DUBLIN–(BUSINESS WIRE)–The “Orphan Drugs Global Market Report 2022: By Therapy, By Distribution, By Drug, By Disease” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global orphan drugs market.
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 growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $229.71 billion in 2026 at a CAGR of 10.4%.
Companies Mentioned
- 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.
- Aegerion Pharmaceuticals
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The orphan drugs market consists of sales of orphan drugs and related services that are used to treat rare diseases. An orphan drug is a pharmaceutical drug developed to treat patients suffering from rare diseases and would not make profit if developed commercially.
The main types of orphan drugs are biological and non-biological. The various therapy area include oncology, blood, central nervous system, endocrine, cardiovascular, respiratory and immunomodulatory use for the treatment of oncology, hematology, neurology, cardiovascular, and others. The study of blood and blood disorders is known as haematology. The drugs are distributed through hospital pharmacy, retail pharmacy and online sales.
North America was the largest region in the orphan drugs market in 2021. Middle East is expected to be the largest growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising prevalence of rare diseases is a key factor driving the growth of the orphan drugs market. Any disease that affects a small percentage of the population is a rare disease. Rare disease treatments often require a cold chain, a supply chain regulated by temperature that is not readily accessible in all countries. Orphan diseases or rare diseases occurs rarely among the people (i.e. 7 out of 10,000).
However, globally, the prevalence of rare diseases is increasing in recent years. According to the study published in European Journal of Human Genetics in 2019, there are 300 million cases of rare diseases and approximately 4% of total population is affected by rare disease at any point in time. Thus, the rising prevalence of rare diseases is driving the growth of the orphan drugs market.
Lack of supportive government policies hinders the orphan drugs market. Due to the lack of relevant policies for orphan drug, certain drugs do not receive any special recognition or priorities for approval by regulatory authority. Medgenome Labs Ltd., global research partner in accelerating insights into complex genetic diseases, pointed out that companies manufacturing orphan drugs frequently drop out in foreign markets due to a lack of government funding.
For example, orphan medical products (OMPs) in India, due to lack of proper regulations and clear guidelines, do not obtain tax cuts or exemptions from customs duties. Therefore, lack of supportive government policies limits the growth of 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. For Instance, in order 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.
For more information about this report visit https://www.researchandmarkets.com/r/e5q76r
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