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The global orphan drugs market size touched USD 156.97 billion in 2022 and is predicted to reach USD 170.49 billion in 2023. The market is anticipated to touch USD 368.43 billion by 2030, recording a CAGR of 11.6% over 2023-2030.
Fortune Business Insights™ presents this information in its latest report titled “Orphan Drugs Market Size, Share & COVID-19 Impact Analysis, By Therapy Area (Oncology, Hematology, Neurology, Endocrinology, Cardiovascular, Respiratory, Immunotherapy, Infectious Diseases, and Others), By Drug Type (Biologics and Non-Biologics), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, and Others), and Regional Forecast, 2023-2030”.
Orphan drugs refer to a set of medicines that have been developed by end-users in the pharmaceutical sector to address public health requirements. These medicines can effectively treat patients suffering from rare disorders as these ailments do not have any treatment available. According to an article published by the Orphanet in 2023, nearly 4,000-5,000 rare ailments do not have any treatment. These factors are predicted to boost the orphan drugs market share in the coming years.
Rising Product Approvals Favored Market Growth During COVID-19 Pandemic
While the COVID-19 pandemic had a negative impact on elective surgeries and treatments, such as treatment of rare diseases as most of them were postponed or cancelled, the number of approvals for these drugs rose. The number of applications that were sent by leading pharmaceutical companies to get their orphan drugs approved for commercialization and promotion were higher than that of the pre-pandemic period. This factor improved the market progress during COVID-19.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/industry-reports/orphan-drugs-market-100088
Rising Number of Patients Suffering from Rare Diseases to Propel Market Growth
The number of patients suffering from rare ailments is increasing at a steady pace across the globe. However, these diseases do not have any treatment, a fact that has prompted many drug-makers to intensify their research and development efforts to create effective therapeutics for rare diseases. Since there is a sizeable percentage of people suffering from these ailments, companies are raising their investments in R&D initiatives and getting involved in the creation of innovative products. These developments are set to drive the orphan drugs market growth during the forecast period.
Competitive Landscape
Vast Product Portfolio of F. Hoffmann-La Roche Ltd. and Bristol-Myers Squibb Company to Help Dominate the Market
The market has a strong presence of organizations that are involved in the production and distribution of a vast range of medicinal products and a vast customer base. However, Bristol-Myers Squibb and F. Hoffman La Roche are dominating this market as these companies have a vast product portfolio and have witnessed strong sales of these drugs that are used to treat several rare cancers. The other companies that have a notable market presence include BioMarin Pharmaceutical Inc., Biogen Inc., Novartis, Alexion, Amgen, DAIICHI SANKYO COMPANY LIMITED, AstraZeneca, and Agios Pharmaceuticals.
Notable Industry Development:
List of the Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 11.6% from 2023 to 2030 |
Unit | Value (USD billion) |
Segmentation | By Therapy Type, Drug Type, Distribution Channel, and Region |
By Therapy Type |
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By Drug Type |
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By Distribution Channel |
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By Region |
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