Global Orphan Diseases Market  - Overview
The Orphan diseases market size is anticipated to reach USD 328.5 billion by 2030 at 10.70% of CAGR during the forecast timeframe 2022-2030.
An orphan disease is defined as a disorder that affects fewer than 200,000 people in America annually. This includes diseases as familiar as cystic fibrosis, Lou Gehrig's disease, and Tourette's syndrome, and as unaware as Hamburger disease, Job syndrome, and acromegaly, or "gigantism." Some diseases have patient populations of less than a hundred. Mutually, however, they affect as many as 25 million Americans every year, according to the National Institutes of Health (NIH), and that makes the diseases--and finding treatments for them-a serious public health concern.
Orphan diseases, also known as rare diseases, affect a relatively small number of people compared to more common illnesses. Despite their limited prevalence, orphan diseases collectively impact millions of individuals worldwide. The unique challenges and opportunities presented by the orphan diseases market make it a subject of increasing interest among healthcare professionals, pharmaceutical companies, and advocacy groups. In this article, we will explore the orphan diseases market, its complexities, and the hope it holds for patients and researchers.
The growth in this market is mainly attributed to the increasing prevalence of orphan diseases, rising awareness about orphan drugs, and technological advancements in the field of orphan drugs. The report segments the global orphan diseases market by type into autoimmune disorders, genetic disorders, blood disorders, cancer, growth disorder, cardiovascular diseases, neurological disorders, respiratory disorders, digestive disorders, eye disorders, skin disorders, metabolic disorders, endocrine disorders, and infectious diseases.Â
Â
Key Players:
There are various players operating in the global Orphan Diseases market, some of the major players are Bristol-Myers Squibb Company (US), Novartis AG (Switzerland), CELGENE CORPORATION (US), F. Hoffmann-La Roche Ltd (Switzerland), Pfizer Inc. (US), Alexion (US), Sanofi (French), Vertex Pharmaceuticals Incorporated (US), GlaxoSmithKline plc. (UK), Merck & Co., Inc (US), AbbVie Inc. (US) and othersÂ
As distinct as rare diseases are, patients share many common frustrations. For example, for one-third of people with a rare disease, getting a precise diagnosis can take one to five years. And people often are so isolated that they may never know anyone else with the same disease. Patients often must travel long distances to visit the few doctors knowledgeable about their diseases, and the costs involved with diagnosis, treatment, and other related expenses can be inflated
Before the passage of uncommon diseases laws in the United States, patients diagnosed with a rare disease were deprived of access to effective medicines because prescription drug manufacturers hardly could make a profit from marketing drugs to such small groups. Subsequently, the prescription drug industry did not effectively fund research for orphan product development. Other potential sources, such as research hospitals and universities, also required the capital and business proficiency to develop treatments for small patient groups. In spite of the urgent health need for these medicines, they came to be known as orphans because companies were not concerned in adopting them.
This changed in 1983 when Congress passed the Orphan Drug Act (ODA). The ODA bent financial incentives for drug and biologics manufacturers, comprising of tax credits for costs of clinical research, government grant funding, assistance for clinical research, and a seven-year period of élite marketing given to the first sponsor of an orphan-designated product who achieves market approval from the Food and Drug Administration for the same indication. At the same time, federal programs at the FDA and the NIH initiated encouraging product development, as well as clinical research for products directing rare diseases
Further With a robust pipeline in place, it is analysed where the industry’s current vision lies and highlighted a number of efforts which have been taken by pharmaceutical companies, healthcare organizations and other industry stakeholders. Precisely, our market potential analysis outlines key patient demographics and underscores potential areas estimated to emerge as major revenue initiators for the pharmaceutical companies.
Global Orphan Diseases Market  - Regional Analysis
Depending on geographic region, Orphan diseases Market is segmented into four key regions: Americas, Europe, Asia-Pacific, and Middle East & Africa. Considering the global scenario of the market, North America comprise largest market share in Orphan diseases. Moreover the European market is also growing continuously and slowly catching up with the American market in the near future. On the other hand, Asia-Pacific market is expected to grow at the fastest pace in the Orphan diseases segment during the forecasted period. Rest of the World is likely to have a limited but steady growth in the market.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.
Contact us:
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street, 5Th Floor,
New York, New York 10013
United States of America
+1 628 258 0071
Email: sales@marketresearchfuture.com
