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Global Orphan Drugs Market Expected to Reach $338.51 bn by 2026
The Orphan Drugs Market makes many experts with lots of experience in manufacturing drugs. Many vendors recruited skilled researchers, scientists, professionals who are trained in the domain of drug development. Small players may face huge competition from the leading players globally. It is estimated that small and medium-sized markets would depend on incentives provided by the government to survive. The newcomers are estimated to start from the basics by manufacturing drugs and then after upgrading to more complex drugs.
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Highest Market Share for Biological Orphan Drug: Biological Orphan Drug is expected to grow at a good pace and may reach the highest market share due to the higher cost of biological drugs in contrast to non-biological drugs. Approval of multiple indications for biological orphan drugs has resulted in growth and also encouraging new market entrants in the orphan drug market. Increase in recognition of the disease and drugs among patients and physicians. The rise in the growth of investment in research and development, economic, legislative, and tax benefits provided by governments.
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One of the major factors is the high cost for the development of drugs, which is estimated to be the growth of the overall orphan drugs market in the following years. Factors hampering the market are a high treatment cost of diseases, availability of small patient pool for clinical trials & marketing. Threats like competition from generics and biosimilars, costlier clinical trials and extensive post-market surveillance, monopolized and unitary market that are to be managed.
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Orphan Drug Market is segmented into seven key regions: North America, Latin America, and Western Europe, Eastern Europe and the Asia Pacific excluding Japan, Middle East, and Africa. North America is dominating in global drug market followed by Europe. It is estimated that the Asian Pacific region is growing rapidly in Healthcare Infrastructure and Research and Development. India, China, and Japan are set to be the most attractive countries for orphan drugs market due to the untapped market.
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