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Global Orphan Drugs Market future growth opportunities by 2025: Prominent Players- Pfizer,Novartis AG, GlaxoSmithKline plc, Bayer AG, AstraZeneca plc, Roche, and a few others.
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The report comprehensively evaluates the factors that will be play an important role in the growth of the market. Orphan drugs are developed to treat extremely rare diseases such Tangier Disease, Liddle Syndrome, to name a few. They are called “orphan” because their market size is too small for the drugs to be developed on a commercial level. Since the number of people affected by rare diseases is very small, orphan drugs are developed at the request of a sponsor.
Rising Cases of Cancer to Boost the Market
The global orphan drugs market stands to gain from the rising number of cancer and cancer-related diseases all over the globe. Certain cancers are extremely rare (for example, Wilms Tumour, a rare paediatric cancer) whose treatment involves the use of orphan drugs. As rare cancer types are life threatening, development of specialized orphan drugs needs to be sped up. As a result, commercial development of orphan drugs will get the required attention from pharmaceutical companies. The market size is expected to expand as a consequence.
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Increasing pervasiveness of infectious diseases such as dengue and malaria will also grease the global orphan drugs market in the forecast period. Infectious diseases have the potential to compromise a patient’s immune system, thereby rendering her vulnerable to other diseases. As a result, the market is expected to see a surge in demand for immune-modulators that aid in regulating and keeping active the body’s immune system.
Oncology Therapy Emerges as a Promising Market Segment
Growing prevalence of cancer has led oncology therapy to emerge as a dominant market segment in the global orphan drugs market. In 2017, this segment held 49.8% market share of the global orphan drugs market and is expected to grow even more till 2025. One of the main reasons for this is the increasing focus of the FDA towards the development of orphan drugs. For example, the FDA unveiled its Orphan Drug Modernization Plan in June 2017 that aims at ensuring timely response and approvals to orphan drug applications.
Longer Development Periods to Hinder Market Growth
According to the Tufts Centre for the Study of Drug Development, development of orphan drugs takes about 18% longer than the time taken to develop regular drugs. This means that the research involved will require more resources and therefore, orphan drugs appear commercially unattractive for pharma companies. This is a potentially limiting factor in the growth of the global orphan drugs market. Some other hindering factors include stringent regulatory procedures, severity of diseases, geography, and available knowledge of the disease.
Intense Competition Expected in the Market
Market competition is expected to intensify in the forecast period. Many key players are taking all-out efforts to consolidate their market positions. Pfizer, in particular, has emerged as a leading player through collaborations and increased investment in research and development. For example, Pfizer is partnering with Sangamo Therapeutics to develop a gene therapy to treat severe Hemophilia A, a rare genetic disorder. Besides Pfizer, other key players identified by Fortune Business Insights include Novartis AG, GlaxoSmithKline plc, Bayer AG, AstraZeneca plc, Hoffmann-Le Roche Ltd., and a few others.
North America to Register Highest Growth
Increased FDA approval rate for orphan drugs along with higher spending ability will make North America the leading region in the global orphan drugs market. The region generated USD 67,136.0 million in revenue in 2017 and is expected to occupy a dominant market position till 2025.
Asia-Pacific is also anticipated to experience an impressive growth graph owing to rising cases of rare disorders and improved regulatory and legal frameworks, especially in India and China.
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