(MENAFN- PR Newswire) BANGALORE, India, Nov. 25, 2021 /PRNewswire/ -- Orphan Drugs Market Segment by Type - Oncology, Gastrointestinal, Pulmonary, Neurology, Hematology, Cardio-vascular, Metabolic Disorders, Endocrinology, Infectious Diseases, Others, Application - Hospital Pharmacies, Retail pharmacies, Others. The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports in the Pharmaceuticals & Biotech Category.
The global Orphan Drugs market size is projected to reach USD 241610 million by 2027, from USD 122720 million in 2020, at a CAGR of 9.7% during 2021-2027.
Major Factors Driving The Growth Of The Orphan Drugs Market are
Government authorities in numerous nations throughout the world are pushing the research and marketing of these treatments, as well as giving orphan drugs market exclusivity. This in turn is expected to drive the orphan drug market.
For a variety of reasons, the orphan medicine market has become increasingly lucrative. Clinical trials for orphan medications are significantly less expensive than for other diseases since trial sizes are naturally smaller than for more common diseases with larger patient populations. Orphan drugs have an advantage in regulatory evaluation because of their small clinical trials and lack of competition.
Additionally, the market is expected to rise significantly due to an increase in the number of medications developed for uncommon blood illnesses and diseases previously thought to be incurable.
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TRENDS INFLUENCING THE GROWTH OF ORPHAN DRUGS MARKET
An orphan drug is a pharmaceutical product used for the diagnosis, prevention, and treatment of various rare disorders or diseases, according to the European Organization for Rare Diseases. These diseases are distinct from other diseases in that they have a very low prevalence rate relative to other diseases, and so are purchased by a very tiny patient population. Government authorities in a number of nations around the world, on the other hand, are pushing the development and commercialization of these drugs. This in turn is expected to drive the growth of the orphan drug market.
The Orphan Drug Act (ODA) was passed by the US Food and Drug Administration (FDA) in 1983. The purpose was to promote the discovery of novel drugs for rare diseases. The Orphan Drug Act (ODA) permits developers to recoup costs by designating their drugs as orphans. This stimulates research into regions where there may be no therapy possibilities otherwise. If there is no commercially accessible treatment for a condition that affects more than 200,000 people, the ODA also covers medications.
Increasing R&D initiatives to propel worldwide orphan drug market expansion. Increased R&D investments by major companies for orphan drug development of unique product offerings is one of the essential driving factors prevailing in the worldwide market. Since the public's awareness of rare diseases has grown, a number of clinical-stage biopharmaceutical startups and existing market players have developed strong pipeline prospects for orphan medications in various stages of development. This growing interest in rare condition treatments is due to the fact that, in contrast to standard pharmaceutical portfolios, important pharmacological breakthroughs resulting in blockbuster drug development are far more likely in rare disorders.
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ORPHAN DRUGS MARKET SHARE ANALYSIS
Based on region, North America is expected to be the most lucrative. Throughout the forecast period, The increasing occurrence of uncommon illnesses is driving this region's market growth.
Based on type, the oncology segment is expected to be the most lucrative segment. The dominance is attributable to the existence of multiple oncology treatments in important businesses' product development pipelines, as well as a substantial number of orphan drugs devoted to cancer treatment.
Based on application, The hospital pharmacy segment is expected to be the most lucrative. The fundamental reason for this domination is that a considerable number of medications must be administered intravenously by skilled healthcare workers in hospitals.
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Orphan Drugs Market Regional Outlook
This section of the report provides key insights regarding various regions and the key players operating in each region. Economic, social, environmental, technological, and political factors have been taken into consideration while assessing the growth of the particular region/country. The readers will also get their hands on the revenue and sales data of each region and country for the period 2016-2027. This information derived through comprehensive research will help the reader to get familiar with the potential value of the investment in a particular region. North America, Europe, China and Japan are the major regions studied in the research report.
Orphan Drugs Market By Company
● Novartis● Bristol-Myers Squibb Company● Celgene● F. Hoffmann-La Roche● Pfizer● Sanofi● Alexion Pharmaceuticals● Eli Lilly and Company● Novo Nordisk● AstraZeneca● Eisai● Daiichi Sankyo Company● Bayer● GlaxoSmithKline● Merck & Co● Johnson & Johnson● Biogen● Takeda● Amgen
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- The global Orphan Diseases market size is projected to reach USD 676.3 million by 2027, from USD 260.3 million in 2020, at a CAGR of 14.1% during 2021-2027.
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