Global Rare Neurological Disease Treatment Market Is Anticipated To Grow 2.3x By 2028
The global rare neurological disease treatment market is projected to expand at a stellar CAGR of over 8.5% and is anticipated to grow 2.3x between 2018 and 2028.
Over the last decade, the prevalence of rare diseases, evolving trend of orphan drugs and increasing expenditure on healthcare has provided a huge momentum to overall sales of rare neurological drugs.
As a result, the global sales within the rare neurological disorder treatment market has achieved a new milestone and surpassed the valuation of US$ 6.5 Bn in 2019.
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In addition, increasing penetration of online pharmacies is also becoming a wish list of key manufacturers to drive revenue in the rare neurological disease treatment market.
Key Takeaways from the Rare Neurological Disease Treatment Market:
- In terms of revenue, North America accounts for ~40% of the market share in the global rare neurological disease treatment market
- In East Asia, three countries namely Japan, Taiwan and South Korea have introduced policies that foster orphan drug research and development. Resultantly, the region is expected to witness a strong growth of over 8% during the forecast period (2018-2028).
- Increasing per capita healthcare spending on rare neurological diseases such as Alzheimer’s is supporting the robust growth of the global rare neurological disease treatment market. Healthcare spending on Alzheimer’s disease treatment is poised to create an absolute $ opportunity of more than US$ 5 Bn during the forecast period.
- The retail pharmacy and drug store segment continues to set a high standard to achieve superior rates of customer satisfaction and is projected to grow at a Y-o-Y of 9% through the forecast period
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Global Rare Neurological Disease Treatment Market: In-Depth Assessment on Key Segments
The global rare neurological disease treatment market is segmented on the basis of drug class, route of administration, disease indication, distribution channel, and region.
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Market Players Consolidating with Widening Investment Opportunities
The global rare neurological disease treatment market is consolidated across the legacy regions and witnessing several new investments and entry of new manufacturers in key therapeutic areas owing to increasing prevalence of rare diseases. Key Players such as Pfizer, Inc., Johnson & Johnson Services, Inc. and Novartis AG are continuously emphasizing on new investments and R&D activities to reduce their manufacturing costs. Over the years, the global market for rare neurological disease treatment has witnessed several collaborations and partnerships between the drug manufacturers to enhance revenue generation and expand geographical drug footprints. This has created several growth opportunities for manufacturers to increase their share in the rare neurological disease treatment market.
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