How Will The Orphan Drugs Market Grow In 2022?
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The orphan drugs market is forecasted to achieve notable growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 10%, as per The Business Research Company’s market report!
Read More On The Orphan Drugs Market Report 2022 – https://www.thebusinessresearchcompany.com/report/orphan-drug-global-market-report
The Orphan Drugs Market Size In 2022 And Forecast
The global orphan drugs market is expected to grow from $140.40 billion in 2021 to $154.81 billion in 2022 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, affecting many markets across the globe. The orphan drugs market is expected to reach $229.71 billion in 2026 at a CAGR of 10.4%.
The orphan drugs market consists of sales of orphan drugs and related services that are used to treat rare diseases.
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Rise In The Prevalence Of Rare Diseases Is Driving The Growth Of The Orphan Drugs Market
According to the study published in the European Journal of Human Genetics in 2019, there are 300 million cases of rare diseases, and approximately 4% of the total population is affected by a rare disease at any point in time. Thus, the rising prevalence of rare diseases is driving the growth of the orphan drugs market.
Competitive Landscape And The Regional Analysis Of The Orphan Drugs Market
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.
Additionally, as per TBRC’s research – North America was the largest region in the orphan drugs market in 2021 holding the largest market share and Middle East is expected to be the fastest-growing region in the forecast period.
The Orphan Drugs Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. 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. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the orphan drugs market.
Approval Of Biological Orphan Drugs – A Key Trend In The Orphan Drugs Market
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.
Orphan Drugs Market Segmentation By The Business Research Company
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, Hematology, Neurology, Cardiovascular, Others
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