Evaluate’s 2026 Orphan Drugs Report forecasts global annual sales of rare‑disease therapies will exceed $409 billion by 2032, claiming more than 21% of total global prescription sales. The analysis highlights revenue concentration among a few leading orphan drugs and companies, while flagging regulatory and pricing headwinds such as increased FDA scrutiny and payor pressure. The report credits policy wins — including an Inflation Reduction Act carve‑out and reauthorization of the rare pediatric disease priority review voucher program — for supporting growth, but warns that commercialization will be volatile. Ten existing therapies are projected to dominate future orphan sales, with Johnson & Johnson and Vertex called out for multiple franchise successes. Evaluate’s outlook signals continued investor interest in orphan pipelines and platform plays, but it also underscores the need for durable reimbursement strategies and regulatory engagement as rare‑disease programs scale into blockbuster territory.