Rare Diseases Treatment Market Gains from Next-level Medical Innovation, Global Revenue Anticipates over 10% Growth by 2029

October 2022

The global rare diseases treatment market is headed toward sustained growth during the projection period of 2022 to 2029. Orphan drug development has emerged as the foremost growth enabler across the market, setting the stage for innovation-driven expansion. World over, the incidence of rare diseases and genetic disorders has been increasing, propelling healthcare decision-makers to invest in vigorous drug discovery endeavors. This factor, coupled with government support for medical innovation, is set to generate lucrative outcomes in the market.

According to a recent report by Fairfield Market Research, the rare diseases treatment market is poised to attain a valuation of US$346.5 Bn by the end of 2029. The comprehensive study delves into the emerging trends influencing the demand for rare disease treatment methods, predicting that the market will register a CAGR of 10.4% during the forecast period.

Evolving trends in drug development such as advanced biologics, targeted therapies, and innovative clinical trials are set to create a lucrative environment for novel drug discovery initiatives. Moreover, the creation of promising public health policies, progressive regulatory approaches, and campaigns directed at enhancing public awareness are some of the secondary factors that are expected to expand the market.

Key Trends Across Global Rare Diseases Treatment Market

• In 2019, the oncology segment dominated the rare diseases treatment market. By 2029, this segment will continue to be the dominating segment, with a contribution of ~48%
  
  
• Based on patient type, the pediatrics segment is set to register a robust growth rate of 10.7% during the study period
  
  
• North America will reach a market valuation of US$177.8 Bn by 2029, cementing its position as the most significant market

Investments in Oncology & Biologics Create Optimistic Outlook for Market Expansion

Based on therapeutic area, the rare diseases treatment market is segmented into cardiovascular, neurology, oncology, hematology, and respiratory. Among these, the oncology segment is expected to continue its dominance in the market due to the rigorous pursuit of advanced cancer treatments. Notably, the rare neurology drugs pipeline is particularly limited for a wide range of related disorders, offering limited competition opportunities to potential investors. On the other hand, as per treatment type, biologics are predicted to command a lion’s share across the market. This is owing to the intense experimentation and exploration of gene therapies for patients with rare diseases. All through the study period, it is anticipated that the development of supportive regulations and standardized policies will positively impact M&A and revenue generation in the market.

North America Maintains Global Dominance, Asia Pacific a Rising Regional Player

During the forecast period, North America is slated to sustain its dominance in the global rare diseases treatment market. This can be attributed to this region’s sophisticated healthcare infrastructure, promising government funding for medical innovation and drug discovery, and the presence of prominent industry leaders in the US, and Canada. Meanwhile, the Asia Pacific is rising as a formidable regional contender due to progress in orphan drug development and the higher prevalence of rare diseases in this region.

Key Market Players

Major players in the rare diseases treatment market are AstraZeneca, Novartis, Vertex Pharmaceuticals, Johnson & Johnson, Sanofi, Bristol Myers Squibb, Pfizer, Roche, Abbvie, and Takeda.