Orphan Drugs Market Growing Rapidly Huge Growth by 2031- AbbVie Inc., Alexion Pharmaceuticals, Inc., Bristol-Myers Squibb Company, Celgene Corporation

The Global Orphan Drugs Market is estimated to reach at a CAGR of 11.2% during the forecast period (2024-2031).

Orphan drugs are used to treat, prevent, or diagnose life-threatening or severely disabling diseases, primarily targeting rare disorders. These conditions affect fewer than 200,000 people in the U.S. and fewer than 5 in 10,000 in the European Union.

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Market Trends:

The growing awareness of rare diseases is expected to drive market growth during the forecast period. Initiatives like the FDA's "Rare Disease Photo and Video Project" aim to enhance patient-centricity by sharing real-time experiences and patient stories. Nonprofit organizations, such as the National Organization for Rare Disorders and the European Organisation for Rare Diseases, also advocate for patients by supporting regulatory activities and promoting research. Furthermore, over 70% of rare diseases are genetic, and the FDA had approved 599 orphan drugs by mid-2020. Despite the pandemic, clinical trial activity increased, with 5,500 new trials launched in 2021, a 14% rise from 2020.

Segment Covered in the Orphan Drugs Market:
By Product Type: Biological, Non-Biological
By Therapy Area: Oncology, Hematology Diseases, Central Nervous System, Cardiovascular, Endocrine, Respiratory, Immunomodulators, Gastro-Intestinal, Musculoskeletal, Systemic Anti-Infectives, Dermatology, Others
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Pharmacies

Major Key Players
• AbbVie Inc.
• Alexion Pharmaceuticals, Inc.
• Bristol-Myers Squibb Company
• Celgene Corporation
• Johnson & Johnson
• Merck & Co., Inc.
• Novartis AG
• Roche Holding AG
• Sanofi SA
• Shire plc

*Note:

Additionally, I wanted to highlight that the full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted.

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