Orphan Drugs Market Overview
The global orphan drugs market is expected to register a CAGR of 11.50% to reach USD 2,23,646.51 million by 2023.
Orphan drugs are medical products intended for diagnosis, prevention, or treatment of serious, life-threatening disorders that are rare. These are called orphan drugs because, under normal market conditions, the pharmaceutical industry has little interest in developing and marketing these products intended for only a small number of patients. Orphan drugs are developed to treat patients suffering from the serious rare disease for which no treatment or at least one treatment is available. This disease affects a very small portion of the population. Extended market exclusivity and government incentives for orphan medicines as well as the rising prevalence of rare diseases and increasing healthcare expenditure drive the growth of the market. However, high per patient treatment cost and regulatory restriction on profitability may hamper the growth of the market.
Global Orphan Drugs Market - Regional Analysis
Depending on geographic region, Globally North America is the largest market for orphan drugs. Factors such as high product demand and the increasing government incentives are expected to promote market growth in the US region, which is considered to be the highest revenue-generating region in the Americas.
Europe is the second-largest market for Global orphan drugs. The future market for orphan drugs is anticipated to be dominated by the developed regions with developing regions act as a supporting pillar to its growth.
Asia Pacific will be the fastest growing regional market and is likely to be the key to the future. Middle East & Africa is expected to have limited but steady growth in the market.
Orphan Drugs Market Competitive Analysis
The market outlook on the global scale is estimated to reflect a state of stabilization and recovery in the coming period. The amplified focus of market stakeholders on improving the economic outlook in the market is estimated to take the main stage in the upcoming period. The exceptional organization of market tactics is appraised to stimulate customer opinions in the correct viewpoint and bring about the buying of the many products and services being sold. The delivery of bottled-up demand and slackening of lockdown restraints are estimated to further spur the global market expansion in the forecast period. The governments around the world are estimated to play a significant role in getting the development of the global economy back to normal in the approaching period. The influence of disruptive trends is assessed to be deftly considered in the approaching period to decrease disorders in the market constitution. The need to focus on practices that ensure agility is estimated to promote the global market in the upcoming period.
The notable companies in the orphan drugs market are Celgene Corporation, Alexion Pharmaceuticals Inc., Novartis AG, Biogen, Merck KGaA, Takeda Pharmaceutical Company Limited, Shire Pharmaceutical, Sanofi, Janssen Global Services LLC, F. Hoffmann-La Roche AG, Mylan, Vertex Pharmaceuticals Inc., Eli Lilly and Company, Pfizer Inc., Bristol Meyer Squibb.
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