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Global Orphan Drugs Market: Industry Size, Share, Growth, Forecasts
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An orphan disease refers to any rare disease which affects a smaller portion of population. Most of the rare diseases are genetic and therefore chronic. Presently, there are around 7000 rare diseases affecting approximately 5-6% of the global population. Half of the population of orphan disease patients is children as most of the genetic orphan diseases occur at birth or childhood.
Generally, orphan diseases are considered to be severe, progressive, degenerative, life-threatening or chronically debilitating diseases which can be caused genetically, infectiously or toxically. Despite knowing the causes of orphan diseases, most of these diseases are still non-curable or lack satisfactory treatments. Majority of the genetic orphan diseases are caused by defects in a single gene due to multiple mutations.
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Orphan drug market is likely to witness a growth in future with the increasing development and approvals of ultra-rare drugs and rising developments in drugs for rare blood disease. The U.S. and Europe are the major contributors to the global orphan drugs market supported by increased numbers of orphan designations. Asia is likely to experience further growth with increasing drug approvals in Japan and improving healthcare facilities.
The global orphan drugs market is expected to grow in future due to prolonged orphan drug market exclusivity, increasing sales of prescription drugs, attractive orphan drug policies, rising healthcare expenditure, improving economies and increasing prevalence of chronic diseases. Key trends of this market include progressing drug pipeline, rising treatment options in oncology and rising scope in gene therapy. However, there are some factors which can hinder growth of the market including high costs of drugs, increased competition from generic industry, insufficient disease information & research participants and deficiency of diagnostic systems and trained professionals.
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The report “Global Orphan Drugs Market: Industry Analysis & Outlook (2017-2021)” by Koncept Analytics provides an extensive research and detailed analysis of the present market along with future outlook. The report discusses the major growth drivers and challenges of the market, covering the U.S, Europe and Asia along with the global market. The report profiles key players of the market including Roche, Novartis, Bristol-Myers Squibb and Celgene.
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