Press release
Orphan Drugs Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions | Pfizer Inc., Johnson & Johnson Services Inc., F Hoffmann-La Roche Ltd., Farbenfabriken Bayer AG, Novartis AG
Orphan Drugs Global Market Report
The Business Research Company presents an extensive market research report on the Orphan Drugs Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The orphan drugs market size has grown rapidly in recent years. It will grow from $188.45 billion in 2023 to $208.04 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to orphan drug act of 1983, rising interest in rare diseases, drug repurposing, advancements in genetic understanding, research funding initiatives.
The orphan drugs market size is expected to see exponential growth in the next few years. It will grow to $481.69 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to evolving market access policies, value-based healthcare initiatives, global market expansion, patient-centric drug development, targeting rare cancers. Major trends in the forecast period include increasing target identification, accelerated regulatory pathways, advancements in gene therapy, expanded research collaborations, precision medicine approaches.
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Key Market Players:
Major companies operating in the orphan drugs market report are Pfizer Inc., Johnson & Johnson Services Inc., F Hoffmann-La Roche Ltd., Farbenfabriken Bayer AG, Novartis AG, Sanofi SA, Bristol-Myers Squibb Co., AstraZeneca plc, GlaxoSmithKline plc, Takeda Pharmaceutical Company Limited, Eli Lilly and Company, Gilead Sciences Inc., Applied Molecular Genetics Inc., Novo Nordisk A/S, Merck & Co. KG, AbbVie Inc., Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., CSL Limited, Biogen Inc., Celgene Corporation, Vertex Pharmaceuticals Inc., Eisai Co. Ltd., Grifols SA, Alexion Pharmaceuticals Inc., BioMarin Pharmaceutical Inc., Aegerion Pharmaceuticals Inc., Sankyo Co. Ltd., Shire plc, Actelion Pharmaceuticals Ltd.
Market Drivers:
The rising prevalence of rare diseases is a key factor driving the growth of the orphan drugs market. Any disease that affects a small percentage of the population is rare. Rare disease treatments often require a cold chain, a supply chain regulated by the temperature that is not readily accessible in all countries. Orphan diseases or rare diseases occur rarely among people (i.e., 7 out of 10,000). However, globally, the prevalence of rare diseases is increasing in recent years. For instance, in January 2022, according to an article shared by the American Cancer Society, in USA, there are about 54,000 new instances of oropharyngeal or oral cancer each year. 11,230 people lose their lives to oropharyngeal or oral cancer. The average age of most people diagnosed with these cancers is 63, but they can occur in young people. Just over 20% (1 in 5) of cases occur in patients younger than 55. Thus, the rising prevalence of rare diseases is driving the growth of the orphan drugs market.
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The orphan drugs market covered in this report is segmented -
1) By Therapy Area: Oncology, Blood, Central Nervous System, Endocrine, Cardiovascular, Respiratory, Immunomodulatory
2) By Diseases Type: Oncology, Hematology, Neurology, Cardiovascular, Other Diesease Types
3) By Drug Type: Biological, Non-Biological
4) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Sales
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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