The Global Orphan Drugs Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global orphan drugs market size was estimated to be US$ 147.56 billion in 2019 and expected to reach US$ 413.36 billion by 2030 at a CAGR of 10%. A rare disease also called as an orphan disease, is a disease that affects a relatively smaller percentage of the global population. Most of these rare diseases are genetic and present throughout the patient's entire lifetime, even if the symptoms do not appear immediately. Across the globe, there has been observed to be an increasing prevalence of rare diseases. According to the European Organization for Rare Diseases, an orphan drug is a pharmaceutical product that is used for the diagnosis, prevention, and treatment of these rare condition or diseases. These diseases differ from the other diseases on the basis of the fact that their prevalence rate is very low as compared to the other types of diseases, and are hence bought by a very small patient population. However, the government authorities of various countries across the globe are encouraging the development and marketing of these drugs.
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