Orphan Drugs Market Challenges, Business Overview and Forecast to 2023
Market Analysis:
The global orphan drugs market is predicted to touch USD 2,23,646.51 million at an 11.50% CAGR over the forecast period (2018-2023), in accordance with the latest Market Research Future (MRFR) report. Orphan drugs, simply put, are medicinal drugs that are intended to diagnose, prevent, or treat serious or life-threatening disorders or diseases which are rare. The reason these drugs are called orphan is owing to the fact that they are manufactured in minimal quantities with the pharmaceutical sector having little interest in them.
Orphan drugs are not made by pharmaceutical industries for economic reasons yet which respond to the need of public health. Often, orphan drugs are progressive, chronic, and also disabling. Most of the orphan diseases have curative or effective treatment and above all have high complexity and low prevalence.
Various factors are propelling the Orphan Drugs Market Companies Report. These factors, in accordance with the MRFR report, include the rising emphasis of pharmaceutical companies on orphan drug improvement, rising incidences of rare diseases, and various initiatives undertaken by the government for orphan medicine. Additional factors pushing market growth include improving regulatory framework, growing awareness regarding rare disease, growth in the pharmaceutical and biotechnology sector, and increase in drug development and research and development investment.
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On the contrary, poor healthcare systems in middle and low-income countries, lack of specificity, and stringent FDA regulation are factors that may restrict the orphan drugs market growth over the forecast period.
Key Players:
Bristol Meyer Squibb, Pfizer Inc., Vertex Pharmaceuticals Inc., Alexion Pharmaceuticals Inc., Janssen Global Services LLC, Sanofi, Shire Pharmaceutical, Eli Lilly and Company, Merck KGaA, Takeda Pharmaceutical Company Limited, Biogen, Novartis AG, Celgene Corporation, Mylan, and F. Hoffmann-La Roche AG
Market Segmentation:
· The MRFR report provides a complete segmental analysis of the Orphan Drugs Market report on the basis of therapy class, drug, sale, and drug type.
· Based on drug type, the orphan drugs market is segmented into non-biologics and biologics. Of these, the biologics segment will have the largest share in the market over the forecast period.
· Based on sale, the orphan drugs market is segmented into prescribed and generics.
· Based on drug, the orphan drugs market is segmented into adcetris, spinraza, pomalyst, jakaf, soliris, imbruvica, Keytruda, opdivo, Rituxan, and Revlimid.
· Based on therapy class, the orphan drugs market is segmented into respiratory, cardiovascular, endocrine, central nervous systems, blood, and oncology.
Regional Analysis:
By region, the orphan drugs market report covers the latest trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will dominate the market over the forecast period. This is chiefly owing to the rising occurrence of rare disorders in the region.
The orphan drugs market in Europe is predicted to have the second-largest share in the market over the forecast period. This is owing to the growing number of pharmaceutical companies that are exporting products within or outside Europe. The majority of the companies in Europe are engaged in R&D of orphan drugs as per the needs of the patients. Moreover, strong clinical pipeline, unmet medical necessities, reimbursement, favorable pricing, and introduction of innovative technologies are also pushing market growth.
The orphan drugs market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to increasing population, growing prevalence of other diseases including respiratory disorders, cardiovascular & lymphatic systems, and endocrinology.