Rare diseases or orphan diseases are conditions that affect a small percentage of population at any given time.
Increasing government initiatives for spreading awareness about rare diseases coupled with presence of advanced healthcare infrastructure in developed and in some developing economies are major factors boosting growth of the global rare disease drugs market. Additionally, favorable reimbursement policies in developed economies and government incentives such as reduced tax on medicines, higher funding for research on rare diseases and their treatments are other factors expected to fuel growth of the global market to a significant extent. But, high costs associated with R&D of rare diseases and small patient pool are major factors projected to hamper growth of the global market.
The global rare disease drugs market report has been segmented on the basis of therapeutic area, drug class, mode of administration, distribution channel, and region. On the basis of region, the global rare disease drugs market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in North America accounted for highest share in terms of revenue in the global market, and is projected to maintain its dominance over the forecast period. This can be attributed to presence of advanced healthcare facilities and high prevalence of chronic and rare diseases in countries in the region. Moreover, high awareness about diseases and drugs and favorable reimbursement policies are other factors anticipated to fuel growth of the North America market over the forecast period. Revenue from the market in Europe accounted for second-highest share in the global market and is closely followed by markets in Asia Pacific, Latin America, and Middle East & Africa respectively. Revenue from the market in Asia Pacific is projected to witness significant growth over the forecast period, and is projected to register a CAGR of X.X%. This is attributed to increasing government initiatives for improvement of healthcare facilities in emerging economies in the region.
Prominent players in the global rare disease drugs market include Novartis AG, Pfizer Inc., F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb Company, Merck & Co., Inc., AbbVie Inc., Johnson & Johnson Services, Inc., Baxter, Novo Nordisk A/S, Teva Pharmaceutical Industries Ltd., and Bayer AG.