Global Orphan Drugs Market to Witness Massive Growth by 2027 with Healthy CAGR Rate and Top Key Players: Novartis, Bristol-Myers Squibb, Celgene, Roche, Pfizer

This latest version of the Orphan Drugs market report by Worldwide Market Reports has been added to a large database of detailed reports. This is intended to shape the future of all businesses involved. Our team of experienced research analysts reviews and curates reports based on several aspects such as market overview, driving force, growth rate, market trends, market size, opportunities, and challenges. Of the market. With detailed competitive analysis at regional and global levels. The Orphan Drugs market research report provides an in-depth analysis of the market on a global scale and targets certain market segmentation. This report also provides a deeper knowledge of the latest market trends and identifies key product developments in the industry. In addition, the report collects numerous factors certifying the growth of the market in recent years.

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Novartis
Bristol-Myers Squibb
Celgene
Roche
Pfizer
Sanofi
Alexion Pharmaceuticals
Eli Lilly
Novo Nordisk
AstraZeneca
Eisai
Daiichi Sankyo
Bayer
GlaxoSmithKline
Merck
Johnson & Johnson
Biogen
Shire
Amgen

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Overview:

An orphan drug is a pharmaceutical agent developed to treat a rare condition. Without government assistance, it would be too expensive to produce. These drugs are often developed to cure orphan diseases. Fortunately, the U.S. government has helped develop the treatments that are available today. The first thing to understand about orphan drugs is that they're less profitable than fast-track medications. The reason for this is that they're usually earlier in development, which means that they're more likely to fail. Moreover, investors will be more willing to invest in orphan drugs, which are also more likely to be successful.

The global orphan drugs market focuses on six regions, such as North America, Asia Pacific, South America, Europe, the Middle East, and Africa.

By Type
Oncology
Gastrointestinal
Pulmonary
Neurology
Hematology
Cardio-vascular
Metabolic disorders
Endocrinology
Infectious diseases

By Application
Hospital Pharmacies
Specialty Pharmacies
Retail pharmacies
Others

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Drivers:

The increasing incidence of rare diseases in the world is expected to fuel the growth of the global orphan drugs market over the estimated period. For instance, according to Frontiers Media, the global prevalence of acromegaly is around 28–137 cases per million population. The orphan designation is not just for rare diseases. Essentially, the act protects orphans from competition. It creates a government-run enterprise to conduct research and development. While this is a great start, the pharmaceutical industry has taken advantage of this to increase profits and make a profit far beyond what they invested in the drug. However, the orphan designation has a negative side: the pharmaceutical industry is making too many profits on the orphan designation, so they're often tempted to charge excessive prices. Increasing pipeline products related to treatment options is estimated to enhance the growth of the global orphan drugs market.

Restraints:

Slow approval of orphan drugs is expected to hinder the growth of the global orphan drugs market.

Regional Insights:

North America is expected to dominate the growth of the global orphan drugs market, owing to the increasing incidence of rare diseases in the region. For instance, according to the U.S. National Institutes of Health (NIH), there are around 7,000 rare diseases in the U.S. that affect around 25 and 30 million Americans. Moreover, the presence of authorization and approval agencies, such as the U.S. Food and Drug Administration, is also fueling the growth of the market.

The Asia Pacific is expected to witness significant growth in the global orphan drugs market owing to the increasing presence of pharmaceutical manufacturers in the region, especially in developing nations. Moreover, the increasing prevalence of the geriatric population in the region is estimated to propel market growth.

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