Albany, NY, April 25, 2019 (GLOBE NEWSWIRE) -- TMR’s experts’ projection states that the global orphan drugs market is prophesized to grow at a meteoric 12.10% CAGR during the assessment period 2017-2025. The market is anticipated to gain a net value of US$318.5 bn by the end of the forecast period.
The oncology segment accounts for the highest share and is expected to fuel growth of the global orphan drugs market in the coming years. Rapid growth in the field of oncology and growing number of patients globally suffering from several types of cancers are responsible for making the segment prominent. Region wise, North America is considered as the leading region in the global orphan drugs market. Flourishing healthcare infrastructure and increasing governments’ initiatives to raise awareness about early cancer diagnosis makes the region dominant.
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Rising Research and Development Activities on Rare Diseases to Propel Market’s Growth
Orphan drugs can be defined as a pharmaceutical agent which is specifically designed to treat several rare or orphaned diseases. These diseases are very uncommon due to their low prevalence rate and appeal to a very small patient population. Thus, orphan drugs are rarely used and do not assure feasible returns on investment as compared to other non-orphan drugs. Although, various government and non-government authorities are highly encouraging to market and develop such drugs. Orphan drugs are mostly used in different indications which include leukemia, lymphoma, cystic fibrosis, and others. Such USPs are majorly driving the global orphan drugs market.
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Furthermore, the global orphan drugs market is fueled by the soaring demand for effective drugs to treat numerous life-threatening diseases and surging prevalence of rare diseases. Along with this, increasing awareness regarding rare diseases among the populace and rising investments in research and development to invent new effective orphan drugs are also providing impetus to the growth of the global orphan drugs market.
High Costs of Drug Development Hampers Market’s Growth
A few factors inhibiting the growth of the global orphan drugs market include lack of awareness among patients about the availability of orphan drugs and high drug development costs. Moreover, poor knowledge among people regarding the necessary treatments of a wide array of rare diseases are also curtailing the growth of the global orphan drugs market. Nevertheless, rising investments by market players and growing governments’ initiatives are believed to offer lucrative opportunities in the coming years.
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The global orphan drugs market is set to witness an intense competition with the emergence of several players, observes Transparency Market Research (TMR). An ample number of new players are making an entry to the market due to the rapid development in the field of drug. Recently, the global orphan drugs market bears a wide pool of competitive players, because of which the market’s vendor landscape is quite fragmented in nature.
A large number of market vendors who have evolved, learnt, developed, and attained expertise in drug manufacturing are highly focusing on manufacturing of orphan drugs. Moreover, these renowned players are targeting to build an agile and nimble framework for developing orphan drugs. Such topmost players in the global orphan drugs market are now aimed at recruiting skilled scientists, professionals, and researchers who have a depth in knowledge in the domain of drug development. However, many new entrants in the global orphan drugs market are starting from the beginning through making elementary drugs and later advances themselves by developing more complex orphan drugs. Some of the prominent players’ names in the global orphan drugs market include Alexion Pharmaceuticals Inc., Celgene Corporation, Johnson & Johnson, and GlaxoSmithKline Plc.
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The review is based on a market research report by TMR, titled, “Orphan Drugs Market (Disease Type - Oncology, Gastrointestinal, Pulmonary, Neurology, Hematology, Cardiovascular, Metabolic disorders, Endocrinology, and Infectious diseases; Product Type - Biologic and Non-biologic; Distribution Channel - Hospital Pharmacies, Specialty Pharmacies, Retail Pharmacies, and others) - Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2017 - 2025”.
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