Home > Pressrelease > Rare Disease Treatment Market size to exceed $453Bn by 2032

Rare Disease Treatment Market size to exceed $453Bn by 2032

  • Published Date: January 31, 2023

Rare Disease Treatment Market size is anticipated to reach over USD 453 billion by 2032, as per a new research report announced by Global Market Insights Inc.

The rise in the number of initiatives to help chronic disease patients avail medical assurance and access effective care will proliferate rare disease diagnoses. With the rise in R&D funding and the introduction of favorable government policies, the demand for rare kidney disease treatment is likely to grow globally.

The lack of awareness regarding early diagnosis of rare conditions in middle- and low-income countries may, however, act as a barrier to industry expansion to a certain extent. Due to the burgeoning cases of inaccurate diagnoses, healthcare providers have also been working on maintaining a database of rare disease patients across developing and underdeveloped nations. Despite these setbacks, the introduction of government incentives and research grants is likely to create lucrative growth opportunities for the rare disease treatment market.

Insurance coverage & high effectiveness to bolster biologics production for rare disease patients

Biologics are deemed more effective and have the potential to offer accurate and efficient treatment for patients undergoing gene therapy. Over the years, government organizations have created various incentives to accelerate orphan drug development and approval for the treatment of rare diseases. These factors, alongside the availability of favorable insurance policies with coverage for biologic drugs, are set to amplify product landscape.

Browse key industry insights spread across 225 pages with 335 market data tables & 17 figures & charts from the report,Rare Disease Treatment Market Size By Drug (Biologics, Non-biologics), Therapeutic Area (Cancer, Blood-related Disorders, Central Nervous System (CNS), Respiratory Disorders, Musculoskeletal Disorders, Cardiovascular Disorders), Patient (Adult, Pediatric), Route of Administration (Oral, Injectable), Industry Analysis Report, Regional Outlook, Growth Potential, Application Potential, Competitive Market Share & Forecast, 2023-2032” in detail along with the table of contents:

Disability risk in patients with musculoskeletal conditions to drive rare disease treatment adoption

Rare disease treatment market value from the musculoskeletal disorders segment is poised to depict a 10% CAGR by 2032, owing to the high disease burden and the presence of advanced therapies. As per statistics from the Oxford BRC and Genetic Alliance UK, rare musculoskeletal diseases account for 77% of all patients with any other form of musculoskeletal conditions. With the growing knowledge about the high disability risks in these patients, R&D and biopharma institutions are initiating collaborative efforts to design novel drugs, augmenting rare disease therapy expansion.

Emphasis on therapeutic drug development to boost demand for rare disease therapies among adults

Adult patient segment progress is credited mainly to the escalating production of therapeutic drugs for senior patients and clinical studies for the exploration of degenerative neurological disease treatments. For instance, in January 2023, Alterity Therapeutics announced the Phase 2 clinical trial of its ATH434 treatment for patients with multiple system atrophy. Since this condition typically affects seniors over 60 years of age, rare disease therapy is slated to gain significant traction as a preferred treatment solution among the older adult population.

Rising burden of cystic fibrosis to escalate rare disease treatment use in North America

North America rare disease treatment market revenue is projected to surpass USD 194 billion by 2032, considering the increased burden of cystic fibrosis and other rare conditions. As per statistics from the Cystic Fibrosis Foundation, in 2021, approximately 40,000 people were diagnosed with the disease, which is further set to rise across the U.S. Countries including Canada have also been seeking to boost healthcare innovation through the establishment of advanced therapeutic products, creating lucrative avenues for rare disease treatment progression in the region.

Strategic mergers and acquisitions to influence global rare disease treatment market landscape

Vertex Pharmaceuticals Incorporated, GlaxoSmithKline plc., F. Hoffman-La-Roche Ltd., Bristol-Myers Squibb, Pharmacyclics LLC, Merck, Biogen, Takeda Pharmaceutical Company Limited, Bayer AG, Alexion Pharmaceuticals, Inc., and Seagen Inc. are some of the prominent players operating in rare disease treatment industry.

Authors: Sumant Ugalmugle, Rupali Swain

Explore More on Related Topics: