Orphan Drugs Market Analysis: Doubling in Size to $4.35 Trillion by 2030 , CAGR of 11.8%
Allied Market Research has recently introduced a latest research study titled “Global Orphan Drugs Market Outlook and Forecast 2021-2030.” This comprehensive analysis delves into market risks, pinpoints potential opportunities, and furnishes strategic and tactical decision-making support for the duration from 2021 to 2030. The report distinctly focuses on pivotal regions steering market growth while offering invaluable insights into the market’s research and development, drivers of growth, and shifts in investment dynamics within the Global Orphan Drugs Market. Additionally, the study highlights profiles of numerous prominent industry players, such as JOHNSON & JOHNSON (JANSSEN GLOBAL SERVICES, LLC), ABBVIE INC., PFIZER INC., SANOFI S.A, AMGEN INC., F. HOFFMANN-LA ROCHE LTD., AMRYT PHARMA PLC., BRISTOL-MYERS SQUIBB COMPANY, GLAXOSMITHKLINE PLC (GSK), NOVARTIS INTERNATIONAL AG (SANDOZ)
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Orphan Drugs Market Statistics: The global orphan drugs market size was valued at $1,40,000.0 million in 2020 and is projected to reach $4,35,686.3 million by 2030 registering a CAGR of 11.8% from 2021 to 2030.
The growing importance of Orphan Drugs-
The growing importance of the Orphan Drugs Market stems from its focus on addressing rare diseases, often overlooked by mainstream pharmaceutical companies. As these diseases affect a small percentage of the population, orphan drugs play a crucial role in providing treatment options where previously there were none. With advancements in biotechnology and personalized medicine, orphan drugs offer hope to patients and families affected by rare diseases, improving their quality of life and life expectancy. Moreover, incentives such as extended market exclusivity and regulatory assistance encourage pharmaceutical companies to invest in orphan drug development, driving innovation and expanding treatment options for rare diseases globally.
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The segments and sub-section of Orphan Drugs Market is shown below:
By DISEASE TYPE: Oncological diseases, Metabolic diseases, Hematologic & Immunologic diseases, Infectious diseases, Neurological diseases, Other rare diseases
Some of the key players involved in the Market are: BRISTOL-MYERS SQUIBB COMPANY, SANOFI S.A, PFIZER INC., NOVARTIS INTERNATIONAL AG (SANDOZ), JOHNSON & JOHNSON (JANSSEN GLOBAL SERVICES, LLC), GLAXOSMITHKLINE PLC (GSK), AMRYT PHARMA PLC., AMGEN INC., ABBVIE INC., F. HOFFMANN-LA ROCHE LTD.
Global Orphan Drugs:
Orphan drugs are specialized pharmaceutical agents administered for the treatment of rare (orphan) diseases. These diseases have a very low prevalence rate; thus, pharmaceutical companies do not readily invest in these drugs as the returns on investment in orphan drugs are risky as compared to non-orphan drugs. Moreover, multiple clinical trials for drug testing cannot be voluntarily performed due to the small patient population. However, orphan drugs have shown tremendous potential in diagnosis and treatment of cancer; this trend is expected to continue throughout the forecast period.
Favorable government policies and rise in cases of rare diseases boost the orphan drugs market growth. In addition, availability of market exclusivity for orphan drugs developers, and increase in indications of orphan drugs to treat an array of different diseases such as lymphoma, leukemia, myeloma, and others, also boost the growth of the market. However, limited patient pool for clinical trial & product marketing and high treatment costs per patient, restrain the market growth. On the other hand, growth in novel indications designated for known orphan drugs and untapped emerging markets are expected to offer profitable opportunities for the growth of the orphan drugs market during the forecast period.
COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The global orphan drugs market also declined in 2020 due to factors such as a decline in screening services, reduced access to specialists, treatment interruption, limited operations in most industries, inadequate funding to research & academic institutes, temporary closure of major academic institutes, and disrupted supply chain and challenges. However, the market is anticipated to witness recovery in 2021, and show stable growth for orphan drugs market in the coming future.
Introduction about Orphan Drugs Market
Orphan Drugs Market Size (Sales) Market Share by Type (Product Category)
Orphan Drugs Market by Application/End Users
Orphan Drugs (Volume) and Market Share Comparison by Applications
Global Orphan Drugs and Growth Rate (2022-2032)
Orphan Drugs Competition by Players/Suppliers, Region, Type, and Application
Orphan Drugs (Volume, Value, and Sales Price) table defined for each geographic region defined.
Orphan Drugs Players/Suppliers Profiles and Sales Data
Key Raw Materials Analysis & Price Trends
Supply Chain, Sourcing Strategy and Downstream Buyers, Industrial Chain Analysis
…….and view more in complete table of Contents
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