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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