Latest News- Orphan Drugs Market: Hospital Pharmacy is expected to lead the Distribution Channel segment during 2024-2028
The Orphan Drugs Market is being driven by Robust pipeline and recent drug approvals
The Orphan Drugs Market is expected to grow at a CAGR of 11.62% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 146.1 billion. The orphan drugs market has experienced a surge in strategic alliances and partnerships over the past two years, with over hundred such collaborations taking place in 2021 and 2022. These partnerships and alliances enable vendors to broaden their reach to new geographies, enhance their product offerings, and generate higher returns on investment through co-developed and co-marketed products. In addition, mergers and acquisitions (M&A) have become a popular trend in the market, with vendors utilizing this strategy to mitigate the impact of impending patent expirations and to replenish their pipelines, thereby fueling market growth during the forecast period.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Distribution Channel (Hospital Pharmacy, Specialty pharmacy, Retail pharmacy, Others) Product (Biologics, Non-biologics) Geography (North America, Europe, Asia, Rest of World (ROW)).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Orphan Drugs Market Research Report
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The Orphan Drugs Market refers to the segment of the pharmaceutical industry focused on developing and commercializing treatments for rare medical conditions, also known as orphan diseases or rare diseases. These conditions affect a small percentage of the population and often require specialized clinical trials and screening services. Orphan drugs can be biological or non-biological and are used to treat various diseases, including oncological diseases like Hodgkin Lymphoma and Acute Myeloid Leukemia, metabolic diseases such as Cystic Fibrosis, hematologic diseases, immunologic diseases, infectious diseases, and neurological diseases. The oncology therapy area is a significant segment of the market, with a focus on immunomodulators for life-threatening diseases. Non-life-threatening diseases also fall under the Orphan Drugs Market umbrella, resulting in frequent outpatient hospital visits and clinical research in areas like hematology and neurology.
The Orphan Drugs Market represents a niche segment within the larger Pharmaceuticals industry, focusing on the development and production of pharmaceutical agents for the treatment of Rare Medical Conditions, or Rare Diseases, also referred to as Orphan Diseases. This sector encompasses clinical trials and screening services for various categories, including Oncological Diseases, Metabolic Diseases, Hematologic Diseases, Immunologic Diseases, and Infectious Diseases. The growth of this market is driven by demographic trends, with an aging population leading to a higher prevalence of these conditions. By 2050, approximately one-quarter of the US population and a similar ratio in Europe are projected to be over 60 years old, increasing the demand for treatments addressing these diseases.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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