Orphan Drugs Market Size to Surpass USD 368.43 Billion in 2030, exhibiting a CAGR of 11.6%
Fortune Business Insights
4 min read
Fortune Business Insights
As per the report by Fortune Business Insights, the global Orphan Drugs Market size is projected to reach USD 368.43 billion in 2030, at a CAGR of 11.6% during the forecast period, 2023-2030
Pune, India, Aug. 01, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Orphan Drugs Market Size was valued at USD 156.97 billion in 2022 and is projected to grow from USD 170.49 billion in 2023 to USD 368.43 billion by 2030, exhibiting a CAGR of 11.6% during the forecast period.
The prevalence of rare diseases is on the rise every year, with most of them not having a defined medicine or treatment for the same. Orphan drugs become useful as they are made by the pharmaceutical industry to diagnose, prevent, and treat these unique diseases effectively. Increasing approval by leading government authorities will further augment their adoption, ultimately fueling the orphan drugs market growth.
This information is provided by Fortune Business Insights™ in its research report titled Orphan Drugs Market, 2023-2030.
Key Industry Development-
January 2023: Ipsen Pharma entered a definitive agreement to acquire Albireo to align its long-term strategy for increasing the scope of its rare disease portfolio and accelerate the growth of pipeline candidates.
A rising number of leading companies operating in the market are getting involved in various research & development activities to develop new products and increasing their investments in this regard. Since more drug-makers are becoming aware of the nature of rare diseases, they are creating a strong product portfolio with the help of these research and development initiatives. These factors are expected to favor the market growth.
However, high cost of these drugs can impede the market progress.
Segmentation:
By Therapy Type
Oncology
Hematology
Neurology
Endocrinology
Cardiovascular
Respiratory
Immunotherapy
Infectious Diseases
Others
By Drug Type
Biologics
Non-biologics
By Distribution Channel
Hospital Pharmacy
Retail Pharmacy
Online Pharmacy
Others
Regional Insights:
North America to Dominate Global Market Due to High Spending on Orphan Drugs
North America dominated the global market in 2022 as the regional governments are increasing their spending on orphan drugs to treat rare diseases effectively. The region also has a vast patient pool and a notable presence of leading market players, which will further enhance the regional market growth.
The Europe market is also anticipated to grow at a strong pace due to the growing patient population and increasing preference for advanced rare disease therapeutics.
Bristol-Myers Squibb and F. Hoffmann-La Roche to Dominate Market with their Strong Product Portfolios
While the market has a strong presence of top companies, Bristol-Myers Squibb and F. Hoffmann-La Roche are leading the market’s growth as they have witnessed robust sales of their orphan drugs and have a comprehensive product portfolio for oncology-related medicines.
FAQs
How big is the Orphan Drugs Market?
Orphan Drugs Market size was USD 156.97 billion in 2022. It is expected to reach USD 368.43 billion in 2030.
How fast is the Orphan Drugs Market growing?
The Orphan Drugs Market will exhibit a CAGR of 11.6% during the forecast period, 2023-2030.
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
