Pune, India, May 16, 2019 (GLOBE NEWSWIRE) -- The global Orphan Drugs Market is probably to witness the emergence of several new players over the coming years. The tremendous development of the market is registered at a CAGR of 11.50% and is set to reach USD 2,23,646.51 million by 2023.
The expected growth of the orphan drugs market has been in associated with the emergence of new players. Currently, the orphan drugs market has a vast pool of competitive market players who have learned, evolved, and developed as experts of drug manufacturing through years of experience. With this, these leading market players have been focusing on building an agile framework for the manufacture of orphan drugs.
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Drugs that are used to treat rare diseases are referred to as orphan drugs. Orphan disease, by definition, is subjected as any disease that affects a small percentage of the population that are often life-threatening, chronic, progressive, degenerative, and disabling, and while most of them are allied to a genetic disorder and remain undiagnosed. Whereas, orphan drugs are used to treat the population suffering from the extremely serious, but rare diseases, which has no treatment and no chance. In later days, due to the less patient count, rare diseases were not easily found or tiered high on the priority list of health. Also, the world of rare diseases stayed out of industry focus for several years. Also, numerous pharma players failed to recognize the hidden potential behind these rare indications and did not put much emphasis on developing drugs for these indications. These factors, by the time, has encouraged the global orphan drugs market to expand at an exponential rate and is also expected that the market would go on a rise high by 2023, as given the high percentage of recently approved orphan drugs, there is need to develop more orphan drugs for future purpose.
Key Players
The essential competitors shaping the global orphan drugs market are F. Hoffmann-La Roche AG, Mylan, Celgene Corporation, Novartis AG, Biogen, Takeda Pharmaceutical Company Limited, Merck KGaA, Eli Lilly and Company, Shire Pharmaceutical, Sanofi, Janssen Global Services LLC, Alexion Pharmaceuticals Inc., Vertex Pharmaceuticals Inc., Pfizer Inc., Bristol Meyer Squibb. Even key strategies followed by the players operating in the global orphan drugs market were innovation, product development, acquisition, and expansion.
In the current time, the awareness about the orphan drug market is proliferating rapidly across the world that further is leading to the growing adoption of orphan drug act mainly in countries such as Japan, Australia, Europe, and other countries to stimulate more and more research and development in the orphan drug. Even the government of some regions are putting down incentives to produce orphan medicines. Also, with the rising prevalence of rare diseases, various governments have also increased expenditure on the healthcare sector, which eventually has driven the growth of the global orphan drugs market. On the other hand, generally the cost of developing drugs is high, and the availability is less as compared to conventional drugs. Hence, to overcome the supply chain gaps of drugs, the governments of various regions collectively encouraging the development of an orphan drug with increasing investments and plans. Resultantly, this factor is boosting the demand for the orphan drugs market at a higher CAGR and promises to expand at a higher rate during the forecast period.
Market Segmentation
According to the survey carried out by QuintilesIMS Institute, 6,084 rare diseases were conveyed in the US in 2016. Some situations of rare diseases can affect only a minority of people, while others may affect hundreds or thousands, which counts as cystic fibrosis, which marks approximately 30,000 people in the United States. Overall, rare disease patients comprise about 6% to 8% of the population depending upon the factors that are responsible for the rising prevalence of the rare disease is owing to swelling paternal and maternal ages and increased usage of fertility therapies. Therefore, there are many various causes of rare diseases, the majority of which are genetic, directly caused by changes in genes or chromosomes. The future of the global orphan drug looks good and have a successful venture by the year 2023. Upon this, Market Research Future Reports offers a comprehensive segmental analysis of the global orphan drugs market, which has been segmented into drug type, sale, drug, and therapy class.
By the mode of drug type, the global orphan drugs market is further categorized as biologics and non-biologics. Wherein, the biologics accounted for the market value of USD 75,103.32 million in 2017.
By the mode of sale, the global orphan drugs market has been categorized into generics and prescribed.
By the mode of drug, the global orphan drugs market has been categorized into Revlimid, Rituxan, opdivo, keytruda, imbruvica, soliris, jakaf, pomalyst, darzalex, spinraza, adcetris.
Lastly, the global Orphan Drugs Market is categorized by therapy class, which has been segmented into oncology, blood, central nervous systems, endocrine, cardiovascular and respiratory.
The Evolving Orphan Drug Market has gained much traction and is expected to become Profitable by the year 2023
The regional evaluation of the global orphan drug market includes regions such as Americas, Europe, Asia-Pacific, and Middle East & Africa. Among them, the Americas were accounted for being the largest market share of 39.98% in 2017. The Americas is also probable to lead the global orphan drugs market at the time of the assessment period. Therefore, the growth of orphan drugs market in this region is mainly proliferating owing to the increasing commonness of rare disorders.
Browse the market data and information spread across 159 pages with 130 data tables and 23 figures of the report “Orphan Drugs Market- Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/orphan-drugs-market-2312
Now, the European orphan drugs market is also expected to be at the second-largest position during the assessment period owing to the rising number of pharmaceutical companies that are incessantly exporting drugs outside or within Europe. This is somehow expected to contribute to market growth of orphan drug in the years to come. While most of the European companies are engaged in research and development of orphan drugs according to the patient’s need, this is expected to mount with new opportunities in coming years owing to favorable factors such as the introduction of innovative technologies, stable pricing, reimbursement, unmet medical necessities, and strong clinical pipeline.
Whereas, Asia-Pacific region is also estimated to be the fastest growing market of orphan drugs owing to the emerging healthcare infrastructure. Due to the ever-increasing population, Asia has enormous long-term potential for orphan drug medications and treatments present in various countries. Also, due to the rising occurrence of other diseases such as endocrinology, cardiovascular and lymphatic systems, as well as respiratory disorders, a tremendous growth for orphan drugs market is observed in this region, which will continue to rise in the years to come with the expansion of healthcare projects and investments.
Industry Updates
May 13, 2019: The FDA has granted P-BCMA-101 with an orphan drug designation for the treatment of patients with relapsed and multiple refractory myeloma.
May 9, 2019: SMi Group announced the 9th Annual Orphan Drugs & Rare Diseases Conference, in London, UK on the 15th and 16th October 2019. The year’s conference brought together for the solution providers, biotechnology companies, clinical researchers, regulatory professionals and charity leaders who discussed possible ways to accelerate orphan drug development and access to rare disease patients, including the introduction of novel technologies and products to help aid the access of orphan drugs.
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