Orphan Drugs Market Is Projected to Gain $4,35,686.3 Million By 2030, Claims Allied Market Research
The global market for orphan drugs is witnessing a surge in demand due to various factors, together with an increase in the prevalence of rare disorders, beneficial government regulations, and the availability of exclusive rights for orphan drugs. However, the North America region held the foremost market share, contributing to more than one-third of the market.
Wilmington, Delaware, Oct. 23, 2023 (GLOBE NEWSWIRE) — Allied Market Research’s report provided an estimation of the global orphan drugs market size estimated at $1,40,000.0 million in 2020 and is predicted to gain $4,35,686.3 million by 2030, exhibiting a CAGR of 11.8% during the forecast timeframe. The report offers a comprehensive outline of the leading investment pockets, the most successful strategies, the market dynamics, the market size and projections, the competitive analysis, and the forecast timeframe. This market report is an invaluable resource for the leading players, new market entrants, and stakeholders in strategic planning and strengthening their competitive edge.
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Report Coverage and Details:
|Market Size in 2020||$1,40,000.0 Million|
|Market Size in 2030||$4,35,686.3 Million|
|No. of Pages in Report||356|
|Segments Covered||Disease Type, and Region|
|Drivers||An increase in the prevalence of rare disorders|
|The availability of exclusive rights for orphan drugs|
|Beneficial government regulations|
|Restraints||Limited patient pool for clinical trials and product marketing|
|High treatment costs per patient|
|Opportunities||High growth potential in untapped emerging economies|
|Use of orphan drugs for novel conditions/indications|
Recent Developments in the Orphan Drugs Market
- High prices of orphan drugs are one of the major trends in the Orphan Drugs Market and are expected to increase further due to factors such as ageing population and increased R&D expenses. Around 40% of the Orphan Drugs cost more than $100,000 annually. However, growing awareness and the potential benefits regarding to orphan drugs coupled with the recent orphan drug approvals also acts as key trend and driver in the orphan drugs industry. Further, as per the recent trend in sales of orphan drugs from companies such as Johnson & Johnson’s multiple myeloma drug Darzalex and AstraZeneca’s Lynparza & Calquence, oncology will occupy most market share currently and in the coming years. These drugs together have generated an estimated revenue of around USD 25 Billion in 2022.
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The report provides an in-depth assessment of the global orphan drugs market segmented on the basis of disease type, and region. It is presented in both tabular and graphical form, allowing investors and industry-leading players to gain insight into the most lucrative and rapidly expanding segments.
By disease type, the oncologic diseases segment held the major share in 2020, contributing to more than one-third of the global orphan drugs market. However, the metabolic diseases segment would showcase the fastest CAGR of 13.8% throughout the forecast timeframe.
The global orphan drugs market is divided into several geographical regions, including North America, Europe, Asia-Pacific (APAC), and LAMEA. The North America region accounted for the largest share in 2020, holding more than one-third of the global orphan drugs market. On the other hand, the Asia-Pacific region is projected to witness the fastest CAGR of 12.6% throughout the forecast timeframe.
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The global orphan drugs market report has recognized several prominent players in the industry, including the following: Sanofi S.A., F. Hoffmann-La Roche Ltd., Novartis International AG, Amgen Inc., Bristol Myers Squibb, AbbVie Inc., Johnson & Johnson, GlaxoSmithKline plc., Pfizer Inc., and Amryt Pharma PLC. The industry players have also adopted various strategies, inclusive of collaborations, technological developments, expansions, and joint alliances to strengthen their position in the industry. This report provides an overview of the performance and growth of the leading players in the market.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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