Orphan Drugs Market To Reach USD 269210 Million By 2029, Witnessing A CAGR of 9.9% | Valuates Reports
BANGALORE, India, June 14, 2023 /PRNewswire/ -- Orphan Drug Market segmented by Type - Oncology, Gastrointestinal, Pulmonary, Neurology, Hematology, Cardio-vascular, Metabolic Disorders, Endocrinology, Infectious Diseases, Others, by Application - Baby and Child, Teenager, Adult, Other. Global Opportunity Analysis and Industry Forecast 2023-2029. It is published in Valuates Reports under the Pharmaceuticals & Biotech Category.
The global Orphan Drugs market was valued at USD 153130 million in 2022 and is anticipated to reach USD 269210 million by 2029, witnessing a CAGR of 9.9% during the forecast period 2023-2029.
Major factors driving the growth of the Orphan Drugs Market
The Orphan Drugs Market is expanding because of favorable government regulations and an increase in the occurrence of uncommon illnesses.
Increasing R&D activities will support global orphan drugs market development. During the projection period, there are likely to be lucrative prospects for market expansion due to the high growth potential in untapped emerging economies and the increase in new indications for well-known orphan medications.
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TRENDS INFLUENCING THE GROWTH OF ORPHAN DRUGS MARKET
Pharmaceuticals used to detect and treat unusual medical conditions are known as orphan drugs. These drugs often have a tiny market since they are made for a small patient group and are created to meet a particular public health need. Numerous oncological, metabolic, hematologic, chronic, progressive, viral, and neurological conditions can be successfully treated with them. Lymphoma, glioma, leukemia, cystic fibrosis, ovarian cancer, immunologic, multiple myeloma, and renal cell carcinoma are all life-threatening, degenerative, and debilitating illnesses that call for certain treatment choices that are efficient for their particular symptoms. This factor is expected to drive the growth of the Orphan Drugs Market
Governments all across the globe have put in place a variety of incentives and rules to promote the creation of orphan medications. These include increased market exclusivity, tax breaks, subsidies for research, and accelerated regulatory procedures. Pharmaceutical firms have been enticed to engage in the development of orphan drugs thanks to these incentives. This factor is expected to drive the growth of the Orphan Drugs Market
The knowledge of uncommon illnesses has improved as a result of developments in genetic research and diagnostic methods. This increased the possibility of successful medication development by enabling the identification of particular molecular targets and pathways that can be addressed by orphan pharmaceuticals. This factor is expected to drive the growth of the Orphan Drugs Market
Patient advocacy organizations are essential in promoting financing for research, educating the public about rare illnesses, and encouraging the creation of orphan medications. Their initiatives have increased public and governmental support for the development of orphan drugs and brought attention to these diseases. This factor is expected to drive the growth of the Orphan Drugs Market
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ORPHAN DRUGS MARKET SHARE ANALYSIS
With a market share of roughly 10%, Bristol-Myers Squibb is among the top orphan medication manufacturers in the world. Other leading manufacturers include Roche and Novartis.
The largest market is North America, which accounts for over 40% of sales, followed by Asia-Pacific. The enormous investment in orphan pharmaceuticals, the large patient population, and the existence of important market participants have all contributed to North America's high market share and the creation of complex and cutting-edge goods.
With a share of more than 60%, oncology is the largest sector by type.
The adult market has a stake of roughly 40% in terms of applicability.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Bristol-Myers Squibb
- Roche
- Novartis
- Johnson & Johnson
- Pfizer
- Amgen
- Sanofi
- AstraZeneca
- Takeda
- Vertex Pharmaceuticals
- AbbVie
- Biogen
- Eli Lilly
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