The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s orphan drugs market report forecasts the orphan drugs market size to grow to $293.6 Billion by 2027, with a CAGR (compound annual growth rate) of more than 14%.

Learn More On The Orphan Drugs Market Report 2023 – https://www.thebusinessresearchcompany.com/report/orphan-drug-global-market-report

Orphan Drugs Market Size Forecast
The global orphan drugs market is expected to grow from $154.81 billion in 2022 to $170.77 billion in 2023 at a compound annual growth rate (CAGR) of 10.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The orphan drugs market is expected to grow from $293.6 billion in 2027 at a CAGR of 14.5%.

North America held the largest orphan drugs market share, and Middle East was the fastest-growing region in 2022.

Key Orphan Drugs Market Driver ­– Rise In The Prevalence Of Rare Diseases
For instance, in January 2022, according to an article shared by the American Cancer Society, in USA, There are about 54,000 new instances of oropharyngeal or oral cancer each year. 11,230 people lose their lives to oropharyngeal or oral cancer. The average age of most people diagnosed with these cancers is 63, but they can occur in young people. Just over 20% (1 in 5) of cases occur in patients younger than 55. Thus, the rising prevalence of rare diseases is driving the growth of the orphan drugs market.

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Key Orphan Drugs Market Trend – Approving Biological Orphan Drugs
Approval of biological orphan drugs for multiple indication act as a key trend driving the growth of the orphan drugs market. The biological drugs are used for treating rare diseases such as cancer with fewer side effects that have a high prevalence rate in the developed world. For Instance, to launch the company’s biological orphan drug development program Cardax, Inc. announced that it has been engaged with biological orphan drug expert Frederick D. Sancilio, Ph.D. For the development of commercial products, the companies are focused on obtaining biological orphan drugs to increase their revenue.

Orphan Drugs Market Segment
1) By Therapy Area: Oncology, Blood, Central Nervous System, Endocrine, Cardiovascular, Respiratory, Immunomodulatory
2) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Sales
3) By Drug Type: Biological, Non-Biological
4) By Disease Type: Oncology, Haematology, Neurology, Cardiovascular, Other Disease Types

Orphan Drugs Market Major Players and Strategies
Major players in the orphan drugs market are Bristol-Myers Squibb Company, Celgene Corporation, F. Hoffmann-La Roche Ltd., Amgen, Biogen, Bayer, Novartis AG, GlaxoSmithKline PLC., Johnson & Johnson, AbbVie Inc., Eli Lilly and Company, Alexion Pharmaceuticals, Shire, Novo Nordisk, AstraZeneca, Eisai, Daiichi Sankyo, Merck, Teva Pharmaceutical Industries, Actelion Pharmaceuticals Ltd., and Aegerion Pharmaceuticals.

In October 2020, Retrophin Inc., a US-based biopharmaceutical company, acquired Orphan Technologies for $90 million. This agreement adds OT-58, a brand-new enzyme replacement medication for the treatment of classic homocystinuria that is now in Phase 1/2 research. The acquisition increases the number of possible first-in-class treatments for rare diseases in the pipeline. Orphan Technologies is a Switzerland-based clinical-stage biopharmaceutical company focused on the development of OT-58.

The Orphan Drugs Global Market Report 2023 covers regional data on orphan drugs market size, orphan drugs market trends and drivers, opportunities, strategies, and orphan drugs market competitor analysis. The countries covered in the orphan drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Orphan drugs refer to drugs that are specifically designed to treat an uncommon medical problem. It might be characterised as medicines that address public health needs but are not produced by the pharmaceutical industry due to financial constraints. Since a chemical may be used to treat a common condition but not have been designed for another, more rare indication, the indications of a medicine may likewise be called “orphan”.

View More Reports Related To The Orphan Drugs Market –
Pharmaceutical Drugs Global Market Report 2023
Drugs For Erectile Dysfunction Global Market Report 2023
Lung Cancer Drugs Global Market Report 2023

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