The global orphan drugs market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the advancements in genomic studies.
Orphan drugs are treatments for uncommon diseases that have been developed with specific situations. Genetic problems cause the bulk of uncommon illnesses. Bacteria, viruses, and allergies are some of the ways that these diseases can impact an individual. Many nations have embraced the ODA Act, which has enhanced the production of orphan pharmaceuticals to treat diseases associated with it. This ODA policy included financial and non-financial factors to ensure easy orphan medication supply and access. The government agencies are granting tax credits and subsidies to patients and pharmaceutical businesses who are having a beneficial influence on the market as a result of this act.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for orphan pharmaceuticals is expected to drive the orphan drugs market expansion.
- Rising knowledge of the availability and prevalence of various treatment procedures is propelling the market growth.
- Growing number of people diagnosed with uncommon illnesses is anticipated to boost market growth.
- Stringent rules and regulation by government for the approval of drugs development can hamper the market
- Lack of awareness of the manufacturing process coupled with the latest technology is hindering the market.
- Expanding trend of developing innovative treatments, as well as the expanding scale of health care institutions and pharmaceutical businesses, can create opportunities for the orphan pharmaceuticals industry.
Scope of the Report
The report on the global orphan drugs market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Orphan Drugs Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Biological, and Non-biological), Top Selling Drugs ( Ninlaro, Imbruvica, Revlimid, Darzalex, Rituxan, Tafinlar, Myozyme, Soliris, Jakafi, Kyprolis, and Others ), and Disease Types (Oncology, Hematology, Neurology, Cardiovascular, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Celgene Corporation; Novartis AG; F. Hoffmann-La Roche AG; Takeda Pharmaceutical Company Limited; and Johnson & Johnson
Orphan Drugs Market Segment Insights
Biological segment is expected to grow at a rapid pace
Based on types, the market is divided into biological, and non-biological. The biological segment is expected to grow at a rapid pace during the forecast period owing to increase in the number of uncommon diseases that can be treated using biological therapies. Furthermore, private firms are exploiting this segment's requirement by increasing their investments in the development of medications for rare illnesses. However, the non- biological segment is anticipated to hold a key share of the market in the coming years due to the increase in prevalence of genetic investigations and the rise in the number of patients suffering from chronic illnesses are accelerating segment's growth
Revlimid segment is projected to expand at a considerable CAGR
On the basis of top selling drugs, the market is segregated into ninlaro, imbruvica, revlimid, darzalex, rituxan, tafinlar, myozyme, soliris, jakafi, kyprolis, and others. The revlimid segment is projected to expand at a considerable CAGR during the forecast period due to increasing spending on revlimid due to rising prevalence of cancer.
Oncology segment is anticipated to account for a significant market share
Based on disease types, the market is divided into oncology, hematology, neurology, cardiovascular, and others. The oncology segment is estimated to account for a significant market share during the forecast period owing to a rise in the number of cancer patients. Additionally, pharmaceutical companies such as Johnson & Johnson, Abbvie, and Bristol-Myers Squibb are focusing on developing orphan medications for the cancer market. On the other hand, the neurology segment is anticipated to account for a major market share during the forecast period owing to growing incidence of neurological illnesses.
North America is anticipated to constitute a key market share
In terms of regions, the global orphan drugs market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period due to constant economic growth. Furthermore, the companies in North America ae adopting new technologies. However, the market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to increasing population, which is expanding the orphan drugs market share. Moreover, India and China are two of the most important countries in terms of market growth for Asia Pacific. The introduction of reimbursement systems in aforementioned countries is increasing market demand for orphan drugs.
Segments Covered in the Report
The global orphan drugs market has been segmented on the basis of
Top Selling Drugs
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Celgene Corporation
- Novartis AG
- F. Hoffmann-La Roche AG
- Takeda Pharmaceutical Company Limited
- Johnson & Johnson
Global orphan drugs are a moderately competitive market with a number of significant manufacturers such as Celgene Corporation; Novartis AG; F. Hoffmann-La Roche AG; Takeda Pharmaceutical Company Limited; and Johnson. In terms of market share, the market is currently dominated by a few significant competitors. With the increasing number of diseases and cases each year, a few smaller firms are entering the market and gaining a significant share of the industry.