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Orphan Drugs Market is worth USD 111.87 billion in 2016 and is expected to reach USD 214.14 billion by 2022, at a CAGR of 11.43% from 2016 to 2022 - Scalar Market Research
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The global orphan drugs market report offers in-depth analysis of the market size (revenue), market share, major market segments, different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and challenges in the orphan drugs market.
KEY PREMIUM INDUSTRY INSIGHTS
1. The primary reason for the growth of the orphan drugs market includes the government support from the developed as well as developing regions to develop the advanced orphan drugs. For instance, the U.S. Food and Drug Administration’s Office of Orphan Products Development (OOPD) department is specifically dedicated to driving the developments and evaluation of the orphan drugs, biologics, devices, or medical foods that can be useful for the treatment and diagnosis of the rare diseases.
2. The U.S. government also provides 50% of tax credit on the research and development expenses spent on orphan drugs development by companies. These types of initiatives would, in turn, increase the investment in the orphan drug development, driving the growth of the orphan drugs market.
3. The increasing number of cases of the rare forms of cancers coupled with the innovations in biotechnology are also driving the growth of the orphan drugs market.
4. However, the low interest of the companies to develop the orphan drugs and the high costs of these drugs may hamper the market growth to some extent.
KEY MARKET PLAYERS
Key players in the orphan drugs market include:
1. Amgen, Inc
2. Alexion Pharmaceuticals
3. Pfizer, Inc
4. Celgene Corporation
5. Novartis International AG.
6. Shire, plc
7. Hoffman-La-Roche
8. BioMarin Pharmaceuticals, Inc
Browse Report: https://www.scalarmarketresearch.com/market-reports/orphan-drugs-market
About Scalar Market Research
Scalar Market Research Inc. aspires to assist organizations from around the world to achieve their business goal with premium market research reports and consulting services. Our real-time industry tracking with the help of advanced analytics offers a crystal clear view of all the activities in niche markets. Our team, with thorough global understanding, works relentlessly to gather the necessary market insights, including customer analysis, competitions and global forecast.
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