Rare Disease Treatment Market Size

Rare Disease Treatment Market Size

Rare Disease Treatment Market size was valued at USD 205.3 billion in 2023 growing at a CAGR of 9% between 2024 and 2032, driven by factors such the increasing prevalence of cancer and other rare diseases across the globe.

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For instance, as per the article published in National Library of Medicine in December 2023, it has been reported that in the European Union, there are approximately 30 million people living with a rare disease; in Germany there are an estimated 4 million. It is estimated that 300 million people are affected globally. Thus, the rapid increase in the prevalence of rare disease is the major factor that increase the demand for novel drug therapies to treat such disease. Moreover, the increase in awareness about rare diseases grows among healthcare providers, patients, and regulatory bodies. This awareness often leads to increase funding for research and development that propel the market growth.

Rare disease also known as orphan disease is caused due to genetic alterations and can be defined as the disease that affects a small percentage of the population. There are about 7,000 rare diseases. The cause of many rare diseases is unknown, but they are often caused by changes in a person’s genes or chromosomes. Also, these diseases are often more difficult to diagnose and treat than the more common diseases. Developing treatments and medications for rare diseases is often non-viable or difficult as the target population is very low. Thus, various government often provide research grants and funding for drug or treatment development.