Orphan Drugs Global Market Report 2023
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.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Orphan Drugs Global Market Report 2023" - https://www.reportlinker.com/p06241828/?utm_source=GNW
, and Aegerion Pharmaceuticals.
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, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting 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 ivacaftor and alglucerase.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Orphan drugs refer to drugs that are specifically designed to treat an uncommon medical problem.It might be characterised as medicines that address public health needs but are not produced by the pharmaceutical industry due to financial constraints.
Since a chemical may be used to treat a common condition yet not have been designed for another, more rare indication, the indications of a medicine may likewise be called "orphan."
North America was the largest region in the orphan drugs market in 2022.Middle East is expected to be the fastest growing region in 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 and Africa.
The main types of orphan drugs are biological and non-biological.The various therapy area includes 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 pharmacies, retail pharmacies, and online sales.
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 rare.
Rare disease treatments often require a cold chain, a supply chain regulated by the temperature that is not readily accessible in all countries. Orphan diseases or rare diseases occur rarely among people (i.e. 7 out of 10,000). However, globally, the prevalence of rare diseases is increasing in recent years. For instance, in January 2022, according to an article shared by the American Cancer Society, in USA, There are about 54,000 new instances of oropharyngeal or oral cancer each year. 11,230 people lose their lives to oropharyngeal or oral cancer. The average age of most people diagnosed with these cancers is 63, but they can occur in young people. Just over 20% (1 in 5) of cases occur in patients younger than 55. Thus, the rising prevalence of rare diseases is driving the growth of the orphan drugs market.
The lack of supportive government policies hinders the orphan drugs market.Due to the lack of relevant policies for orphan drugs, certain drugs do not receive any special recognition or priority for approval by regulatory authorities.
Medgenome Labs Ltd., the 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 a lack of proper regulations and clear guidelines, do not obtain tax cuts or exemptions from customs duties. Therefore, the 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, 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.
In October 2020, Retrophin Inc, a US-based biopharmaceutical company, acquired Orphan Technologies for $90 million.This Agreement adds OT-58, a brand-new enzyme replacement medication for the treatment of classic homocystinuria that is now in Phase 1/2 research.
The acquisition increases the number of possible first-in-class treatments for rare diseases in the pipeline. Orphan Technologies is a Switzerland-based clinical-stage biopharmaceutical company focused on the development of OT-58.
The countries covered in the orphan drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The orphan drugs market research report is one of a series of new reports that provides orphan drugs market statistics, including orphan drugs industry global market size, regional shares, competitors with an orphan drugs market share, detailed orphan drugs market segments, market trends and opportunities, and any further data you may need to thrive in the orphan drugs industry. This orphan drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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