Press release
Orphan Drugs Market Forthcoming Developments in Pandemic Outbreak 2020 to 2027 By AbbVie Inc., Bristol-Myers Squibb Company, Aegerion Pharmaceuticals, Roche, GSK
Orphan Drugs Market
The major players profiled in the orphan drugs market include AbbVie Inc., Bristol-Myers Squibb Company, Aegerion Pharmaceuticals, Inc., F. Hoffmann-La Roche Ltd., Celgene Corporation, Johnson & Johnson, GlaxoSmithKline plc, Pfizer Inc., Novartis AG, and Sanofi. They have adopted various strategies including expansions, mergers & acquisitions, collaborations, and others to gain the major market share and sustain in the industry
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The oncologic disease type segment contributed the highest market share in the market, owing to prevalence of different types of rare cancers including myeloma, leukemia, angiosarcoma, and others in the patient population. However, the renal cell carcinoma indication would register the highest growth rate, owing to rise in investments in R&D across the world along with increase in awareness regarding kidney cancer. Multiple myeloma is a lucrative sub-segment in the indication segment. Moreover, it is expected to register a CAGR of 7.8% to 2025.
The factors driving the global orphan drugs market include supportive government regulations, increase in prevalence of rare diseases, and market exclusivity for orphan drugs. Moreover, rise in innovative indications given for orphan drugs and untapped potential in emerging markets offer lucrative opportunities for the growth of the market. However, limited patient population available for clinical trials & product marketing and high costs for treatment hinder the market growth.
Key findings of the report:-
• Metabolic diseases type segment is expected to register the highest CAGR during the forecast period, 2019–2025.
• Neurologic disease type segment would experience the highest growth rate from 2019 to 2025.
• Non-Hodgkin Lymphoma indication garnered the highest revenue in 2015 and will maintain its dominant position throughout the forecast period.
• Based on regions, North America contributed the highest revenue in the market and is expected to grow at a CAGR of 5.5% during the forecast period.
• Asia-Pacific is expected to experience the highest growth rate during the forecast period.
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Asia-Pacific and LAMEA together constituted for nearly two-fifths of the total market share in 2015 and will continue this trend throughout the forecast period. This is due to increase in awareness about orphan drugs in India, China, and other developing economies. Favorable legislations by Different governmental and non-governmental organizations supplement the growth in the region. Moreover, rise in investments in R&D for development of drug by public and private sectors create opportunities in the region.
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