biotech companies and other research based pharma companies are
highly active and invested in the development of the drugs and therapeutics.
Increasing the clinical development timelines, lowering the cost of the
commercialization of the drugs will promise better growth of the market and
opportunity for the new investors. Moreover, rare diseases are unlike
conventional drugs and present with lucrative opportunity in the future
forecast period owing to the future requirement that are supported by
increasing number of rare diseases,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based Global management consulting firm.
“Global Rare Disease
Therapeutics Market By Drug Type (Biologics, Organic Compounds) By Therapeutic
Area (Cancer, Blood-related Disorders, Central Nervous System (CNS),
Respiratory Disorders, Musculoskeletal Disorders, Cardiovascular Disorders,
Others) By Route of Administration (Oral, Injectable, Others) By Distribution
Channel (Hospital Pharmacies, Retail Pharmacies, Specialty Pharmacies) By
Region, Competition Forecast & Opportunities, 2026”, has evaluated the
future growth potential of Global Rare disease therapeutics and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Rare disease therapeutics.
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