Orphan Drugs Market Analysis —
The global orphan drugs market is expected to exhibit a robust 11.5% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global orphan drugs market is mainly driven by the growing research into rare diseases and the growing government support to research and development into making orphan drugs. The global orphan drugs market is profiled in great detail in the research report, providing readers with a comprehensive overview of the market through its historical growth trajectory, present conditions, and future growth prospects. The historical stats of the orphan drugs market are detailed in the report, in order to provide readers with a complete overview of the market’s historical growth trajectory. The historical stats provided in the report also give analysts a solid platform to base future projections about the market. Based on this platform, future projections for the orphan drugs market’s growth trajectory over the forecast period are provided in the report. The leading players in the global orphan drugs market are also profiled in the report in order to give readers a comprehensive analysis of the leading players in the global orphan drugs market. The major drivers and restraints affecting the global orphan drugs market are also profiled in the report to provide readers a comprehensive overview of what’s making the market tick and what is holding the market back.
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Orphan drugs are drugs made to counter rare diseases. The name orphan drugs comes from the fact that many drug makers have no interest in producing these drugs, due to the rarity of the diseases they treat. However, increasing government incentives to produce orphan drugs and the growing prevalence of rare diseases are likely to be major drivers for the global orphan drugs market. Increasing awareness about rare diseases is likely to be a major driver for the global orphan drugs market over the forecast period. On the other hand, high treatment costs and the regulatory restrictions on profitability from orphan drugs are likely to be the major restraints against the market.
Orphan Drugs Market Competitive Leaderboard:
Leading players in the global orphan drugs market include Bristol Myers Squibb, Pfizer Inc., Vertex Pharmaceuticals Inc., Alexion Pharmaceuticals Inc., Janssen Global Services LLC, Sanofi, Shire Pharmaceutical, Eli Lilly and Company, Merck KGaA, Takeda Pharmaceutical Company Ltd., Biogen, Novartis AG, Celgene Corporation, Mylan, and F. Hoffman-La Roche AG.
In December 2018, Merck announced that its treatment for biliary tract cancer has received orphan drug designation from the European Medicines Agency (EMA).
Orphan Drugs Market Segmentation:
The global orphan drugs market is segmented on the basis of drug type, sale, drug, therapy class, and region.
By drug type, the global orphan drugs market is segmented into biologics and non-biologics. The biologics segment holds the largest share in the global orphan drugs market. The segment accounted for USD 75,103.32 million in 2017.
By sale, the global orphan drugs market is segmented into generic and prescribed.
By drug, the global orphan drugs market is segmented into Revlimid, Rituxan, Opdivo, Keytruda, Imbruvica, Soliris, Jakaf, Pomalyst, Darzalex, Spinraza, and Adcetris.
By therapy class, the global orphan drugs market is segmented into oncology, hematology, central nervous system, endocrine, cardiovascular, and respiratory.
Orphan Drugs Market Regional Analysis:
The Americas hold the dominant share in the global orphan drugs market. The region accounted for close to 40% of the global orphan drugs market in 2017. The increasing prevalence of rare diseases in North America and the growing awareness about the same is a major driver for the orphan drugs market in the region.
Europe holds the second largest share in the global orphan drugs market and is likely to rise strongly in the coming years due to the growing government support to the development of orphan drugs in the region. The increasing number of companies operating in the orphan drugs market in Europe is likely to be a major driver for the global orphan drugs market.
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