The global orphan drugs market has set a valuation of US$ 165.4 Bn in 2021, and further, is expected to expand at a CAGR of 4.6% to reach US$ 267.6 Bn by the year 2032.
“The rising prevalence of rare diseases, development of new technologies for an orphan drug and rise in the investment in research and development is expected to uplift the orphan drugs market growth.”
Orphan drugs are medicines and vaccines to diagnose, treat or prevent rare and life-threatening disorders or other medical conditions. The majority of uncommon diseases are inherited and persist throughout a person's lifetime, however, symptoms may not always be apparent.
The most uncommon disease symptoms can develop soon after birth or throughout childhood like cystic fibrosis, lysosomal storage disorder, familial adenomatous polyposis (FAP), infantile spinal muscular atrophy and patent ductus arteriosus (PDA).
However, some symptoms of rare diseases, such as acute myeloid leukaemia, renal cell carcinoma and glioma only manifest in adults. Orphan drugs are used as effective medicine to cure such rare diseases.
Attributes
Details
Orphan Drugs Market Value in 2021
US$ 165.4 Billion
Orphan Drugs Market Value in 2032
US$ 267.6 Billion
Orphan Drugs Market CAGR (2022 to 2032)
4.6%
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What Are The Major Drivers Boosting The Demand For Orphan Drugs Market?
The market for orphan drugs is driven by the development of research and development on rare diseases being done in collaboration with regulatory organizations and research institutes. A strong market expansion is being driven by rising demand for novel drug products and advanced technological treatments for various rare diseases.
Furthermore, the rise in the prevalence of cardiovascular diseases, hypertension, and diabetes is anticipated to accelerate the market expansion of orphan drugs. The sales of orphan drugs can improve by factors like favourable government and reimbursement policies and expansion of product pipeline by launching new drugs.
Which Region Shows Strong Growth Potential In The Orphan Drugs Market?
Among the major regions, North America is expected to hold the largest market share owing to the adoption of novel products, the high prevalence of rare disorders and the technology to treat rare diseases.
Europe is the second largest market for orphan drugs. The widespread acceptance of advanced rare disease therapies and the large patient population are positively impacting the market for orphan drugs.
Apart from this, East Asia and South Asia together are contributing a moderate market growth. This growth is attributed due to research and development as well as the rapidly evolving healthcare infrastructure.
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Who Are The Key Players In The Orphan Drugs Market?
Some of the market players operating in the orphan drugs market are AbbVie Inc., Pfizer Inc., Merck & Co. Inc., Amgen Inc., Biogen Inc., Bristol-Myers Squibb Company, Sanofi S.A., F. Hoffmann-La Roche AG, Teva Pharmaceutical Industries Ltd., Novartis AG, and Takeda Pharmaceutical Company Limited.
Scope Of Report
Report Attributes
Details
Growth Rate
CAGR of 4.1% 2022 to 2032
Base Year for Estimation
2021
Historical Data
2012 to 2021
Forecast Period
2022 to 2032
Qualitative Units
Revenue in USD Billion, and CAGR from 2022 to 2032
Report Coverage
Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segment Covered
Therapy Area
Drug Type
Distribution Channel
Region
Region Covered
North America
Latin America
Europe
East Asia
South Asia
Oceania
Middle East & Africa
Key Countries Profiled
USA
Canada
Brazil
Mexico
Germany
UK
France
Spain
Italy
China
Japan
South Korea
Malaysia
Singapore
Australia
New Zealand
GCC
South Africa
Israel
Key Players
AbbVie Inc.
Pfizer Inc.
Merck & Co. Inc.
Amgen Inc.
Biogen Inc.
Bristol-Myers Squibb Company
Sanofi S.A.
F. Hoffmann-La Roche AG
Teva Pharmaceutical Industries Ltd.
Novartis AG
Takeda Pharmaceutical Company Limited.
Customization
Available Upon Request
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Key Segments Covered In The Orphan Drugs Industry Survey
By Therapy Area:
Oncology
Haematology
Neurology
Endocrinology
Cardiovascular
Others
By Drug Type:
Biologics
Non Biologics
By Distribution Channel:
Hospital Pharmacies
Retail Pharmacies
Online Stores
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific
The Middle East and Africa (MEA)
Frequently Asked Questions
What is the Growth Outlook for the Global Orphan Drugs Market?
The global orphan drugs market is anticipated to register a CAGR of 4.6% during the forecast period.
What Is the Projected Value of the Global Orphan Drugs Market In 2032?
The orphan drugs market is projected to be about US$ 267.6 Bn by the end of year 2032.
