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Navigating the Rare Diseases Treatment Market: Challenges and Opportunities
By: axiom market research & consulting
The growing prevalence of rare diseases and their impact on healthcare spending have increased the demand for special treatments, which has had a positive impact on the growth of the rare disease treatment market. The growing focus on research and development of new therapeutic drugs has increased the market value for the treatment of rare diseases. Furthermore, increasing product developments are leading to the implementation of innovative, technologically driven devices for the diagnosis of rare genetic diseases. Additionally, favourable government policies aimed at raising awareness about rare disease treatment are leading to greater acceptance of effective treatments for rare diseases. Also, the growing preference for minimally invasive surgical procedures for the treatment of rare and chronic diseases is a key factor that is anticipated to provide ample new growth opportunities for the market in the upcoming years.
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The rise in rare disease cases has encouraged key players to develop new and advanced treatments, which is expected to drive the growth of the market in the coming years. Favourable government rules and regulations and people's growing preference for healthy lifestyles are some of the key factors that should develop the global rare disease treatment market over the forecast period. The market is expected to experience healthy growth in the coming years due to the increase in the geriatric population and the growing focus of players on improving medical facilities is likely to boost market growth in the near future.
The presence of a strong product pipeline and upcoming launches are expected to fuel market growth. According to Pharmaceutical Research and Manufacturers of America, in 2022 there were approximately 791 potential drug candidates in clinical trials for rare diseases, 56 for neurological diseases, 54 for blood diseases, 51 for autoimmune diseases and 36 for infectious diseases. Additionally, around 26 new drugs for orphan diseases were approved by the Center for Drug Evaluation and Research (CDER) in 2022. Some of the approved products were Lumakras, Scemblix, Welireg, Amondys 4, Bylvay, Welireg, Cytalux, Besremi, Empaveli, Evkeeza, Exkivity, Fexinidazole, and Zynlonta, among others. Therefore, the growing approval and launch of new orphan drugs is expected to drive the growth of the industry.
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