An orphan drug is a medicinal agent that has been made especially to treat an exceptional medical condition, the ailment itself being denoted to as an orphan disease. An orphan disease affects a tiny percentage of the populace. Most of the rare illnesses are genetic, and hence are existent throughout the individual's entire life, even if the symptoms do not appear straight away. Global Orphan Drugs Market was valued $132.61 billion in 2018 and expected to be growing at a CAGR of 7.86%, to reach $193.59 billion by 2023.

Market drivers and restraints:

Factors like extended market exclusivity mainly drive the growth of the Global Orphan Drugs Market, increase in cognizance for prompt diagnosis, and betterment of healthcare infrastructure in developing countries. Furthermore, government enticements in the form of endowments, tax credits, and fees waivers are the other crucial factors boosting the growth of the market. However, factors such as costly procedures & high initial investment, regulatory obstacles, and clinical studies hurdles are hindering the growth of the market.

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Report segmented as:

By Type:

Biological
Non-Biological
By Therapeutic:

Hematology
Neurology
Oncology
Others
Geographical analysis:

The market has also been geographically segregated into North America, Europe, Asia-Pacific, Latin America, and Middle-East & Africa. U.S accounted for the most significant share in the global Orphan Drugs market in 2015, as it spends nearly 20% of its GDP on health. The global market outlook is estimated to be positive as more and more governments are adopting policies to encourage this sector, mainly in the developing countries.

Important market players:

Currently, the market for orphan drugs represents only about 6% of the entire pharmaceutical market. An extremely conducive environment presently prevails for the growth of the orphan drugs market, thus encouraging the entry of more companies into the market. The key companies leading the global Orphan Drugs market are Novartis, GlaxoSmithKline, Roche, Alexion, Sanofi, Bristol Myers Squibb, Pfizer, Vertex, Celgene, and Merck.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

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