The orphan drugs market poised for remarkable growth with an anticipated Compound Annual Growth Rate (CAGR) of 10.4%. Projected to surpass to US$ 869.6 million by 2030, this surge is driven by rising rare disease prevalence, supportive regulatory incentives, and advancements in precision medicine. Strategic collaborations, expanding patient awareness, and increasing research investments further contribute to the market's momentum. The pharmaceutical industry's commitment to addressing unmet medical needs promises substantial opportunities for stakeholders, investors, and patients worldwide.
The report "Orphan Drugs Market, By Drug Type (Biological and Non- Biological), By Top Selling Drugs (Revlimid, Rituxan, Copaxone, Opdivo, Keytruda, Imbruvica, Avonex, Sensipar, Soliris, and Other Top Selling Drugs), By Disease Type (Oncology, Hematology, Neurology, Cardiovascular, and Other Disease Types), By Phase (Phase I, Phase II, Phase III, and Phase IV), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”
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Key Highlights:
• In present scenario, there are several countries and organizations, which have defined “orphan” and “rare” diseases. The prevalence rate for each definition varies from organization to organization, and country to country. While, several developed markets have specific definition for such diseases and treatments, there are however, many countries in the emerging markets, which lack the proper definitions and guidelines, along with lack of proper guidance from the medical community and concerned authorities toward the orphan diseases. This is among the major challenges and restraints for growth of orphan medication, across a large part of the world.
• In August 2019, Janssen and AbbVie received the European Commission (EC) approval of imbruvica (ibrutinib) for expanded use in two indications. The regulator has approved expanding the scope of the drug to include its use in combination with obinutuzumab in adults with previously untreated chronic lymphocytic leukemia (CLL), and for the treatment of adults with Waldenström's macroglobulinemia (WM) in combination with rituximab.
Analyst view:
The orphan drugs market is positioned for exceptional growth in the coming years, driven by several key factors. With a projected CAGR of 10.4%, it is anticipated to surpass to US$ 869.6 million by 2030. The market's upward trajectory can be attributed to the increasing prevalence of rare diseases and the subsequent demand for effective treatments. Governments worldwide have implemented supportive regulatory incentives to encourage the development of orphan drugs, fostering a conducive environment for pharmaceutical companies and researchers. The emergence of precision medicine and targeted therapies has significantly improved the efficacy of treatments, further propelling market adoption. Collaborations between industry players, academia, and non-profit organizations are fostering innovation and accelerating drug discovery efforts. Additionally, heightened awareness among healthcare professionals and patients about the availability and benefits of orphan drugs is contributing to market growth. With North America currently leading the market, Asia-Pacific and Europe regions are expected to witness rapid growth due to rising healthcare expenditure and growing rare disease awareness. In conclusion, the orphan drugs market presents promising opportunities for stakeholders, investors, and industry participants to address unmet medical needs and improve patients' lives globally.
Competitive Landscape:
The key players operating the global orphan drugs market involves AbbVie Inc., Celgene Corporation, Biogen, Teva Pharmaceutical Industries, F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, Alexion Pharmaceuticals, Amgen, Merck & Co. Inc., Jazz Pharmaceuticals Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the drug types in order to gain competitive edge in the target market.The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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