Rare Diseases Treatment Market 2024-2033: Share, Segments, Drivers, and Industry Growth

The Business Research Company recently released a comprehensive report on the Global Rare Diseases Treatment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The rare diseases treatment market size has grown rapidly in recent years. It will grow from $169.56 billion in 2023 to $192.22 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to orphan drug legislation, increased disease awareness, biotechnological innovations, global health initiatives, rise in personalized medicine.

The rare diseases treatment market size is expected to see rapid growth in the next few years. It will grow to $312.46 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to emergence of innovative therapeutic modalities, evolving healthcare reimbursement policies, artificial intelligence and data analytics, expansion of patient registries, regulatory support for expedited approvals. Major trends in the forecast period include gene therapy breakthroughs, cross-sector collaboration, telemedicine and remote care, emerging therapeutic modalities, patient advocacy and empowerment.

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Market Drivers and Trends:

Rising demand for personalized medicine is expected to propel the growth of the rare disease treatment market going forward. Personalized medicine tailors medical treatment to an individual's unique genetic makeup, offering more effective and precise healthcare interventions. Personalized medicine in rare disease treatment tailors interventions to individual patients based on their genetic, molecular, and clinical profiles, enabling more targeted and effective therapeutic approaches. For instance, in 2022, according to the Personalized Medicine Coalition, a US-based professional membership organization, the Food and Drug Administration's Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs) in 2022. Out of the 35 therapeutic NMEs, approximately 34%, which amounts to 12 of them, are classified as personalized medicines by the Personalized Medicine Coalition (PMC) . Therefore, the rising demand for personalized medicine is driving the growth of the rare disease treatment market.

Technological advancements are the key trends in the rare disease treatment market. Major companies in the rare disease treatment market are integrating artificial intelligence in rare disease treatment to provide a better alternative and sustain their position in the market. For instance, in August 2021, Healx, a UK-based AI-driven innovation company, launched HealNet, an AI-powered drug discovery platform for rare disease treatment. The platform is based on machine learning and artificial intelligence technology to conduct effective and fast drug discovery processes. It integrates data from multiple to form a detailed rare disease biomedical knowledge graph that is analyzed by cutting-edge AI methods.

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Major Key Players of the Market:

AbbVie Inc., Actelion Pharmaceuticals Ltd, Alexion Pharmaceuticals Inc., Celgene Corporation, Bayer AG, Johnson & Johnson, Novartis AG, Pfizer Inc, Sanofi S.A., Eisai Co. Ltd., Merck & Co. Inc., Vertex Pharmaceuticals, Takeda Pharmaceutical Company, Eli Lilly and Company, AstraZeneca plc, Abeona Therapeutics Inc., Akcea Therapeutics Inc., Alnylam Pharmaceuticals Inc., Amicus Therapeutics Inc., BioMarin Pharmaceutical Inc., bluebird bio Inc., Catalyst Pharmaceuticals Inc., Cerecor Inc., Chiesi Farmaceutici S.p.A., CSL Behring Ltd., Dicerna Pharmaceuticals Inc., Diplomat Pharmacy Inc., Esperion Therapeutics Inc., Genzyme Corporation, Horizon Therapeutics plc., Intercept Pharmaceuticals Inc., Ionis Pharmaceuticals Inc.

Rare Diseases Treatment Market 2024 Key Insights:

• The rare diseases treatment market size is expected to see rapid growth in the next few years. It will grow to $312.46 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%.
• Rising Prevalence Of Rare Diseases Fuels Growth Of Rare Disease Treatment Market
• Ai Integration In Rare Disease Treatment Market To Accelerate Drug Discovery
• North America was the largest region in the rare disease treatment market in 2023

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