The Asia Pacific Orphan Drugs Market is projected to be worth USD 35.01 billion in 2022 and is estimated to grow at a CAGR of 8.92%, reaching USD 53.67 billion by 2027.
As the Asian medicinal markets are still growing, the prospects for orphan drugs in Asia are also huge and getting increasingly prevalent. Compared with the U.S. and Europe, where about 400 orphan drugs are obtainable, rare disease patients in this region have much less accessibility. However, some Asian countries have already instituted special regulatory methods for orphan drugs. For example, Singapore established the Orphan Drug exemption to the Medicines Act in 1991. Japan approved its Orphan Drug Regulation in 1993, permitting market exclusiveness for new orphan drugs for ten years.
The introduction of reimbursement schemes and other new policies favoring ordinary people, rise in the number of rare diseases like inherited cancer diseases and neurodegenerative diseases are majorly driving the Asia Pacific orphan drugs market. The emergence of advanced technologies and the launch of innovative orphan drugs that have positive results in treating rare diseases are the essential growth driving forces to the market.
Furthermore, a growing number of patients suffering from various rare diseases related to cancer, cardiovascular problems, and other rare diseases worldwide are outshining the growth rate of the orphan drugs market in the Asia Pacific. These are manufactured specifically with a new formula to treat rare diseases, and hence the demand for this market is overgrowing.
Besides, government organizations focused on improving the services in healthcare centers and producing quality drugs favoring the end-users, the rise in the concern towards health care among every individual and their prevalence for early diagnosis is elevating the growth rate of the APAC orphan drugs market.
However, stringent rules and regulations by the government over pharmaceutical companies in concern towards the public's safety, the manufacturing cost of orphan drugs is high compared to the standard drugs, and the lack of professionals in manufacturing drugs with the latest formula is the significant challenges to the market.
This research report on the APAC orphan drugs market is segmented and sub-segmented into the following categories:
In the Asia Pacific, the Chinese orphan drugs market has the fastest growth due to rising approvals for orphan drugs from the Food and Drug Administration. China is the highest populated country globally where the growing demand for orphan drugs and actively promoting the regulation of rare diseases enhance the market. Several key players are interested in developing an orphan drug to treat a rare disease. China is the hub of a rare disease; in this country, most people suffered from infectious diseases. Also, the government has taken the initiatives for development in rare diseases and expanded the orphan drug market in domestic and global markets.
The Indian orphan drugs market is also the fastest-growing country in the APAC region due to rising geriatric patients and growing awareness of these drugs. Increasing various diseases such as cardiovascular disease, endocrinology, lymphatic system disorders, and respiratory disorders will also propel the demand for orphan drugs. There are substantial pharmaceutical industries focused on the innovation and development of orphan drugs into the market.
The Japanese orphan drugs market is expected to register a healthy CAGR in the coming years due to developed infrastructure and innovative technologies in healthcare industries. In addition, the government support and recent FDA approval for orphan drugs will grow the market across the region.
KEY MARKET PARTICIPANTS
A few noteworthy companies operating in the APAC orphan drugs market profiled in this report are Novartis, GlaxoSmithKline, Roche, Alexion, Sanofi, Bristol Myers Squibb, Pfizer, Vertex, Celgene, and Merck.
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