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The Orphan Drug Market was valued at US$ 165.4 billion in the year 2021 and is expected to grow at a CAGR of 10.3% to reach US$ 362.4 billion by 2028.

09-05-2022 12:18 PM CET | Health & Medicine

Press release from: skyquestt

According to the latest research by SkyQuest Technology, Global Orphan Drug Market size was esteemed at US$ 165.4 billion in the year 2021 and is supposed to extend at a build yearly development rate (CAGR) of 10.3% from 2022 to 2028.

"Orphan drugs" are pharmaceuticals used to diagnose, prevent, or treat rare, severe diseases or disorders that are either life-threatening or highly serious.

The most common rare diseases include Haemophilia, Thalassemia, Sickle-cell Anaemia and Primary Immuno Deficiency in children, auto-immune diseases, and Lysosomal storage disorders such as Pompe disease, Hirschsprung disease, Gaucher's disease etc.

Pharmaceutical companies are reluctant to spend in R&D to create medications for rare diseases because it won't benefit the business. Such drugs will have a relatively tiny target market. Companies won't be able to recoup their expenses as a result. Thus, these medications are known as orphan drugs.

The Orphan Drug Act was passed in the USA in 1983 as a means of encouraging pharmaceutical companies to create cures for uncommon ailments. Although CDSCO designated orphan pharmaceuticals as those intended to treat an illness that affects fewer than 200,000 individuals, India does not have rules governing them.

Although there is currently no orphan drug legislation in India, the health ministry has developed a draught set of regulations governing clinical trials. The pharmaceutical industry should invest more on orphan pharmaceuticals as there are more patients from India. Since the Orphan Drug Act was passed, the USA has created more than 200 pharmaceutical and biological medicines to treat rare disorders.

Due to the region's expanding industrial infrastructure, rising disposable incomes, and advantageous government policies, Asia-Pacific presents lucrative prospects for key players operating in the orphan drug market and will develop at the quickest rate throughout the forecast period.

The demand for immunomodulators is anticipated to be driven by the increased prevalence of infectious diseases in both developed and developing nations as well as rising prescription drug costs. This will help the orphan drug market expand over the course of the forecast year.

Due to a huge target population and a rise in awareness regarding the diagnosis of orphan illnesses, the US now holds the largest proportion of the global market. In addition to this, the US government took steps to encourage the creation and use of orphan medications in the area. For instance, the National Institutes of Health (NIH) funds studies to help those with uncommon diseases live healthier lives.

Click Here to Download and Understand Latest Key Trends: https://skyquestt.com/sample-request/orphan-drug-market

Read More "Global Orphan Drug Market, By Disease Type (oncological diseases, metabolic diseases, hematologic & immunologic diseases, infectious diseases, neurologic diseases, and other rare diseases), By Drug Type (Biologics, non-biologic), By Distribution channel (Hospital Pharmacy, Retail Pharmacy, Online Sales, Others)- Industry Trends and Forecast to 2028" By SkyQuest Technology

Report Findings
Drivers- The development of orphan medications under research has been significantly influenced by the development of new technologies. Due recent advancements in genomics and the wider application of gene sequencing, made it possible in case of rare disease. furthermore, additional technologies like gene therapy and antisense therapy have made it feasible for us to target certain disorders in ways that were not previously possible. Combined, technological advancements have made it easier to both diagnose and cure uncommon genetic disorders, which has made them more manageable for pharmaceutical companies.
Restraint- Orphan medications frequently fall short of established health technology assessment criteria, particularly cost-effectiveness, which may affect access, due to high costs and a lack of data.

Speak with our analyst for more information: https://skyquestt.com/speak-with-analyst/orphan-drug-market

What does this Report Deliver?
Market Estimation.
Orphan Drug Market demand by Region and Country
Customization on Segments, Regions, and Company Profiles
Competitive Landscape in the Market by the Key Players
Drivers, Restraints, Opportunities, Challenges and the impact on the Orphan Drug Market.
Market growth rate till 2028
In-depth Market insights by Region and Country.
Market Segmentation Trend Analysis, Opportunities and Growth

We have segmented the Global Orphan Drug Market based on Disease Type, Drug Type, and Region:
Global Orphan Drug Market By Disease Type (Revenue, USD Billion, 2022-2028)
Oncological diseases
Metabolic diseases
Hematologic & immunologic diseases
Infectious diseases
Neurologic diseases
Others
Global Orphan Drug Market By Drug Type (Revenue, USD Billion, 2022-2028)
Biologics
Non- biologics
Global Orphan Drug Market By Region (Revenue, USD Billion, 2022-2028)
North America
U.S.
Canada
Mexico
Europe
Germany
France
Spain
Italy
UK
Rest of Europe
Asia-Pacific
Australia
Japan
India
China
Rest of Asia-Pacific
Middle East & Africa
GCC Countries
South Africa
Rest of MEA

Key Players in the Global Orphan Drug Market
Bayer HealthCare Pharmaceuticals Inc. (Germany)
Vertex Pharmaceuticals (US)
Merck & Co., Inc. Kenilworth (US)
Alexion Pharmaceuticals, Inc. (US)
Boehringer Ingelheim GmbH (Germany)
Amgen Inc. Thousand Oaks (US)
Biogen Idec Cambridge (US)
Actelion Pharmaceuticals Ltd (Switzerland)
AstraZeneca PLC (US)
Janssen Biotech, Inc. (US)

About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.

Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com

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