Published on: May 2022
The rise of the rare disease drug in the global market
The market for rare disease treatments was valued at USD 144.3 billion in 2019 and is expected to increase at a 12.2 percent compound annual growth rate (CAGR) between 2020 and 2026. The rising prevalence of rare diseases and their implications for healthcare spending have boosted demand for specialised treatments, boosting the rare disease treatment market's growth.
What is the market scope for rare disease drugs?
As a consequence of enhanced attention on R&D of novel therapeutic drugs, the value of the uncommon disease treatment market has increased. In addition, as product development continues, technologically driven new technologies for diagnosing uncommon genetic illnesses are becoming available. Furthermore, favourable 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.
What are the limitations and challenges in the market of rare disease drugs?
Low patient numbers, a lack of understanding of pathology and progression, and a lack of established objectives are all obstacles to conducting efficient and successful drug development trials for rare illnesses. As a result, various regulatory authorities are working to create regulatory guidelines for rare illness drug approval in order to ensure patient safety and efficacy. The FDA in the United States is concentrating on the development of gene therapy techniques for the treatment of uncommon diseases. The National Institutes of Health (NIH) and the Food and Drug Administration (FDA) oversee training and guidelines to improve the quality and commercialization of NIH-funded orphan medications for rare diseases. In addition, the National Institutes of Health (NIH) has started a number of larger programmes to help with medicine delivery for uncommon diseases.
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