The global rare disease drug market is anticipated to grow at a significant CAGR of 11.4% during the forecast period. The rising prevalence of rare diseases and their implications for healthcare spending have boosted demand for specialized treatments, leading to growth in the rare disease drug market. In addition, as product development continues, new technologies for diagnosing uncommon genetic illnesses are becoming more available which is supporting the growth of the market. Furthermore, favorable government policies aimed at raising awareness about the treatment of rare diseases are leading to an increase in the use of effective medicines for uncommon disorders. However, limited understanding of pathology and progression is acting as a restraining factor to the growth of the market.
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Impact of COVID-19 Pandemic on Global Rare Disease Drug Market
The COVID-19 pandemic had a substantial impact on the market for rare disease drug market. People with rare disorders are particularly affected as global healthcare services are diverted to focus on COVID-19. In addition to the higher risk of serious disease for many patients due to weakened immune systems, these patients and the manufacturers of their medications face problems such as guaranteeing patient access to therapy, research failures, and supply concerns. Check-ups and frequent supportive care visits were being disrupted, due to which the momentum of ongoing care was affected and losing the critical support network for patient outcomes and experience. Additionally, due to the lockdown treatment of patients was affected. For instance, in 2021, according to the Eurordis International Survey, patients with rare diseases had a worse experience than patients with chronic diseases as a result of the COVID-19 pandemic. 60% of the participants in the study had their care interrupted, and 80% had cancelled or rescheduled their sessions.
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Segmental Outlook
The global rare disease drug market is segmented based on drug type, and therapeutic area. Based on the drug type, the market is sub-segmented into biologics and non-biologics. Based on the therapeutic area, the market is sub-segmented into cancer, blood-related disorders, central nervous system, respiratory disorders, cardiovascular disorders, and others (musculoskeletal disorders).
By Drug Type (Biologics and Non-Biologics)
By Therapeutics Area (Cancer, Blood-related Disorders, Central Nervous System, Respiratory Disorders, Cardiovascular Disorders, and Others )
Market Players Outlook
The major companies serving the global rare disease drug market include Bristol-Myers Squibb Co., F.Hoffmann-La Roche Ltd., Amgen Inc., Alexion Pharmaceuticals, Inc., Novartis AG, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, In October 2019, Bristol Myers Squibb had acquired Celgene for around $74 billion which is a provider of orphan drugs.
In February 2019, Spark Therapeutics biotech which focuses on gene therapy for rare and hereditary diseases had been acquired by F. Hoffmann-La Roche for nearly $4.8 billion.
The Report Covers
Market value data analysis of 2021 and forecast to 2028.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global rare disease drug market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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