Orphan Drugs Market is estimated to be US$ 869.6 billion by 2030 with a CAGR of 10.4% during the forecast period
The Orphan Drugs Market is estimated to be US$ 869.6 million by 2030 with a CAGR of 10.4% during the forecast period. Orphan drugs are the pharmaceutical mediators which are developed to treat rare medical conditions. Orphan drugs would not be able to earn profit because the orphan drugs are used to treat the rare diseases. It can only produce profit by the involvement of government assistant. Orphan drugs use to diagnoses and to prevent the diseases. Orphan drugs are not developed in industry, but it is generated for the public welfare.
The report " Global Orphan Drugs Market, By Drug Type (Biological and Non- Biological), By Top Selling Drugs (Revlimid, Rituxan, Copaxone, Opdivo, Keytruda, Imbruvica, Avonex, Sensipar, Soliris, and Other Top Selling Drugs), By Disease Type (Oncology, Hematology, Neurology, Cardiovascular, and Other Disease Types), By Phase (Phase I, Phase II, Phase III, and Phase IV), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”
Key Highlights:
- In present scenario, there are several countries and organizations, which have defined “orphan” and “rare” diseases. The prevalence rate for each definition varies from organization to organization, and country to country. While, several developed markets have specific definition for such diseases and treatments, there are however, many countries in the emerging markets, which lack the proper definitions and guidelines, along with lack of proper guidance from the medical community and concerned authorities toward the orphan diseases. This is among the major challenges and restraints for growth of orphan medication, across a large part of the world.
- In August 2019, Janssen and AbbVie received the European Commission (EC) approval of imbruvica (ibrutinib) for expanded use in two indications. The regulator has approved expanding the scope of the drug to include its use in combination with obinutuzumab in adults with previously untreated chronic lymphocytic leukemia (CLL), and for the treatment of adults with Waldenström's macroglobulinemia (WM) in combination with rituximab.
Analyst View:
In present scenario, there are several countries and organizations, which have defined “orphan” and “rare” diseases. The prevalence rate for each definition varies from organization to organization, and country to country. While, several developed markets have specific definition for such diseases and treatments, there are however, many countries in the emerging markets, which lack the proper definitions and guidelines, along with lack of proper guidance from the medical community and concerned authorities toward the orphan diseases. This is among the major challenges and restraints for growth of orphan medication, across a large part of the world.
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Key Market Insights from the report:
The Global Orphan Drugs Market is estimated to be US$ 869.6 million by 2030 with a CAGR of 10.4% during the forecast period. The global orphan drugs market is segmented based on drug type, disease, disease type, phase, and region.
- On the basis of drug type, the global orphan drugs market is segmented into biological and non- biological.
- On the basis of top selling drugs, the target market is segmented into revlimid, rituxan, copaxone, opdivo, keytruda, imbruvica, avonex, sensipar, soliris, and other top selling drugs.
- ased on disease type, the global market is classified into oncology, hematology, neurology, cardiovascular, and other disease types.
- On the basis of phase segment, the target market divided into phase I, phase II, phase III, and phase IV.
- Based on region the global orphan drugs market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The global market in North America region is seen to have a matured growth since this market correlates with the increasing growth rate of orphan disease.
Competitive Landscape:
The key players operating the global orphan drugs market involves AbbVie Inc., Celgene Corporation, Biogen, Teva Pharmaceutical Industries, F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, Alexion Pharmaceuticals, Amgen, Merck & Co. Inc., Jazz Pharmaceuticals Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the drug types in order to gain competitive edge in the target market.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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