Global Orphan Drugs Market & Clinical Trials Insight Report 2028 Highlights:
- Clinical Insight On More Than 400 Marketed Orphan Drugs
- Clinical Insight On More Than 1300 Orphan Drugs in Clinical Trials
- Orphan Designated Drug Clinical Status by Indication & Country
- Global Market Opportunity More Than USD 350 Billion
- Market Exclusivity & Patent Protection Criteria for Orphan Drugs
- Global & Regional Orphan Drug Market Sales Opportunity
- Orphan Drug Reimbursement Policy
- Orphan Clinical Pipeline Overview Company, Drug Class, Formulation, Indication, Region, Priority Status, Patient Segment, Phase
Download Report Sample:
https://www.kuickresearch.com/ccformF.php?t=1643976472
Rare diseases or orphan diseases are group of diseases which generally affect so few people that drug development for such diseases is considered unprofitable and neglected by the pharmaceutical companies. Most of these rare diseases are genetic and present throughout the patient’s entire lifetime, even if the symptoms do not appear immediately. With the passage of orphan drug act, the government has created several economic incentives to stimulate orphan drug development. Grants, research design support, FDA fee waivers, tax incentives, orphan drug market exclusivity, and public diffusion of orphan innovation are main incentives for orphan research and development.
As of now, more than 500 orphan drugs have entered the market which has shown high adoption rates in the global market. For instance, Revlimid, approved in 2005, treats multiple myeloma, myelodysplastic syndromes and other diseases. The drug’s sales reached more than US$ 12 billion last year, making it the pharmaceutical industry’s third most lucrative product behind AbbVie’s immunology giant Humira and Merck’s oncology superstar Keytruda. In contrast, the sales of Keytruda touched around US$ 17 Million in 2021. The ever increasing sales of blockbuster orphan drugs in the global market has surged the further research and development activities in this domain.
One of the critical driving factors boosting the growth of global market is the increasing investments by prominent players for the orphan drug development of novel product offerings. Since the awareness and understanding surrounding rare diseases has increased, a number of clinical stage biopharmaceutical companies and established market players have created strong pipeline candidates for orphan drugs, which are in various stages of clinical trials. The major key players in the market include Abbvie, Roche, Celgene Corporation, Bristol Myers Squibb, Novartis, Boehringer Ingelheim, AstraZeneca, and several others.
The forthcoming years of the orphan drug market is estimated to witness a significant boost in research and development as well as overall business operations and outreach, increase in the rights of the patients, increased competition, better healthcare solutions being delivered by the orphan drugs and an increase in the number of investors, all at a significant rate. Additionally, an increase in the number of drugs developed for rare blood diseases, and diseases previously thought of as incurable, are estimated to provide substantial growth to the market. As per our analysis, the global orphan drug market is expected to surpass US$ 350 Billion by 2028.
US has been dominating the global market driven by increasing prevalence of rare disorders. The high spending on research and development of orphan drugs, coupled with the existence of numerous large-scale local manufacturers will promise well for market growth. In addition, Europe holds the second position in the market. This growth is attributed to the many pharmaceutical companies exporting their products outside or within Europe is expected to drive the growth of the market. Also, most of the European companies are focusing on the research and development of orphan drugs according to the patient’s need. Also, several favorable factors such as the introduction of innovative technologies, favorable pricing, reimbursement, unmet medical necessities, and a strong clinical pipeline are contributing to the growth of the orphan drug market during the estimated period. Apart from this, other regions including China, Japan, and India are also emerging as potential market for orphan drugs.
The Global Orphan Drugs Market report provides a holistic evaluation of the market for the forecast period (2022–2028). The report comprises of various segments as well an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics, involves the drivers, restraints, opportunities and challenges through which the impact of these factors in the market are outlined.
For More Information Related To Report Contact:
Neeraj Chawla
Research Head
Kuick Research
+919810410366