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Thursday, December 8, 2022

Orphan Drugs Market to Exceed US$ 267.6 Bn Evaluation by the year 2032 Owing to the Rising Prevalence of Rare Diseases

Last updated Tuesday, November 8, 2022 05:10 ET , Source: Future Market Insights, Inc.

Newark, United States, 11/08/2022 / Future Market Insights, Inc. /

The global orphan drugs market is anticipated to surge at a robust CAGR of around 4.6% over the forecast period from 2022 to 2032. The global market was predicted to reach a valuation of around US$ 165.4 Bn in 2021 and proceeding further, it is predicted to surpass a valuation of around US$ 267.6 Bn by the year 2032.

The growth of the orphan drugs market is surging due to the rising prevalence of rare diseases along with the development of new technologies for the creation of orphan drugs.

Orphan drugs are medicines and vaccines which help to diagnose, treat or prevent extremely rare and life-threating disorders in order to treat several other medical conditions. Most uncommon diseases are inherited and persist throughout a person’s lifetime; however, symptoms may not always be apparent. The growth in the overall orphan drugs market is attributed to the rise in the investment in research and development of orphan drugs.

The most uncommon disease symptoms are able to develop soon after birth or throughout the childhood process such as cystic fibrosis, lysosomal storage disorder, familial adenomatous polyposis (FAP), infantile spinal muscular atrophy, and patent ductus arteriosus (PDA). Although some symptoms of such rare diseases including acute myeloid leukemia, renal cell carcinoma, and glioma only manifest in adults. Orphan drugs are used as an effective medicine to cure such rare diseases.

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Key Takeaways

  • The global market for orphan drugs is expected to bolster over the projection period owing to the meticulous research and developments on rare diseases being diagnosed in all humans of all age groups due to hectic lifestyles. This research are conducted in collaboration with regulatory organizations and research institutes. A strong market expansion is expected to take over within the forecast period attributed to the rising demand for novel drug products and advanced technological treatments for various rare diseases.
  • In addition to that, the rise in the prevalence of cardiovascular diseases, hypertension, and diabetes is expected to accelerate the market expansion of orphan drugs at a phenomenal pace. The sales of orphan drugs are able to improve by factors like favorable government and reimbursement policies and expansion of product pipeline by launching new drugs.
  • Due to hectic lifestyles and little time to pay attention to our health in the fast-paced world, the prevalence of rare diseases is on the rise. Owing to the technological advances in the field of the medical sector, massive investments in research and development of new and rare diseases are anticipated to uphold the global orphan drugs market over the assessment period.
  • The kind of medicines and vaccines used to diagnose, prevent or treat rare and life-threatening disorders and medical conditions are known as orphan drugs. The majority of uncommon diseases are inherited and are persistent throughout a person’s lifetime but, there is a possibility that the symptoms might not always be apparent.
  • Some of the most uncommon disease symptoms that are most likely to get developed soon after birth or during childhood include cystic fibrosis, lysosomal storage disorder, familial adenomatous polyposis (FAP), infantile spinal muscular atrophy and patent ductus arteriosus (PDA).
  • Although some diseases have rare symptoms, they can only develop in adults such as acute myeloid leukemia, renal cell carcinoma, and glioma. Most of the time, orphan drugs have proven to be effective medicine that can efficiently cure such rare diseases over some time.

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Competitive Landscape

Some of the prominent market players operating within the orphan drugs market are heavily investing in research and development procedures in order to identify cures for several other unidentified rare and life-threatening diseases. In addition to that rapid technological advancements in the healthcare sector are making it possible to increase the diagnostic process of such rare diseases. In addition, industry players are also focusing on expanding facilities to gain a competitive edge.

More Insights into the Orphan Drugs Market

Among the prominent regions, North America is anticipated to account for the largest market share and is predicted to dominate the global orphan drugs market over the projection period. The growth in the region is attributed to the increasing adoption of novel products, the high prevalence of rare disorders, and the technology to treat rare diseases.

The European region is known to be the second-largest market for orphan drugs due to the widespread acceptance of advanced rare disease therapies and an ever-increasing patient population is expected to propel growth in the market for orphan drugs.

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Key Segments Covered In The Orphan Drugs Industry Survey

By Therapy Area:

  • Oncology
  • Haematology
  • Neurology
  • Endocrinology
  • Cardiovascular
  • Others

By Drug Type:

  • Biologics
  • Non Biologics

By Distribution Channel:

  • Hospital Pharmacies
  • Retail Pharmacies
  • Online Stores
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • The Middle East and Africa (MEA)

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The post Orphan Drugs Market to Exceed US$ 267.6 Bn Evaluation by the year 2032 Owing to the Rising Prevalence of Rare Diseases appeared first on Future Market Insights.

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