Rare disease is also known as orphan disease. It comprises life threatening diseases and affects a small percentage of the population. In the U.S., a rare disease is defined as a condition that affects fewer people. In Europe, a disease is defined as rare when it affects less than one citizens. Other countries also have their own definition of rare disease. Rare diseases are known as orphan diseases because pharmaceutical companies were not interested in adopting them to develop treatments for small patient population. The FDA decided to design these drugs as orphan drugs and give incentives to encourage companies to develop diagnostics and treatment options for rare diseases. The major challenge in rare diseases is lack of diagnosis and treatment options, lack of government policies and funding for research and development.
The global rare disease diagnostics market is expected to witness high growth, owing to the continued investments by rare disease diagnostics companies and healthcare companies alike to meet the industry demand and growing adoption of several products among major end users to manage prevalent rare diseases. Healthcare experts have found rare disease diagnostics to be one of the most rapidly evolving technologies, and the global market is predicted to grow at a CAGR of 8.57% over the forecast period of 2020-2030.
The current global rare disease diagnostics market study comprises products utilized for the diagnostics and services to the rare diseases. Since the market is primarily a research-dominated market, the COVID-19 pandemic had a low impact on the growth, or the revenue generated from the market. The current market assessment has considered the information provided by key opinion leaders in the market, from the supply side as well as the demand side.
Although manufacturers have witnessed low-scale losses due to decreased demand, it has been anticipated that losses incurred with this lower demand for the first two quarters of FY2020-2021 are expected to be compensated for with estimated higher demands in the following two quarters, thereby attempting to cut-down estimated losses faced due to the present quarantine. Although this circumstance may result in decreasing losses incurred, the industry will still be impacted significantly till 2022.
With the ever-expanding knowledge being extracted from the rare disease diagnostics regarding its impactful role in disease progression, research constitutes an exciting area of next-generation treatments. Rapid technological developments and their simultaneous adoption among major companies, have made global rare disease diagnostics market, one of the most lucrative segments for major companies operating within the precision care biosphere. Additionally, the increasing ease of treatment of diseases has revolutionized treatment dissemination for a number of diseases. With both market juggernauts, as well as emerging, disruptive companies playing a highly significant role in the market, the industry is rapidly evolving to regularize treatments in healthcare routines.
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