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% |
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.
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.
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.
| 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 |
The global orphan drugs market is anticipated to register a CAGR of 4.6% during the forecast period.
The orphan drugs market is projected to be about US$ 267.6 Bn by the end of year 2032.
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