Actionable Insights on Orphan Drugs Market by Type, Application, Regions, Trends, Demand with In-detailed Competitor Analysis

Coherent Market Insights released a new market study on 2021-2027 Orphan Drugs Market with 100+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to understand detailed analysis. At present, the market is developing its presence. The Research report presents a complete assessment of the Market and contains a future trend, current growth factors, attentive opinions, facts, and industry validated market data. Report offering you more creative solutions that combine our deep geographic experience, intimate sector knowledge and clear insights into how to create value in your business. The research study provides estimates for 2021-2027 Orphan Drugs Market Forecast till 2027*.

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Market Overview:

An orphan drug can be defined as a pharmaceutical agent specifically designed to treat orphan (rare) diseases, such as ALS (Lou Gehrig’s disease), myoclonus, Tourette syndrome, muscular dystrophy, and Huntington’s disease. These diseases are treated with orphan drugs, as their prevalence rate is very low and hence appeal to a very small patient population. Because of the very small patient pool, orphan drugs typically cost more than prescribed drugs. Orphan drugs are used to treat and prevent life-threatening diseases or disorders that are rare. In short, orphan drugs are those that are intended for the treatment, prevention or diagnosis of a rare diseases, which affect less than 200,000 individuals or meet cost recovery provisions of the act.

Key Market Drivers:

Increasing prevalence of rare disease around the world is expected to augment the growth of the orphan drugs market over the forecast period. Rare diseases currently affect 3.5% to 5.9% of the world’s population. For instance, according to European Organization for Rare Diseases, more than 300 million people are living with one or more of over 6,000 identified rare diseases around the world.

Moreover, rise in awareness among the populace regarding orphan (rare) disease is expected to boost the growth of the orphan drugs market. For instance, Rare Disease Day takes place on the last day of February every year. The main objective of this is to raise awareness amongst the general public and decision-makers about rare diseases and their impact on patients’ lives.

COVID-19 Impact Analysis:

The outbreak of COVID-19 has created a multitude of acute challenges for healthcare industry, including postponement of the diagnosis and treatment of life-threatening diseases, such as orphan diseases. This particularly affects people with orphan disease, as the lack of diagnosis and treatment services affected the timely prescription of orphan drugs. However, during these unprecedented times, pharmaceutical companies have responded to the challenges arising from disruption in supply chains. Moreover, the healthcare industry is trying to strike the optimum balance between pandemic and essential health services. This in turn is expected to propel the growth of the orphan drugs market, worldwide.

Key Takeaways

• The orphan drugs market is expected to exhibit a CAGR of XX % during the forecast period owing to the proactive initiatives undertaken by government and regulatory authorities to develop orphan drugs. For instance, the Food and Drug Administration (FDA) provides incentives to pharma and biotech companies to enhance their research and development in orphan drugs.
• Among regions, North America and Europe are expected to witness robust growth in the orphan drugs market due to growing patient population with rare disease in these regions. For instance, according to the National Institute of Health (NIH), there are around 7,000 rare diseases, which affect around 25 to 30 million people in the United States.

Orphan Drugs Market – Competitive Landscape

Key players functioning in the global prosthetic liners market consists of Acorda Therapeutics, Actelion Pharmaceuticals Ltd., Amgen, Alexion Pharmaceuticals, Baxter international, Bayer healthcare pharmaceuticals, Biomarin Pharmaceuticals, Novartis, F.Hoffmann-La Roche AG, Johnson and Johnson

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Reasons to Purchase this Report

• Current and future of global Orphan Drugs Market outlook in the developed and emerging markets • The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period. • Regions/countries that are expected to witness the fastest growth rates during the forecast period • The latest developments, market shares, and strategies that are employed by the major market players

Major Point Answered in Orphan Drugs Market Research Study are:

• What will be the progress rate of the Orphan Drugs Market for the conjecture period, 2021-2027?
• What are the prominent factors driving the Orphan Drugs Market across different regions?
• Who are the major vendors dominating the Orphan Drugs industry and what are their winning strategies?
• What will be the market scope for the estimated period?
• What are the major trends shaping the expansion of the industry in the coming years?
• What are the challenges faced by the Orphan Drugs Market?

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