Orphan Drugs Market expected to grow at a CAGR of 9.5% by 2032, due to growing patient population with rare diseases | insightSLICE
The market for Orphan Drugs was valued at US$ 160.5 billion in 2021 and is expected to grow at a CAGR of 9.5% through 2032.
An orphan disease, also known as a rare disease, is one that only affects a small portion of the world’s population. Even if symptoms may not manifest right away, the majority of these uncommon diseases are inherited and exist throughout the patient’s entire lifespan.
Rare diseases have been seen to be becoming more common all around the world. A pharmaceutical product used for the diagnosis, prevention, and treatment of these uncommon conditions or diseases is known as an orphan medication, according to the European Organization for Rare Diseases.
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These diseases stand out from other conditions due to the fact that they have a very low occurrence rate when compared to other illnesses and are therefore purchased by a relatively tiny patient group.
The production and commercialization of these pharmaceuticals are, nevertheless, encouraged by the government authorities of numerous nations across the globe.
The key players of the Global Orphan Drugs Market are:
The biggest companies involved in the global orphan drug market include Biogen Idec, Actelion Pharmaceuticals Ltd, Sanofi, Boehringer Ingelheim GmbH, AbbVie Inc., Bristol-Myers Squibb Company, Aegerion Pharmaceuticals, Inc., Celgene Corporation, Johnson & Johnson, Novartis AG, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Pfizer Inc. Amgen Inc., AstraZeneca plc, and Janssen Biotech, Inc.
Major driving factors that are prevalent in the Orphan Drugs Market:
Rising R&D initiatives to propel the expansion of the worldwide market are important components of the orphan drug market. The growing R&D efforts made by major companies for the orphan drug creation of fresh product portfolio is one of the key driving factors influencing the worldwide market.
Many clinical-stage biopharmaceutical businesses and well-established market players have developed potent orphan drug targets that are in various phases of clinical trials as a result of the growing knowledge and awareness of rare diseases.
This growing interest in treating rare disorders is due to the fact that, in contrast to standard pharmaceutical portfolios, important pharmaceutical advances leading to the development of blockbuster pharmaceuticals are fairly probable in the field of rare disorders.
Pharmaceutical firms are mandated to perform outcome research for the conventional therapy approaches for diseases with a higher number of regulatory approvals than rare disorders, such as diabetes and coronary artery disease (CAD). During the anticipated period, this is anticipated to accelerate market expansion.
6,084 rare diseases have been reported in the US in 2016 based on a survey. While some diseases only had a few victims, others, like cystic fibrosis, had hundreds or even thousands of victims.
In the United States, this illness alone has impacted about 30,000 people. Patients with rare diseases make up 6% to 8% of the population overall at the moment.
Governments all over the world had already developed numerous legal and financial incentives surrounding the Orphan Drugs Market to be able to treat rare diseases and conditions properly and to incentivize pharmaceutical and biotechnology corporations to invest in therapies for rare diseases.
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Reasons for Orphan drugs and treatment usage:
The orphan drugs market is being encouraged to develop the genuine worth of the unstructured therapy paradigm for patients who are suffering from a multitude of rare diseases and ailments.
This is happening as a result of the increased risks taken in research and development by major players. The market is also adopting remarkable dynamics more quickly thanks to specific modifications being made in compliance with market policies and cooperation for the exchange of experience.
The other conventional medicines are thought to be facing stiff competition as a result of the market’s consequent fragmentation and growing competitive environment.
The orphan drug market has contributed to the emergence of a change that is considered a crucial addition when taken in the context of the existing public-health measures that are in place internationally. It is projected that the trifecta reached by this market will establish a market size that would be sturdy and strong.
It is predicted that an analysis of the upcoming developments and opportunities related to the global orphan drug market would significantly advance therapeutics research and development.
The orphan drug market is predicted to experience significant growth in the following years in terms of both research and development as well as overall business operations and outreach, improvement in patient rights, heightened competition, better healthcare solutions provided by orphan drugs, and an increase in investors.
The market is expected to rise significantly as more medications are produced to treat uncommon blood diseases and illnesses that were formerly considered incurable.
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Global Orphan Drugs Market Key Segments:
By Disease Type
- Oncologic Diseases
- Metabolic Diseases
- Hematologic and Immunologic Diseases
- Infectious Diseases
- Neurologic Diseases
- Other Rare Diseases
- Non-Hodgkin Lymphoma
- Acute Myeloid Leukemia
- Cystic Fibrosis
- Pancreatic Cancer
- Ovarian Cancer
- Multiple Myeloma
- Duchenne Muscular Dystrophy
- Graft vs Host Disease
- Renal Cell Carcinoma
By Therapy Class
- Central nervous systems
By Distribution Channel
- Hospital pharmacy
- Retail pharmacy
- Online pharmacy
By Drug Type
- Non- biologics
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA
Major segments in the Orphan Drugs Market sectors based on treatment type:
The market for orphan drugs is divided into segments based on the type of disease, the indication for the drug, the sale of the drug, the distribution method, and the type of therapy. The biologics market had the biggest market value in the orphan drugs industry when taking drug type into account.
One of the main reasons for the market’s domination is the preponderance of products that are categorized as biologics. The Therapy Class market for orphan drugs was headed by the oncology sector.
This dominance can be linked to the presence of numerous oncology treatments in the product development pipelines of significant firms as well as the abundance of orphan medications for the treatment of rare diseases.
According to a regional distribution, North America leads the market:
According to geographic segmentation, North America represented the biggest market share. Throughout the projection period, North America is anticipated to continue to dominate the regional market for orphan pharmaceuticals worldwide.
The rising occurrence of uncommon illnesses is primarily to blame for the market expansion in this area.
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