The global rare neurological disease treatment market is expected to reach US$13,830.96 million by 2027 from US$ 7,300.12 million in 2019
NEW YORK, April 15, 2020 /PRNewswire/ --
The global rare neurological disease treatment market is expected to reach US$13,830.96 million by 2027 from US$ 7,300.12 million in 2019. The market is estimated to grow at a CAGR of 8.5% from 2020 to 2027.
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Driving factors of the rare neurological disease treatment market are growing prevalence of rare neurological diseases and favorable pipeline drugs and robust research activities for the treatment of rare neurological diseases. However, high treatment cost incurred is likely to show negative impact on market growth during the forecast period.
Rapid developments in healthcare and drug discovery are leading to the introduction of new therapeutic solutions for the treatment of rare neurological diseases.Authorities such as World Health Organization, National Institute of Neurological Disorders and Stroke, and National Institutes of Health are taking constructive steps to encourage research activities to find a remedy for rare neurological diseases.
For instance, in August 2019, National Institute of Neurological Disorders and Stroke and National Center for Advancing Translational Sciences invited researchers to conduct study on rare neurological and neuromuscular diseases.
In order to cope up with rising prevalence of rare neurological diseases and geriatric population, pharmaceutical companies are actively participating in the development of drugs.
For instance, in December 2019, Healx in partnership with Boehringer Ingelheim announced a plan to discover new treatment approaches in the coming years.Additionally, they are planning to discover new therapeutic options for the treatment of fragile X syndrome and Pitt-Hopkins syndrome.
Additionally, in January 2020, Ovid Therapeutics, a well-known player in rare neurological diseases treatment market, announced the enrollment of patients for pivotal Phase 3 NEPTUNE trial associated with Angelman syndrome.The results of this research study are expected in mid-2020.
Such increasing awareness and developments for rare neurological diseases are likely to boost the growth of the market during the forecast period.
The global rare neurological disease treatment market is segmented into indication, drug type, distribution channel, and mode of administration.The rare neurological disease treatment market, by indication, is further segmented into narcolepsy, amyotrophic lateral sclerosis, Alzheimer's disease, multiple sclerosis, spinal muscular atrophy (SMA), Duchene muscular dystrophy, and other indication.
Based on drug type, the rare neurological disease treatment market is further segmented into organic compounds and biologics.Based on distribution channel, the market is further segmented into online pharmacies, hospital pharmacies, and retail pharmacies.
The mode of administration segment is classified into oral, injectables.
Some of the essential primary and secondary sources included in the report are Food and Drug Administration, World Health Organization (WHO), Center for Drug Evaluation and Research, Canada Foundation of Innovation, European Federation of Pharmaceuticals Industries Associations, and International Trade Administration.
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