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Orphan Drugs Market Growth Projections and Opportunities
Orphan drugs, designed for the diagnosis, prevention, or treatment of rare and life-threatening diseases or disorders, are named "orphan" because the pharmaceutical industry typically shows little interest in developing them for a small number of patients. Rare diseases affect fewer than 5 in 10,000 persons in Europe or less than 200,000 patients in the US. The market for orphan drugs is driven by factors such as extended market exclusivity, government incentives, the increasing prevalence of rare diseases, and growing healthcare expenditure. However, challenges like high per-patient treatment costs and regulatory restrictions on profitability may hinder market growth.
The global orphan drugs market is projected to witness a Compound Annual Growth Rate (CAGR) of 11.50% during the forecast period from 2018 to 2023. In 2017, the Americas led the market with a 39.9% share, followed by Europe at 33.5%, and Asia-Pacific at 20.8%.
This market has been categorized based on drug type, sale, drug, therapy class, and region. Regarding drug type, the biologics segment claimed the largest market share at 64.5% in 2017, with a value of USD 75,103.32 million. This segment is expected to register a CAGR of 11.54% during the forecast period. In terms of sales, the generic segment held the largest market share at 82.9% in 2017, with a value of USD 96,564.67 million, projected to register a CAGR of 11.37%. Analyzing specific drugs, the revlimid segment secured a market share of 6.6% in 2017, with a value of USD 7,644.11 million, expected to register a CAGR of 10.49% during the forecast period. Examining therapy class, the oncology segment led with the largest market share of 50.0% in 2017, with a value of USD 58,278.36 million, projected to register a CAGR of 11.75%.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 175.57 Billion |
| Growth Rate | 9.20% (2022-2030) |
Orphan Drugs Market Highlights:
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