The rare neurological disease treatment market is expected to register a CAGR of 8.6% during the forecast period. A disease can be defined as rare if it has a prevalence of less than 5 per 10,000. Rare neurological disorders (RNDs) are vastly underdiagnosed, and effective treatment is often lacking. There are about 5000–8000 rare diseases, and about 5–8% of the European population is affected by a rare disease, many of which have neurological manifestations. Reflex Sympathetic Dystrophy Syndrome, Battaglia-Neri syndrome, Creutzfeldt Jakob Disease, Agnosia, Aicardi syndrome, Aicardi-Goutieres syndrome, are some of the neurological disorders. However, the diagnosis of rare neurological diseases involves several barricades, such as a lack of awareness about rare neurological diseases within the population. Rare diseases are creating huge healthcare and economic burden, worldwide.
According to the National Organization for Rare Disorders (NORD) Report, estimates around 7,000 known rare diseases lead to remarkable morbidity and mortality in 25 million Americans affected by them. In addition, about one-third of these are thought to include neurological components and symptoms. The increasing prevalence of rare neurological diseases and favorable government policies worldwide for speeding up development processes are the key driving factors in the limited neurological disease treatment market.
Key Market Trends
The Biologics Segment is Expected to Hold a Major Market Share in the Rare Neurological Disease Treatment Market
- The biologics segment holds a significant market share in the rare neurological disease treatment market. It is anticipated to show a similar trend over the forecast period due to the higher cost of biological drugs.
- As per Australian Huntington's Disease Association, in Australia, over 1,800 people have Huntington's Disease, and approximately 9,000 individuals are at risk of developing the disease. Similarly, a very high concentration of Huntington's Disease has been found in Venezuela, where the prevalence of Huntington's Disease is about 700 per 100,000 population.
- Increasing incidences of rare neurological diseases worldwide, increasing focus on fast-track approvals, technological advancements, and growing awareness regarding early diagnosis of rare neurological diseases are the key driving factors of the biologics segment.
North America is Expected to Hold a Significant Share in the Market in the Forecast Period
North America is expected to hold a major market share in the global rare neurological disease treatment market due to the availability of reimbursement, growing incidence of rare neurological diseases, and increasing research and development in this region. As per the Center for Rare Neurological Disease Research Report, the rare neurological diseases affect approximately 200,000 individuals in the United States. Furthermore, increasing healthcare spending and the presence of well-established healthcare infrastructure is also fueling the growth of the overall regional market to a large extent.
The rare neurological disease treatment market is consolidated. The market consists of a few significant players who dominate the market. Some of the leading market players include CSL Ltd, Kedrion Biopharma Inc., US WorldMeds LLC (Solstice Neurosciences LLC), Merz Pharma GmbH & Co. KGaA, Aquestive Therapeutics Inc., Bayer AG, Pfizer Inc., Novartis AG, Merck & Co. Inc. (EMD Serono Inc.), and Jazz Pharmaceuticals PLC.
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