IMARC Group’s latest report, titled “Orphan Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global orphan drugs market size reached US$ 168.9 Billion in 2021. Orphan drugs refer to medications that are intended for diagnosing, preventing and treating rare, life-threatening diseases or disorders. As they traditionally had a limited market, very few pharmaceutical companies pursued research into these products. Moreover, orphan drug research is dependent on government incentives. However, the growing number of rare diseases lacking treatment, along with improving access to healthcare and spending capacity of individuals, has led to a significant rise in the demand for orphan drugs.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Orphan Drugs Market Trends:
At present, incentives for drug development provided by government authorities in various countries are encouraging pharmaceutical companies to develop orphan drugs. For instance, the United States Food and Drug Administration (USFDA) offers benefits such as fast-track approval, protocol assistance, waiver of fees and marketing exclusivity to manufacturers, facilitating the development and commercialization of diagnostic tools and treatments devoted to rare diseases. Furthermore, there has been a rise in the development of orphan biological drugs that can prevent or treat various forms of cancer, tumors and blood disorders, which, in turn, is contributing to the market growth. In 2019, the Center for Drug Evaluation and Research (CDER), a division of the USFDA, approved various new orphan drug therapies for patients with numerous disorders, including tenosynovial giant cell tumor, sickle cell disease, diffuse large B-cell lymphoma, mantle cell lymphoma, acquired thrombotic thrombocytopenic purpura, beta-thalassemia, and acute hepatic porphyria. On account of these factors, the market is expected to grow at a CAGR of 12.3% during 2022-2027.
- Based on the drug type, the market has been bifurcated into biological and non-biological drugs.
- On the basis of the disease type, the market has been segregated into oncology, hematology, neurology, cardiology and others.
- The market has been categorized based on the phase into phase I, II, III and IV.
- The report has covered some of the top-selling drugs, including revlimid, rituxan, copaxone, opdivo, keytruda, imbruvica, avonex, sensipar, soliris and others.
- The market has been segmented based on the distribution channel into hospital pharmacies, retail pharmacies, online stores and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being AbbVie Inc., Alexion Pharmaceuticals Inc., Amgen Inc., Biogen Inc., Bristol-Myers Squibb Company, F. Hoffmann-La Roche AG, Jazz Pharmaceuticals Plc, Johnson & Johnson Private Services, Inc., Merck & Co. Inc., Novartis AG, Pfizer Inc., Sanofi S.A., Takeda Pharmaceutical Company Limited and Teva Pharmaceutical Industries Ltd.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal