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Orphan Drugs Market: Unveiling Innovations and Market Dynamics through Extensive Research and Analysis to Foster Accessibility and Patient Care in Rare Disease Treatment
Orphan Drugs Market
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.
Market Overview -
Orphan drugs refer to drugs that are specifically designed to treat an uncommon medical problem. It might be characterized as medicines that address public health needs but are not produced by the pharmaceutical industry due to financial constraints. Since a chemical may be used to treat a common condition but not have been designed for another, more rare indication, the indications of a medicine may likewise be called orphan.
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Surging Prevalence Of Rare Diseases Powers Growth Of The Orphan Drugs Market
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.
Competitive Landscape -
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.
The Growing Role Of Biological Orphan Drugs In Diverse Indications
Approval of biological orphan drugs for multiple indication act as a key trend driving the growth of the orphan drugs market. The biological drugs are used for treating rare diseases such as cancer with fewer side effects that have a high prevalence rate in the developed world. For Instance, to launch the company's biological orphan drug development program Cardax, Inc. announced that it has been engaged with biological orphan drug expert Frederick D. Sancilio, Ph.D. For the development of commercial products, the companies are focused on obtaining biological orphan drugs to increase their revenue.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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