The global orphan drugs market size stood at around USD 151 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
According to the European Organization for Rare Diseases, these drugs are produced for diagnosis, prevention, and treatment of rare disorders. The oncology therapy area holds a considerably higher share in the global market due to emergence of new cancer-related diseases. Additionally, FDA approvals to a series of cancer-related orphan drugs are expected to result in increased commercialization of these drugs, especially the oncology therapy area, during the forecast period. The market is will derive growth from higher demand for immunomodulators, as they regularize or amplify the immune system.
Major Orphan Disease
The major disease includes oncology, hematology, neurology, cardiovascular and other disease types. The oncology segment held a dominant orphan drugs market share in 2019. The dominance is due to the presence of several oncology drugs in the product development pipelines of key players, and also the presence of a large number of orphan drugs dedicated for the treatment of cancers. The hematology segment is projected to be the second most dominant segment owing to a number of new product launches and increasing positive regulatory approvals. The neurology segment is also anticipated to register a comparatively strong CAGR due to positive developments in the product offerings for key diseases such as multiple sclerosis. Cardiovascular drugs segments is anticipated to register lower CAGR in the forecast period.