Rare Neurological Disease Treatment Market is Projected to reach US$ 19.795.14 Million grow at a 8.7% CAGR by 2032
According to a recent analysis by Future Market Insights, the Rare Neurological Disease Treatment Market would experience phenomenal growth between 2022 and 2032. By the end of 2032, revenues from the treatment of uncommon neurological illnesses are expected to surpass US$ 19.795.14 million.
A recent Future Market Insights analysis predicts that the market for treatments for uncommon neurological diseases will grow significantly over the coming years (2017-2026). By the end of 2026, market revenues are anticipated to surpass $12,000 Mn.
New Drug Formulations and Initiatives toward Improving Treatment & Care of Patients to Influence Market Growth
Declining blockbuster drugs have led pharmaceutical companies to keenly investigate potential new areas of research & development. Drug manufacturers have been incentivized by the Orphan Drug Act to develop new drug formulations associated with treatment of various rare diseases such as rare neurological diseases, in a bid to introduce new treatment options to the market. Regulatory advantages such as breakthrough designations, longer market exclusivity, and reduced fees & tax incentives have encouraged investments in R&D of drugs related to rare neurological diseases.
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The world is entering into a new era, wherein science has realized the capability of aiding development of treatment & care for patients affected with rare neurological conditions. Several initiatives are being taken for coordinating efforts of pharmaceutical companies and healthcare institutes who share similar aim of improving treatment & care for patients suffering from rare neurological diseases.
For example, Brains for Brain Foundation, European Brain Council, LSD Patient Collaborative, and members of pharma industry are supporting an initiative in Europe which is expected to enhance visibility, awareness and recognition of rare neurological disorders for facilitating their early diagnosis. The initiative also aims to facilitate and promote collaboration and partnership between physicians, patient advocates, decision- & policy-makers, and researchers.
North America to Lead Global Rare Neurological Disease Treatment Market
North America is set to lead the global rare neurological disease treatment market, with an estimated revenue share of over 40% during 2017 to 2026. Economic and technological vigour, coupled with increasing geriatric population in the region, which is highly prone to such brain-related diseases, will influence demand for rare neurological disease treatment in North America.
The market revenue share of Europe and Asia-Pacific excluding Japan will also remain significant. However, combined revenues from the markets in these two regions will continue to be smaller than those amassed from the market in North America. Rare neurological disease treatment market in North America and Europe will record a parallel expansion through 2026, in terms of value.
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Biologics to Remain Preferred Drug for Rare Neurological Disease Treatment
Biologics will continue to be the preferred drug for treatment of rare neurological diseases. Revenues from sales of biologics will account for the lion’s share of the market through the forecast period, based on drug type. However, revenues from sales of organic compounds for rare neurological disease treatment are forecast to record a relatively faster growth through 2026.
With an estimated market revenue share of nearly 60% during 2017 to 2026, Alzhiemer’s disease will continue to dominate the market, based on indication. In addition, revenues from treatment of this indication segment are likely to record the fastest rise in the market through 2026. Injectables will remain sought-after among mode of administration of drugs for treating rare neurological conditions.
Since the recent past, leading pharmaceutical companies have been placing more emphasis on rare disease, with tremendous support from the government. There is a greater likelihood that effective therapeutic measures for these life threatening rare diseases will be realized in the near future.
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FMI’s report identifies and tracks key players influencing expansion of the rare neurological disease treatment market that include:
- EMD Serono, Inc.
- Jazz Pharmaceuticals
- Teva Pharmaceutical Industries Limited
- Johnson & Johnson
- Medtronic Plc
- Bayer Aktiengesellschaft
- Novartis AG.
Market Taxonomy Region
- North America
- Latin America
- Alzheimer’s Disease
- Multiple Sclerosis
- Amyotrophic Lateral Sclerosis
- Other Indications
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- Organic Compounds
Mode of Administration
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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