MarketAccording to analysts at Vantage Market Research, the Global Orphan Drugs Market was valued at USD 112.36 Billion in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.4% between 2021 to 2028.
Orphan drugs are products intended to be used for treatment, prevention and diagnosis of life threatening or serious disorder that are generally rare. Orphan drugs are usually developed with very little interest from the pharmaceutical industry these products are restricted to small number of diseased patients suffering from a serious rare condition for which no treatment is available.
The market has seen boost in growth with the development of new technologies such as hybridoma, gene mapping, DNA recombinant technology and extensive advancement in the technology seen significantly due to the rising occurrence of rare diseases and increasing adoption of DNA recombinant technology among healthcare professionals. The increasing approval rate for the advanced devices for gene mapping is driving the growth of market across the globe.
The COVID-19 pandemic has resulted in postponement of diagnosis of non-life-threatening rare diseases as majority of the healthcare workforce has been directed towards the diagnosis and treatment of the virus that has been devasting the economic condition of nations worldwide. This has created a barrier and has resulted in non-functioning of the pharmaceutical industries towards the production of orphan drugs.
Moreover, high cost associated with orphan drugs has resulted in the limited adoption of the orphan drugs resulted to be a restrain for the growth of the market across the globe. However, with increased research and development in field of healthcare and high investment by authorities with the growing prevalence of rare disease in the population is serving as an opportunity for the growth of the market.
Globally, North America is expected to be the highest growing region having the largest market share due to the increasing prevalence of disease in the 10;However, the European region is thy second largest revenue generating region owing to the increasing number of pharmaceutical companies exporting their product within Europe.
Key market players in the global orphan drugs market are Shire PLC, Alexion, Celgene Corporation and Johnson & Johnson Services Inc.