Rare Endocrine Disorders Treatment Market to see Fintech Integration

New York, United States, 2022-May-16 — /EPR Network/ —

The healthcare vertical is expected to accelerate based on IoMT (Internet of Medical Technology). The key players in IoMT help in designing and tuning to sophisticated custom software. Also, iTunes or Google Play catalogs have encompassed healthcare and wellness mobile apps. With synchronization with wearables like fitness trackers or pulsometers for using data collected via sensors placed on body for reporting/analysing health conditions, the Rare Endocrine Disorders Treatment Market is there to take the healthcare vertical by storm in the next 10 years.

Rare endocrine disorders are defined as a condition that affects fewer than 200,000 Americans at any given time. According, to the NIH (National Institutes of Health), they are more than 175 distinct rare diseases that affect the endocrine system. In Europe, any disease affecting fewer than 5 people in 10,000 is considered as rare endocrine disorders.

Treatment of rare endocrine disorder is directed towards specific symptoms that are apparent in each individual and include surgery and drugs to counteract the disorders. Specific therapeutic procedures and interventions may vary depending upon particular disease. In many cases, there is no approved treatment for many rare endocrine diseases. In most of the cases, treatment is targeted towards specific symptoms.

Rare Endocrine Disorders Treatment Market: Drivers and Restraints

FDA’s Office of Orphan Products Development (OOPD) and Orphan Products Clinical Trials Grants Program (formerly known as Orphan Products Grants) supports the clinical development of products to be used for treating rare diseases or conditions where no current therapy exists or where the proposed product will be superior to the existing therapy. FDA provides grants for clinical studies on safety and/or effectiveness that will either result in or substantially contribute to, market approval of these products. In general, OOPD grant funding lasts for three-four years.

The demand for orphan drugs is inelastic, meaning that it is relatively insensitive to any change in prices. Orphan drugs are developed for conditions where there are only a few effective treatment options. Relatively small number of affected population means that the cost of the drug may not severely strain health system. Orphan diseases are supported by well-organized patient-advocacy organizations, including the National Organization for Rare Disorders in the U.S. and EURORDIS in the EU. It may be politically untenable for a payer to refuse coverage for a promising new therapy on cost grounds.

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Healthcare providers do not have adequate information about the treatment and management of rare diseases. Most people suffering from rare diseases do not have any treatment options available for their condition. Awareness and understanding of rare diseases are often low and many patients struggle to find adequate information about their condition. As a result, upon diagnosis, patients may feel isolated, overwhelmed and unsupported

Rare Endocrine Disorders Treatment Market: Segmentation

Segmentation based on Disease Type

• Acromegaly
• Ahumada-Del Castillo Syndrome
• Central Diabetes Insipidus
• Chiari Frommel Syndrome
• Cushing Syndrome
• Growth Hormone Deficiency
• Others

Segmentation based on Distribution Channel

• Hospital pharmacies
• Drug Stores
• Retail Stores
• E-Commerce

Rare Endocrine Disorders Treatment Market: Market Overview

Global Rare Endocrine Disorders Treatment market witnessed rapid growth due to rising demand for potential needs of Rare Endocrine Disorders. There have been a number of initiatives aimed at raising awareness. The Global Genes Project, one of the leading rare and genetic disease patient advocacy organizations in the world, sponsor grassroots activity to increase awareness internationally.

Rare Disease Day is a global initiative aimed at increasing awareness of rare diseases for both healthcare professionals and the population at large. Along with this, many government agencies, educational institutions, clinical centers, and corporations have signed on as Rare Disease Day Partners. The future of Rare Endocrine Disorders Treatment market is anticipated to grow at double CAGR during the forecast period.

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Rare Endocrine Disorders Treatment Market: Region-wise Overview

Global Rare Endocrine Disorders Treatment Market segmented into North America, Europe, Asia -Pacific & Japan, The Middle East and Africa regions and Latin America by region wise. North America dominates the global Rare Endocrine Disorders Treatment Market due to the high awareness, and in North America, USA is a major stakeholder due to the high penetration.

Economic conditions in the APAC region are set to drive the Rare Endocrine Disorders Treatment market to new heights. European and APAC are fastest growing region due to the rising awareness of Rare Endocrine Disorders Treatment.

Latin America is growing at stable pace due to increasing acceptance of Rare Endocrine Disorders Treatment. The Middle East and Africa regions are showing significant growth because of raising awareness regarding Rare Endocrine Disorders Treatment during the forecasted period. However, developed countries would maintain its position in the Rare Endocrine Disorders Treatment market because of increasing awareness and rising adoption.

Rare Endocrine Disorders Treatment Market: Key Participants

The key participants in Rare Endocrine Disorders Treatment Market are Teva Pharmaceuticals Inc., Novartis AG, Mylan N.V., AstraZeneca Plc., Sun Pharmaceuticals Ltd., and others. The companies are mainly focusing on intense marketing to convey benefits of Rare Endocrine Disorders Treatment.

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