The global orphan drugs market is growing at a rapid pace. The market growth attributes to the growing prevalence of rare but serious, life-threatening disorders, such as human papillomavirus (HPV) and HPV16-positive cervical cancer. HPV is a viral infection that causes skin/ mucous membrane growths (warts) and different types of cancer. Also, increasing numbers of geriatric populaces contribute to market growth significantly.
Moreover, the reimbursement recommendations and rebates to encourage the production of ODs escalate the market growth to furthered height. The orphan pharmaceuticals market was worth USD 160.78 billion in 2021 and is expected to increase to USD 355.00 billion by 2030, at a compound annual growth rate (CAGR) of 9.20% over the forecast period (2022 - 2030).
HTA Reforms and the demand for breakthrough diagnostics and treatment procedures act as a significant driving force behind the growth of the market. Besides, government initiatives that aim to spread awareness and development programs of orphan drugs positively impact market growth. Additionally, the introduction of various orphan products and therapeutics to respond to rare pediatric diseases influences the market growth.
Conversely, the high production cost of ODs is a major factor expected to impede the growth of the market. Also, the regulatory restriction on profitability hampers the market growth to a great deal. Nevertheless, the availability of cutting-edge technologies and growing access to medication would support the market increase throughout the forecast period.
Orphan Drugs Market - Segments
The report is segmented into five dynamics;
By Drug Type : Biologics and Non-Biologics.
By Sale : Generics and Prescribed.
By Drug : Revlimid, Rituxan, Opdivo, Keytruda, Imbruvica, Soliris, Jakaf, Pomalyst, Darzalex, Spinraza, Adcetris, and others.
By Therapy Class : Oncology, Blood, Central Nervous Systems, Endocrine, Cardiovascular, Respiratory, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East Africa, and Rest-of-the-World.
Orphan Drugs Market - Regional Analysis
North America dominates the global orphan drugs market. In 2017, the region accounted for 39.98% of the overall market share. The largest market share attributes to the increasing prevalence of rare diseases and disorders, such as HPV. According to the US Centers for Disease Control Prevention, HPV causes around 34,000 cases of cancer in the country each year.
Among these, cervical cancer is the most common HPV-associated cancer in American women. HPV16-positive cervical cancer is the next major cause responsible for approximately 50% of cancer cases. Additionally, the vast development of technology drives market growth, improving screening, and manufacturing techniques. Also, the increasing production of prophylactic vaccination against HPV infections fosters the growth of the regional market.
Europe stands second in the global orphan drugs market. The market growth is majorly driven by the presence of many well-established industry players and well-developed healthcare systems. Besides, the massive funding for drug discoveries and developments push the regional market growth. Moreover, the reimbursement recommendations for ODs (reimbursement - T2R) issued by the four well-established European HTA bodies (France, Germany, UK, and Scotland) boost the orphan drugs market in Europe.
The orphan drugs market research is brisk in the Asia Pacific region. Factors such as the vast technological advances and rising numbers of healthcare facilities foster regional market growth. The region demonstrates high growth potential for orphan drugs due to the increasing prevalence of diseases such as endocrinology, cardiovascular, lymphatic systems, and respiratory disorders. Moreover, the growing number of pharmaceutical companies with their strong export, favorable pricing, and clinical pipeline contribute to the regional market growth hugely.
Global Orphan Drugs Market - Competitive Landscape
Highly competitive, the orphan drugs market appears to be well-established with the presence of several notable players. To gain a larger competitive share, industry players adopt strategic initiatives such as mergers acquisitions, collaborations, expansion, and new technologies/product launches.
Major Players
Players active in the global orphan drugs market include Bayer, Amryt Pharma PLC, Alexion Pharmaceuticals Inc., AbbVie, Inc., GlaxoSmithKline PLC, and Vertex Pharmaceuticals, Inc., among others.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact Us:
Market Research Future (Part of Wantstats Research and Media Private Limited)
99 Hudson Street, 5Th Floor
New York, NY 10013
United States of America
+1 628 258 0071 (US)
+44 2035 002 764 (UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
