DUBLIN, Sept. 15, 2023 /PRNewswire/ — The “Orphan Drugs Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global orphan drugs market is expected to grow from $140.40 billion in 2021 to $154.81 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The orphan drugs market is expected to reach $229.71 billion in 2026 at a CAGR of 10.4%.
The orphan drugs market encompasses the sales of specialized medications like ivacaftor and alglucerase. These values represent the cost of goods sold directly by manufacturers or creators, whether to other businesses in the supply chain (such as downstream manufacturers, wholesalers, distributors, and retailers) or directly to end consumers. It also includes related services offered by the product creators.
Orphan drugs come in two primary types: biological and non-biological. They find applications in various therapeutic areas, including oncology, hematology, neurology, cardiovascular, and others. Hematology, the study of blood and blood disorders, is a significant focus area. These drugs are distributed through channels like hospital pharmacies, retail pharmacies, and online sales.
In 2022, North America held the largest share in the orphan drugs market, while the Middle East is anticipated to experience the fastest growth in the coming years. The report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
One key driver of orphan drugs market growth is the increasing prevalence of rare diseases. These conditions, affecting only a small percentage of the population, often require specialized treatments that may involve cold chain logistics, a supply chain regulated by temperature, posing challenges in some regions. Despite their rarity, the global incidence of rare diseases has been on the rise.
For instance, as of January 2022, the American Cancer Society reported about 54,000 new cases of oropharyngeal or oral cancer in the USA each year, with 11,230 deaths attributed to these diseases. This demonstrates that rare diseases are becoming more prevalent, thus boosting the orphan drugs market.
However, the lack of supportive government policies acts as a hindrance to the orphan drugs market. In some regions, there are insufficient policies in place to provide special recognition or approval priority for orphan drugs by regulatory authorities. This can deter companies from manufacturing orphan drugs, especially in foreign markets, due to a lack of government funding and incentives.
For instance, in India, orphan medical products (OMPs) do not receive tax cuts or customs duty exemptions due to the absence of clear regulations and guidelines. This lack of supportive government policies limits the growth potential of the orphan drugs market.
One noteworthy trend driving orphan drugs market growth is the approval of biological orphan drugs for multiple indications. These biological drugs are increasingly used to treat rare diseases like cancer, offering fewer side effects and a high prevalence rate in developed countries. Companies are actively pursuing biological orphan drug development programs to expand their product portfolios and increase revenue.
In conclusion, the orphan drugs market research report provides comprehensive statistics, including global market size, regional shares, competitive analysis, detailed market segments, trends, opportunities, and other valuable insights for businesses operating in the orphan drugs industry.
Major Players Featured in this Report
- Bristol-Myers Squibb Company
- Celgene Corporation
- F. Hoffmann-La Roche Ltd.
- Amgen
- Biogen
- Bayer
- Novartis AG
- GlaxoSmithKline plc
- Johnson & Johnson
- AbbVie Inc.
- Eli Lilly and Company
- Alexion Pharmaceuticals
- Shire
- Novo Nordisk
- AstraZeneca
- Eisai
- Daiichi Sankyo
- Merck
- Teva Pharmaceutical Industries
- Actelion Pharmaceuticals Ltd.
- Aegerion Pharmaceuticals
Key Topics Covered:
1. Executive Summary
2. Orphan Drugs Market Characteristics
3. Orphan Drugs Market Trends And Strategies
4. Orphan Drugs Market – Macro Economic Scenario
4.1 COVID-19 Impact On Orphan Drugs Market
4.2 Ukraine-Russia War Impact On Orphan Drugs Market
4.3 Impact Of High Inflation On Orphan Drugs Market
5. Orphan Drugs Market Size And Growth
5.1. Global Orphan Drugs Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Orphan Drugs Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Orphan Drugs Market Segmentation
6.1. Global Orphan Drugs Market, Segmentation By Therapy Area, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Oncology
- Blood
- Central Nervous System
- Endocrine
- Cardiovascular
- Respiratory
- Immunomodulatory
6.2. Global Orphan Drugs Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
6.3. Global Orphan Drugs Market, Segmentation By Drug Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Biological
- Non-Biological
6.4. Global Orphan Drugs Market, Segmentation By Diesease Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Oncology
- Hematology
- Neurology
- Cardiovascular
- Other Diesease Types
7. Orphan Drugs Market Regional And Country Analysis
7.1. Global Orphan Drugs Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Orphan Drugs Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/qslcz1
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