Worldwide Orphan Diseases Market All Set To Grow At A CAGR Of 23.9% till 2022 | Major Key Players - Bristol-Myers Squibb Company (US), Novartis AG (Switzerland), CELGENE CORPORATION (US), F. Hoffmann-La Roche Ltd (Switzerland), Pfizer Inc. (US), Alexion (

Orphan diseases are also popularly known as rare diseases. Only a small percentage of the entire population gets affected by them. Resultantly, there are shortage of resources to deal with such diseases. Lately, the government has started funding the treatments for these. This fact has given momentum to the global orphan diseases market.

Generally, orphan diseases are genetic. They are present in an individual’s body since the time of birth, even if the symptoms do not surface. In most cases, these disorders hit at a young age. If reports are to be trusted, around 30% of the children suffering from this disease may not be able to survive till their fifth birthday.

There are no conditions for this category of disease. A disorder that is termed as rare in one part of the world can still remain common in another. Global Genes suggests that approximately 300 million people are living with orphan diseases in the US alone.Hence, it can be concluded that orphan diseases are highly fatal and claim many lives across the globe.

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Market Synopsis

The worldwide orphan diseases market is expected to grow at a fast pace in the coming years. In terms of CAGR the industry is estimated to develop at the rate of up to 23.9% through the forecast period of 2018-2022.

One of the major drivers for this market is the prevalence of rare diseases. As already mentioned the chances of people getting such a disorder is pretty low. But experts say that in the forecast period the predominance of orphan diseases may increase.

There are over 7000 rare or orphan diseases. Although, more names are being added to this list each day. About 80% of rare diseases are rooted in the genes. The rest of them are acquired as a result of some form of infection, environmental factors or allergies.

Another growth driver for this industry is the rising number of orphan drugs. Orphan drugs are medicines that have been formed specifically to cure rare diseases. In recent times, their manufacturing has risen which in turn gives impetus to the market.

The growth of this market could be disrupted by certain hindrances. Some of them include, lack of awareness, correct diagnosis, correct treatments & improper availability of healthcare facilities.

Market Segmentation

The worldwide orphan diseases market is divided into types of diseases, treatment types & end users.

On the basis of types of diseases the market has been segmented into autoimmune disorders, genetic disorders, blood disorders, cancer, growth disorders, cardiovascular diseases, neurological diseases, respiratory diseases, digestive disorders & eye disorders.

On account of treatment types the industry is separated into gene therapy, cell therapy & drug therapy.

Hospitals, clinics & research laboratories form the end users segment.

Regional Analysis

Globally, the orphan diseases market is fragmented into five parts. It includes North America, Europe, Asia-Pacific & Rest Of The World.

 North America holds the largest market share at present. Europe is not far behind, it is also poised for growth. It accounts for the second largest market share after North America. Furthermore, Asia-Pacific is expected to show considerable success in the forecast period of 2018 to 2022.

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Target Audience

The intended users for this market are numerous. Some of them include, hospitals & clinics, orphan drugs manufacturers & suppliers, research & development companies, market research & consulting service providers, medical research laboratories and potential investors.

Innovations

The global orphan diseases market has seen many innovations recently. One of the best examples is Ivacaftor. It is an orphan drug. This medicine is sold with the brand name Kalydeco. This drug has been helping millions of children across the world. It has the ability to control rare genetic variant of cystic fibrosis.

Key Players & Strategies

Some of the major players in this industry are Bristol-Meyers Squibb Company, Novartis AG, CELGENE CORPORATION, Pfizer Inc. & Alexion. Innovations & product launches are two of the most important strategies employed by these companies.

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