Covina , Sept. 12, 2023 (GLOBE NEWSWIRE) -- Introduction:
Orphan drugs are used to treat and diagnose an orphan disease which can be serious or even cause life-threating. Orphan drugs are not developed in industry, but it is generated for the public welfare. An orphan drug may be a pharmaceutical agent developed to treat medical conditions which, because they're so rare, wouldn't be profitable to supply without government assistance.
Orphan drugs can treat various diseases which has driven the demand for Orphan Drugs market growth. The diseases type such as cardiology, oncology, and hematology, neurology can be treated by orphan drugs which is the boosting factor for the growth of global market.
Key Highlights:
- In February 2022, Lupin entered into an agreement with Medis for Lupin’s orphan drug “NaMuscla” (mexiletine). Medis will commercialize the Lupin’s orphan drug for symptomatic treatment of myotonia in adult patients with NDM (non-dystrophic myotonic) disorders in Eastern and Central Europe.
- In December 2021, Zydus Cadila received an orphan drug designation from US FDA (Food and Drug Administration) for its novel malarial drug “ZY19489 (MMV253)” in development with MMV (Medicines for Malaria Venture).
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Report Scope:
| Attribute | Details |
| Base year for estimation | 2020 |
| Forecast period | 2020 – 2030 |
| Is estimated by 2030 | US$ 869.6 billion |
| CAGR | 10.4% |
| Market representation | Revenue in USD Million & CAGR from 2020 – 2030 |
| Market Segmentation | By Drug Type- Biological And Non- Biological By Top Selling Drug- Revlimid, Rituxan, Copaxone, Opdivo, Keytruda, Imbruvica, Avonex, Sensipar, Soliris, And Other Top Selling Drugs By Disease Type- Oncology, Hematology, Neurology, Cardiovascular, And Other Disease Types By Phase Type- Phase I, Phase II, Phase III, And Phase IV |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Orphan Drugs Market Key Drivers
The orphan drugs market has experienced significant growth in recent years, driven by several key factors. Orphan drugs are medications developed to treat rare diseases or conditions, which affect a small portion of the population. Due to the limited patient population and unique challenges associated with developing these drugs, specific incentives and drivers have emerged to support this market. Here are some key drivers of the orphan drugs market:
- Regulatory Incentives:
- Orphan drug designation: Regulatory agencies in many countries, such as the FDA in the United States and the EMA in Europe, grant orphan drug status to medications developed for rare diseases. This designation provides incentives, including market exclusivity, tax credits, and fee waivers, to encourage pharmaceutical companies to invest in orphan drug development.
- Market Exclusivity:
- Orphan drug status typically grants developers a period of market exclusivity, during which no other similar drug can enter the market. This exclusivity can last for several years, ensuring that companies have a competitive advantage and a chance to recoup their investment.
- High Drug Prices:
- Due to the limited patient population for rare diseases and the high development costs associated with orphan drugs, manufacturers often set higher prices for these medications. Insurance coverage and government programs may help mitigate the cost burden for patients.
- Increased Focus on Precision Medicine:
- Advances in genomics and personalized medicine have led to a greater understanding of the genetic basis of many rare diseases. This has spurred the development of targeted therapies and orphan drugs tailored to specific genetic mutations, increasing the likelihood of successful treatment.
- Growing Investment in Research and Development:
- Pharmaceutical companies have shown a growing interest in orphan drug development due to the potential for high returns on investment, even with a small patient base. This has led to increased research and development efforts in the field.
Analyst View:
Growing prevalence of rare disease has become major contribution in target market growth. Favorable government policies on the use of orphan drugs is further, expected to propel growth of Orphan Drugs market over the forecast period.
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Some of the key players in the Orphan Drugs Market are:
- AbbVie Inc.
- Celgene Corporation
- Biogen
- Teva Pharmaceutical Industries
- F. Hoffmann-La Roche AG
- Bristol-Myers Squibb Company
- Alexion Pharmaceuticals
- Amgen
- Merck & Co. Inc.
Conclusion:
The orphan drugs market exhibits varying regional growth dynamics, shaped by factors such as regulatory incentives, healthcare infrastructure, disease prevalence, and economic conditions. Global collaboration bridges regional disparities, and emerging markets offer opportunities, all amidst a backdrop influenced by the lessons of the COVID-19 pandemic, which underscores the importance of healthcare research and innovation globally.
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