Press release
Orphan Drug Market is to grow at a 9.7 % CAGR, with the United States leading the market through 2030
Orphan Drug Market
The Global Orphan Drug Market was USD 232.12 Bn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 9.7 % from 2023 to 2030, reaching USD 443.77 Bn by 2030. Over 50% of FDA medication approvals in recent years have been for orphan indications, indicating a significant rise in orphan drug approvals as a result. Pharmaceutical firms are concentrating on creating orphan medications since there are an estimated 4,000 to 5,000 uncommon illnesses for which there are no viable treatments. The orphan medicine industry in the United States was estimated to be worth $91.97 billion, or around 53.94% of the global market.
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Global Orphan Drug Market Segmentation
By Product: Biological medicines are an essential component of orphan drug research since they have demonstrated great potential in treating illnesses with complicated pathophysiology, such as several hereditary and autoimmune disorders. Non-biological medications are still crucial, especially for treating unusual illnesses for which biologics might not be suitable.
By Therapy Type: Sales in the oncology segment were estimated to be around $68.3 billion in 2023, and they are expected to reach $112.8 billion. The Haematology segment is projected to increase from $22.8 billion in 2023 to $34.4 billion in 2030. The Respiratory segment sales are expected to have slightly decreased to $14.6 billion from $15.1 billion in 2023.
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Global Orphan Drug Market Regional Analysis
In North America, the orphan drug market is expected to expand at a compound annual growth rate (CAGR) of 12.0%, reaching a value of around $237.39 billion. The market has grown significantly since the U.S. Orphan Drug Act (ODA) was passed in 1983. About 30 million Americans suffer from more than 7,000 uncommon illnesses. Roche/Genentech, Biogen, Novartis, and Sanofi are major key players in NA.
The European market was valued at $48 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 11.6% between 2024 and 2030. EMA plays a key role in the development of orphan drugs. In Europe for illnesses that impact less than five out of every 10,000 EU citizens. Amgen, Vertex Pharmaceuticals, and Alexion Pharmaceuticals are major key players dominating the market.
APAC, in 2023 estimated $12.35 billion was the estimated market size in the APAC region. From 2024 to 2030, the market is anticipated to develop at a CAGR of 13.2%. Businesses in nations like China, India, and Japan are concentrating on creating orphan medications, particularly in fields like immunotherapy, gene therapy, and biologics. Eli Lilly is one of the major key players in the market.
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Global Orphan Drug Market Competitive Landscape
Roche/Genentech: The South San Francisco-based biotechnology business Genentech was acquired by Roche for almost $47 billion. Roche acquired Intermune for $8.3 billion. Roche acquired Trophos, the deal was valued at €470 million.
Biogen: In 2023, Biogen acquired Sage Therapeutics for $7 billion. For $1 billion, Biogen acquired the Spinraza royalties and licensing rights from Ionis Pharmaceuticals. Biogen also acquired Fumapharm AG for approximately $1.5 billion.
Novartis: Novartis acquired the radiopharmaceutical business Advanced Accelerator Applications (AAA) for around $3.9 billion. Novartis finalized Alcon's spin-off, which was previously acquired for about $51 billion.
Conclusion
Patient organizations and advocacy groups are crucial in promoting improved therapies and increasing public awareness of rare diseases.
Both big pharmaceutical corporations and tiny biotech businesses that specialize in rare diseases can benefit from the market's enormous potential.
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