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Pharmaceutical industry

Global Orphan Drugs Market to Reach $174.7 Billion in 2020, Expected to Grow at 9.8% CAGR from 2021 to 2026

Strategic Insights

— 1 min read

The global orphan drugs market reached a value of $174.7 billion in 2020, driven by the increasing prevalence of rare genetic disorders and cancer. The market is expected to grow at a compound annual growth rate (CAGR) of 9.8% from 2021 to 2026, driven by the development of innovative orphan drugs and increasing awareness among the masses regarding their benefits.

Key Takeaways:

  • The global orphan drugs market reached a value of $174.7 billion in 2020, driven by the increasing prevalence of rare genetic disorders and cancer.
  • The market is expected to grow at a CAGR of 9.8% from 2021 to 2026, driven by the development of innovative orphan drugs and increasing awareness among the masses regarding their benefits.
  • Pharmaceutical manufacturers are developing innovative orphan drugs to provide personalized therapy to patients, driven by the increasing prevalence of rare genetic disorders and cancer.
  • The market is being driven by increasing awareness among the masses regarding the benefits of orphan drugs, along with the emergence of new pharmaceutical drug manufacturers and favorable government policies to inhibit the spread of contagious diseases.
  • The development of biological orphan drugs is acting as a significant growth-inducing factor, as these drugs can treat diseases such as cancer and reverse the damage caused to stem cells.
  • Key players in the market include AbbVie Inc., Alexion Pharmaceuticals Inc., Amgen Inc., Biogen Inc., Bristol-Myers Squibb Company, F. Hoffmann-La Roche AG (Roche Holding AG), Jazz Pharmaceuticals PLC, Johnson & Johnson, Merck & Co. Inc., Novartis AG, Pfizer Inc., Sanofi S.A., Takeda Pharmaceutical Company Limited, and Teva Pharmaceutical Industries Ltd.

Statistics:

  • The global orphan drugs market reached a value of $174.7 billion in 2020.
  • The market is expected to grow at a CAGR of 9.8% from 2021 to 2026.
  • Pharmaceutical manufacturers are developing innovative orphan drugs to provide personalized therapy to patients, driven by the increasing prevalence of rare genetic disorders and cancer.
  • The market is expected to reach $263.4 billion by 2026.
  • The market is expected to grow from 2021 to 2026 driven by the development of innovative orphan drugs, increasing awareness among the masses regarding their benefits, and favorable government policies to inhibit the spread of contagious diseases.

Sources:

  • M2 PRESSWIRE, October 7, 2021, Global Orphan Drugs Market (2021 to 2026) - Industry Trends, Share, Size, Growth, Opportunity and Forecasts
  • ResearchAndMarkets.com, Orphan Drugs Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

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