Rare Disease Therapeutics Market Research Study: Market Dynamics and Competitive Landscape 2028

MANHATTAN, N.Y. - June 7, 2023 - PRLog -- The global rare disease therapeutics market is expected to experience significant growth in the coming years. The market will be driven by a strong product pipeline and upcoming launches. In 2021, Pharmaceutical Research and Manufacturers of America reported that there were approximately 791 potential orphan drug candidates undergoing clinical trials for the treatment of rare diseases. These trials included the treatment of 192 genetic disorders, 56 neurological disorders, 54 blood disorders, 51 autoimmune diseases, 36 infectious diseases, 168 rare malignancies, and 120 rare blood cancers.

The global rare disease therapeutics market was affected by the COVID-19 pandemic, much like the global economy as a whole. The market faced challenges in the first half of 2020 due to the pandemic's widespread impact. Countries implemented complete lockdowns, and the healthcare industry focused its efforts on finding prevention and cure for COVID-19. Subsequently, the discovery of a vaccine for the virus slowed down ongoing studies on rare disease therapeutics, creating a setback for the market. However, the market has since recovered and is expected to demonstrate significant growth in the forecast period.

The global rare disease therapeutics market is segmented based on drug type, therapeutic area, route of administration, distribution channel, and regional distribution. In terms of therapeutic area, the market is further categorized into cancer, blood-related disorders, CNS, respiratory disorders, musculoskeletal disorders, cardiovascular disorders, and others. Cancer has dominated the market segment due to the high number of cancer patients worldwide. According to the International Agency for Research on Cancer's 2020 report, there are over 20 million cancer patients globally, with nearly two-thirds of this population being under the age of 20 and suffering from rare types of cancer. This prevalence has contributed to the growth of the global rare disease therapeutics market for cancer. The market is expected to consistently grow in the next five years due to the increasing number of patients.

Major competitors in the market include Medtronic Plc., Boston Scientific Corporation, St. Jude Medical, Inc. (Abbott), Synapse Biomedical Inc, Nevro Corporation, NDI Medical LLC, Terumo Corporation, Edwards Lifesciences Corporation, NeuroPace, Inc., LivaNova PLC, Synchron Inc., Functional Neuromodulation Ltd., Beijing PINS Medical Co. Ltd, Renishaw Plc, and Aleva Neurotherapeutics SA. These companies are engaged in extensive research and development activities to maintain competitiveness in the market. They also employ competitive strategies such as forming alliances and partnerships.

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