Orphan Drugs Market is Predicted to Reach a Value of US$318.5 bn by 2025
The global orphan drugs market is expected to witness the emergence of several new players over the coming years. The tremendous development of with the field of drug development has been the key reason behind the emergence of these new players. Currently, the market for orphan drugs consists of a wide pool of competitive market vendors who have learnt, evolved, and developed as experts of drug manufacturing through years of experience. Furthermore, these leading market players have been focusing on building an agile and nimble framework for the manufacture of orphan drugs. In order to do this, these vendors have recruited skilled researchers, scientists, and professionals who are trained in the domain of drug development. It is anticipated that the strongholds of the leading players in the global market for orphan drugs would pose as a threat to the growth of the smaller players. It is projected that the small- and medium-sized market players would rely on the incentives provided by the government to sustain themselves. The new entrants are expected to start from the basics by producing elementary drugs and then advancing on to producing more complex orphan drugs. The key players in the global market for orphan drugs include Celgene Corporation, Novartis AG, Pfizer Inc., GlaxoSmithKline plc, Alexion Pharmaceuticals Inc., and Johnson & Johnson. These leading market players have attained expertise in the manufacture of orphan drugs and are expected to further elevate their manufacturing gradient.
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A report published by Transparency Market Research (TMR) builds a foundation to gauge the success rate of the global market for orphan drugs over the coming years. The report predicts that the global market for orphan drugs would expand at starry CAGR of 12.10% over the period between 2017 and 2025. Furthermore, the global market is expected to accumulate a net value of US$318.5 bn by 2025-end.
Rising Incidence of Cancers to Propel Demand
The field of oncology is faced by tremendous pressure to deal with the increasing number of patients diagnosed with cancer each year. Several rare type of cancers have been discovered and diagnosed in recent times, thus, calling for an urgent need to effectuate administration of important drugs. Since orphan drugs are developed specifically for the treatment of a particular disorder or diseases, the demand for these drugs has been escalating in recent times. Furthermore, typical cases of cardiovascular and metabolic disorder also propel demand for orphan drugs. Other types of disorders and diseases that propel market demand are related to hematology, endocrinology, and infectious diseases.
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Government Support to Trigger Market Growth
The area of drug discovery and development has been the most key segment of the medical and pharmaceutical industries. Hence, the government has made huge-scale investments towards building a robust framework for drug discovery and development. This has given an impetus to the growth of the global market for orphan drugs in recent times. Furthermore, the return on investment in orphan drugs is projected to substantially higher than that of non-orphan drugs. This has also led to an increased demand within the global market for orphan drugs and has subsisted growth of market players.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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