Press release
Orphan Drugs Market to Reach an Opportunity of US$ 318.5 bn by the End of 2025
Transparency Market Research
The underlying reasons that are fuelling demand for orphan drugs are the increasing occurrences of rare diseases. During forecast timeframe of 2017 to 2025, the world market for orphan drugs is prognosticated to register a robust rate of growth, and the same is supported by several factors like sound research and development for orphan drugs especially in the developed economies, growing incidences of rare diseases, and high return on investments (ROI) that can be obtained for the invention and development of these drugs.
Considering the vendor landscape, the market for orphan drugs is considered to be reasonably fragmented and the market players emphasize on strategically important acquisitions. The companies are also more focused on taking advantage of the various incentives that are been provided by the governments to encourage research and development work on orphan drugs.
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Orphan Drugs Market: Trends and Opportunities
In many developed economies such as the United States, the United Kingdom (the U.K.) intense focus on research and development work on orphan drugs begets fee waivers, government benefits, and tax credits and are as such contributing towards market growth. According to Research Office Legislative Council Secretariat, around 30 million people are suffering from some form of rare diseases or the other in the United States. As such, a total number of 4171 drugs have been given the status of orphan drug in the United States. Such initiatives by the government are encouraging the manufacturers of such drugs to make more investments in the said market.
In addition to that, soaring incidences of many types of unusual illness that are associated with various genetic reasons result in investments for drug development for these uncommon diseases. Such investments are proving to be advantageous for the market for orphan drugs. As per the data of a non-profit organization, Global Genes, more than 7,000 kinds of uncommon diseases have been detected worldwide. Presently, around 300 million individuals across the globe are forecasted to be attacked by some rare diseases and such high figures demand for substantial amount of manufacturing of orphan drugs.
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Orphan Drugs Market: Geography
Taking geographical segmentations into consideration, the international market for orphan drugs is divided into Europe, North America, and Rest of the World. In the year 2016, the region of North America accounted for lion’s share of the said market owing to several factors that such as encouraging regulations that facilitate speedy approval of such drugs, exclusivity of the drug status that are meant for such drugs, and prevailing robust medical infrastructure all contribute towards the growth of the market.
The country of United States, North America, makes substantial contribution towards this market since around 30 million American people are reportedly affected with some form rare disease of the other. Such high occurrences of rare diseases demand sound research and development work for the purpose of development of better orphan drugs.
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Orphan Drugs Market: Company Profiling
Amgen Inc., Bayer AG, F. Hoffmann-La Roche Ltd., Alexion Pharmaceuticals Inc., Novo Nordisk A/S, Novartis AG, Bristol-Myers Squibb Company, AstraZeneca plc., Daiichi Sankyo Company Limited, GlaxoSmithKline plc. are some of the topnotch players of this market. The leading companies account a major share of the market, making it very difficult for new players to enter the market.
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