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Orphan Drugs Market Became a Highly Profitable in Pharmaceuticals Industry | By Future Industry Winners AbbVie Inc., Aegerion Pharmaceuticals, Inc., Bristol-Myers Squibb Company, Celgene Corporation And Many Others
Orphan Drugs Market
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Orphan drugs are specialized pharmaceutical agents that are administered for treatment of rare (orphan) diseases. These diseases have a very low prevalence rate, hence, pharmaceutical companies do not readily invest in these drugs as the returns on investment in orphan drugs is risky when compared with non-orphan drugs. Moreover, multiple clinical trials for drug testing cannot be voluntarily performed due to the small patient population. However, orphan drugs have shown tremendous potential in diagnosis and treatment of cancer, this trend is expected to continue throughout the forecast period. In addition, the increase in indications of orphan drugs to treat an array of different diseases such as lymphoma, leukemia, myeloma, and others boost the market growth.
The major factors that drive the global orphan drugs market are conducive government regulations, market exclusivity for orphan drugs, and surge in prevalence of rare diseases. In addition, growth in novel indications designated for known orphan drugs, and untapped emerging markets thereby provide lucrative opportunities for market growth. However, limited patient pool for clinical trial & product marketing and high treatment costs per patient restrain the market growth.
The oncologic disease type segment occupies the greatest share in the orphan drug market owing to the array of diverse forms of rare cancers, such as leukemia, myeloma, angiosarcoma, and others prevalent in the patient population. Whereas, the renal cell carcinoma indication is anticipated to grow at the highest rate. The growth for this segment is due to increase in investment in R&D throughout the world along with surge in awareness about kidney cancer. Multiple myeloma currently dominates the indication segment and is expected to grow at a CAGR of 7.8%.
In 2015, Asia-Pacific and LAMEA collectively accounted for around two-fifths of the global orphan drugs market and are expected to continue this trend due to rise in awareness regarding orphan drugs in China, India, and other developing economies. Various governmental and non-governmental organizations implement favorable legislations that supplement the growth of orphan drugs market. In addition, increase in investment in R&D for drug development by public and private sectors is also expected to boost the market growth.
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North America accounted for the largest market share in the orphan drugs market in 2015, and is expected to retain its dominance throughout the forecast period.
The key players operating in the global orphan drug market include AbbVie Inc., Aegerion Pharmaceuticals, Inc., Bristol-Myers Squibb Company, Celgene Corporation, F. Hoffmann-La Roche Ltd., GlaxoSmithKline plc, Johnson & Johnson, Novartis AG, Pfizer Inc. and Sanofi.
Other prominent players in the value chain include Bayer HealthCare Pharmaceuticals Inc., Vertex Pharmaceuticals, Merck & Co., Inc., Alexion Pharmaceuticals, Inc., Boehringer Ingelheim GmbH, Amgen Inc., Biogen Idec, Actelion Pharmaceuticals Ltd, AstraZeneca plc, and Janssen Biotech, Inc.
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