Home > Healthcare > Pharmaceuticals > Disease Specific Drugs > Rare Disease Treatment Market
Rare Disease Treatment Market size reached over USD 195 billion in 2022 and is anticipated to exhibit more than 8.5% CAGR through 2023-2032, owing to the increasing drug research and approval.
Given the growing burden of rare diseases, federal government agencies are emphasizing drug approvals through grant administrations for treatment research. For instance, in 2020, the U.S. FDA approved drugs to treat a disease with bladder dysfunction called neurogenic detrusor overactivity, observed in patients with spinal cord injury and multiple sclerosis. The pharma sector has also been targeting treatment commercialization through growing focus on the novelty of the mechanism of action compared to traditional medications. The rapid introduction of therapeutic molecular medicines will therefore create lucrative growth prospects for rare disease treatment centers worldwide.
Report Attribute | Details |
---|---|
Base Year: | 2022 |
Rare Disease Treatment Market Size in 2022: | USD 195 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 8.6% |
2032 Value Projection: | USD 453 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 225 |
Tables, Charts & Figures: | 352 |
Segments covered: | Drug, Therapeutic Area, Patient, Route of Administration, and Region |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
Despite the growth trajectory, the high cost of rare disease therapies and drugs may assert a negative influence on the industry outlook to a certain extent. As per statistics from IQVIA, in 2020, the average cost for rare disease treatment per patient was estimated at around USD 32,000 per year. Patients with rare diseases also require accessible and adequate health coverage to maintain health for longer periods. These increased costs are mainly due to delayed drug imports and are likely to create roadblocks to rare disease treatment market progress to some extent.