Portland, OR, June 14, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global orphan drugs market generated $140.00 billion in 2020, and is expected to reach $435.68 billion by 2030, growing at a CAGR of 11.8% from 2021 to 2030.
Rise in prevalence of rare diseases and profitable government policies have boosted the growth of the global orphan drugs market. However, dearth of patient pool for clinical trials and product marketing along with high cost of treatment per patient hinder the market growth. On the contrary, growth potential in untapped developing economies and increase in novel indications for known orphan drugs would open new opportunities in the future.
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| Market Size by 2030 | $435.69 Billion |
| Forecast Year | 2020-2030 |
| CAGR | 11.8% |
| Base Year | 2020 |
| Report Key Pointer | COVID-19 Outbreak & Impact |
Impact of Covid-19 on Orphan Drugs Market:
- The Covid-19 pandemic disrupted the workflow in the healthcare sector as the disease forced a number of industries to close their business including the sub-domains of healthcare.
- Decline in screening services, treatment interruption, limited operations in most industries, and inadequate funding to R&D hampered the market growth.
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The report segments the global orphan drugs market on the basis of disease type and region.
Based on disease type, the oncologic diseases segment held the largest share in 2020, accounting for more than one-third of the market. However, the metabolic diseases segment is projected to register the highest CAGR of 13.8% during the forecast period.
The global orphan drugs market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for more than one-third of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 12.6% during the forecast period.
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The global orphan drugs market includes an in-depth analysis of the prime market players such as AbbVie Inc., Amgen Inc., Amryt Pharma PLC., Bristol Myers Squibb, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc., Johnson & Johnson, Novartis International AG, Pfizer Inc., and Sanofi S.A.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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