North America Rare Diseases Treatment Market Size, Share & Industry Trends Analysis Report By Distribution Channel (Specialty Pharmacy, Hospital Pharmacy, and Online Pharmacy), By Route of Administration, By Therapeutic Area, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Rare Diseases Treatment Market would witness market growth of 11.9% CAGR during the forecast period (2022-2028).
The presence of caring regulations by governmental agencies, like the Orphan Drug Act, which encourages product development by granting orphan drug designation to potential drug delivery developed by pharma companies, is expected to accelerate market growth. This initiative promotes research & development in the treatment of rare diseases.
Certain factors responsible for the growth of the rare disease treatment market include increased government assistance, incentives for pharmaceutical companies, raising consciousness among individuals and social groups, physician-to-physician communication to find effective treatment options for rare diseases, a rise in infrastructure for persons suffering from rare diseases, and an increment in research incentives due to the prevalence of non-proliferative diseases.
The increasing prevalence of rare diseases has encouraged key players to develop new and improved treatments, which are expected to propel the market over the future years. In addition, the government is making favourable rules and regulations for increasing the availability of rare disease treatments. Also, people's growing preference for a healthy lifestyle is demanding for the advanced healthcare facilities.
The presence of a large number of leading players, as well as advanced healthcare facilities, are some of the major factors expected to drive market growth in the near future. Besides that, rising reimbursement policies in order to organize treatments for patients who have rare diseases, would create more demand for advanced healthcare solutions. The healthcare initiatives of the United States government seek to contribute to broader U.S. development objectives, foreign policy priorities, as well as national security concerns, while also assisting in the improvement of people's health in low- and middle-income countries.
The US market dominated the North America Rare Diseases Treatment Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $65,458.2 million by 2028. The Canada market is experiencing a CAGR of 14.5% during (2022 - 2028). Additionally, The Mexico market is exhibiting a CAGR of 13.5% during (2022 - 2028).
Based on Distribution Channel, the market is segmented into Specialty Pharmacy, Hospital Pharmacy, and Online Pharmacy. Based on Route of Administration, the market is segmented into Injectable, Oral, and Others. Based on Therapeutic Area, the market is segmented into Cancer, Cardiovascular Conditions, Infectious Diseases, Musculoskeletal Conditions, Endocrine Disorders, Metabolic Disorders, Hematologic Disorders, Neurological Conditions, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AbbVie, Inc., F. Hoffmann-La Roche Ltd., Bayer AG, Novartis AG, Merck Group, Bristol Myers Squibb Company, Pfizer, Inc., AstraZeneca PLC, Takeda Pharmaceutical Company Limited and PTC Therapeutics, Inc.
Scope of the Study
Market Segments Covered in the Report:
By Drug Type
- Small Molecule
By Distribution Channel
- Specialty Pharmacy
- Hospital Pharmacy
- Online Pharmacy
By Route of Administration
By Therapeutic Area
- Cardiovascular Conditions
- Infectious Diseases
- Musculoskeletal Conditions
- Endocrine Disorders
- Metabolic Disorders
- Hematologic Disorders
- Neurological Conditions
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- AbbVie, Inc.
- F. Hoffmann-La Roche Ltd.
- Bayer AG
- Novartis AG
- Merck Group
- Bristol Myers Squibb Company
- Pfizer, Inc.
- AstraZeneca PLC
- Takeda Pharmaceutical Company Limited
- PTC Therapeutics, Inc.
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