Orphan Drugs Market Technology, Scope, Assessment, Capacity, Current Status And Forecast 2023-2032|Bristol-Myers Squibb Company, Celgene Corporation, F. Hoffmann-La Roche Ltd., Amgen, Biogen

The Orphan Drugs Global Market Report 2023 by The Business Research Company, provides orphan drugs market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Orphan Drugs Global Market Report 2023, the global orphan drugs market size grew from $154.81 billion in 2022 to $170.77 billion in 2023 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of orphan drugs is expected to grow from $293.6 billion in 2027 at a CAGR of 14.5%.

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.

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The orphan drugs market is segmented:

1) By Therapy Area: Oncology, Blood, Central Nervous System, Endocrine, Cardiovascular, Respiratory, Immunomodulatory

2) By Distribution Channel: Hospital Pharmacy, Retail Pharmacy, Online Sales

3) By Drug Type: Biological, Non-Biological

4) By Disease Type: Oncology, Haematology, Neurology, Cardiovascular, Other Disease Types

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: