Press release
Global Orphan Drugs Market Booming At CAGR Of 10.20% Between 2017-2021
According to Orphan Drug Designation program of the US Food and Drug Administration (FDA), orphan diseases are defined as rare diseases that affects less than 2,00,000 Americans. The global orphan drugs market is expected to benefit from patent extensions like Orphan Drug Exclusivity (ODE), increasing focus of vendors on orphan drug products, and financial incentives provided by government in form of tax credits and waived FDA fees. For instance, the FDA grants a seven-year patent exclusivity to orphan drugs to treat a rare disease. Therefore, any other drug with the same indication cannot be approved by the FDA during these seven-years period. In addition, they also provide tax credits up to 50% of the total R&D cost after the drug receives the orphan drug designation. This credit can be used by the sponsor during the R&D phase of any drug irrespective of the drug designation. The orphan designated drugs are also exempted from paying the FDA fees. Thus, these financial incentives and grants for orphan drug attract many vendors to invest in developing drugs for rare diseases and make huge profits.
Technavios analysts forecast the global orphan drugs market to grow at a CAGR of 10.20% during the period 2017-2021.
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Covered in this report
The report covers the present scenario and the growth prospects of the global orphan drugs market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Americas
APAC
EMEA
Technavio's report, Global Orphan Drugs Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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Key vendors
AbbVie
Celgene
F. Hoffmann La Roche
Novartis
Other prominent vendors
Amgen
Actelion
Alexion Pharmaceuticals
Bayer
Biogen
Bristol-Myers Squibb
Eli Lilly
Johnson & Johnson
Novo Nordisk
Pfizer
Sanofi
Shire
Teva pharmaceutical
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Market driver
Large growth opportunities through orphan drug designation.
For a full, detailed list, view our report
Market challenge
Costly treatment regimen results in financial burden on patients.
For a full, detailed list, view our report
Market trend
Emerging application for orphan drug development.
For a full, detailed list, view our report
Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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