The Orphan Drugs Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Orphan Drugs Global Market Report 2024, The orphan drugs market size has grown rapidly in recent years. It will grow from $188.45 billion in 2023 to $208.04 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to orphan drug act of 1983, rising interest in rare diseases, drug repurposing, advancements in genetic understanding, research funding initiatives.
The orphan drugs market size is expected to see exponential growth in the next few years. It will grow to $481.69 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to evolving market access policies, value-based healthcare initiatives, global market expansion, patient-centric drug development, targeting rare cancers. Major trends in the forecast period include increasing target identification, accelerated regulatory pathways, advancements in gene therapy, expanded research collaborations, precision medicine approaches.
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.
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The orphan drugs market covered in this report is segmented –
1) By Therapy Area: Oncology, Blood, Central Nervous System, Endocrine, Cardiovascular, Respiratory, Immunomodulatory
2) By Diseases Type: Oncology, Hematology, Neurology, Cardiovascular, Other Diesease Types
3) By Drug Type: Biological, Non-Biological
4) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Sales
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.
The orphan drugs market report table of contents includes:
1. Executive Summary
2. Orphan Drugs Market Characteristics
3. Orphan Drugs Market Trends And Strategies
4. Orphan Drugs Market – Macro Economic Scenario
5. Global Orphan Drugs Market Size and Growth
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26. South America Orphan Drugs Market
27. Brazil Orphan Drugs Market
28. Middle East Orphan Drugs Market
29. Africa Orphan Drugs Market
30. Orphan Drugs Market Competitive Landscape And Company Profiles
Top Major Players:
- Pfizer Inc
- Johnson & Johnson Services Inc
- F Hoffmann-La Roche Ltd
- Farbenfabriken Bayer AG
- Novartis AG
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