Orphan Drugs Market Growth Potential: Key Insights for 2024-2033
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How Will the Orphan Drugs Market Grow from 2024 to 2033?
The size of the market for orphan drugs has seen substantial expansion in the recent past. The market is expected to increase from $188.45 billion in 2023 to $208.04 billion in 2024, boasting a compound annual growth rate (CAGR) of 10.4%. The historical growth trajectory can be traced back to factors such as the Orphan Drug Act of 1983, growing attention towards rare diseases, efforts in drug repurposing, advancements in the genetic comprehension, and targeted research funding campaigns.
The market size of orphan drugs is predicted to experience significant expansion in the coming years. The projection indicates a growth to $481.69 billion by 2028, with a compound annual growth rate (CAGR) of 23.4%. The predicted surge during this period is linked to factors such as changes in market access policies, healthcare initiatives based on value, expansion of the global market, drug development focused on patients, and an emphasis on rare cancers. Trends to look out for during this period include an increase in target identification, expedited regulatory routes, the progression of gene therapy, extensive research collaborations, and precision medicine techniques.
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What Aspects Are Influencing the Growth Rate of the orphan drugs Market?
The surge in rare disease appearances is a chief factor propelling the development of the orphan drugs market. A rare disease is characterized by its low prevalence in the population. Managing such diseases often hinges on a cold chain, a supply chain that maintains a regulated temperature, but isn’t within easy reach in all nations. Orphan or rare diseases, affecting about 7 people in every 10,000, aren’t common, but their global rate has been escalating in recent past. For instance, an article published in January 2022 by the American Cancer Society stated that there are nearly 54,000 new oropharyngeal or oral cancer cases annually in the USA, leading to about 11,230 deaths. The majority of people diagnosed with these cancers are around 63, but the disease can also affect the younger population. Approximately 20% or 1 in 5 cases are reported in individuals under 55. Hence, the surge in rare disease cases is propelling the development of the orphan drugs market.
What Are the Critical Segments of the Orphan Drugs Market?
1) By Therapy Area: Oncology, Blood, Central Nervous System, Endocrine, Cardiovascular, Respiratory, Immunomodulatory
2) By Diseases Type: Oncology, Hematology, Neurology, Cardiovascular, Other Disease Types
3) By Drug Type: Biological, Non-Biological
4) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Sales
What Trends Are Redefining Consumer Expectations in the Orphan Drugs Market?
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What Are the Leading Regions in the Orphan Drugs Market Expansion?
North America was the largest region in the global orphan drugs market in 2023. Middle East is expected to be the fastest growing region in the orphan drugs market report during the forecast period. The regions covered in the orphan drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Orphan Drugs Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the orphan drugs market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Orphan Drugs Market Include
1. Orphan Drugs Market Executive Summary
2. Orphan Drugs Market Segments
3. Orphan Drugs Market Size And Template Market Growth Rate
4. Key Orphan Drugs Market Trends
5. Major Orphan Drugs Market Drivers
……
25. Key Mergers And Acquisitions In The Orphan Drugs Market
26. Top Orphan Drugs Companies
27. Orphan Drugs Market Opportunities And Strategies
28. Orphan Drugs Market, Conclusions And Recommendations
29. Appendix
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