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 in recent years, with over 100 such agreements taking place in 2021 and 2022. These collaborations enable vendors to expand their geographical reach, broaden product offerings, and co-develop and co-market products for a higher return on investment. Additionally, mergers and acquisitions (M&A) are becoming increasingly common as vendors seek to address upcoming patent expirations and bolster their pipelines, further 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 segments_for_ai.nslist

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Robust pipeline and recent drug approvals
• Rising incidence of rare diseases
• Availability of incentives for orphan drug development

However, the market also witnesses some limitations, which are as follows:

• Delay in diagnosis
• Risks associated with clinical development of novel orphan drugs
• Challenges associated with pricing and reimbursements for orphan drugs

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Market Scope in Orphan Drugs Market Research Report

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Research Analysis Overview

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 oncologic, targeting various disease areas such as oncological diseases like Hodgkin Lymphoma and Acute Myeloid Leukemia, metabolic diseases, hematologic diseases, immunologic diseases, infectious diseases, and neurological diseases. Clinical research in this sector includes oncology therapy areas, immunomodulators, and outpatient hospital visits for hematology and neurology. Non-life-threatening diseases are also covered in this market.

Market Research Overview

The Orphan Drugs Market encompasses pharmaceutical agents specifically designed to treat rare medical conditions, orphan diseases, and neglected diseases, which affect a small percentage of the population. This niche market segment is a significant focus for pharmaceutical companies, as clinical trials for these conditions often involve smaller patient populations and higher development costs. Technavio projects the global pharmaceuticals market, which includes manufacturers and providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services, to experience growth due to demographic trends, such as an aging population. By 2050, approximately one-quarter of the US population, and by 2030 in Europe, is projected to be over 60 years old, leading to a greater demand for treatments for oncological diseases, metabolic diseases, and hematologic diseases, among others.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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