Pune, June 03, 2020 (GLOBE NEWSWIRE) -- The rising prevalence for chronic diseases is a major factor expected to drive the global orphan drugs market during the forecast period. Fortune Business Insights in a recent report, titled “Orphan Drugs Market Size, Share and Global Trend by Therapy Area (Oncology, Haematology, Neurology, Endocrinology, Cardiovascular, Respiratory, Immunotherapy), Drug Type (Biologics, Non-Biologics), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Sales) and Geography Forecast till 2025” published the above information. In the base year i.e. 2017, the global market was accounted for US$ 125,016.1 Mn and is estimated to reach US$ 294,037.8 Mn by forecast year i.e. 2025. Furthermore, the global market is anticipated to exhibit a CAGR of 11.4 % throughout the forecast years.
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Oncology Segment to Exhibit Considerably High Demand for Orphan Drugs
The demand for oncology orphan drugs is increasing mainly on account of rising prevalence of cancer. Also, increasing number of FDA approvals for oncology orphan drugs is expected to drive the oncology therapy segment. Increased EU approvals are likely to pave way for the entry of novel orphan drugs during the forecast period. The oncology area is facing tremendous pressure as majority of patients are diagnosed with cancer every year. Moreover, different types of rare cancers have been discovered over the past few years, which calls for an immediate need to implement the administration of complex orphan drugs. Fortune Business Insights in the report predicts that this segment covered a share of 49.8% in the global orphan drugs market.
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Rising Awareness about the Rare Disorders to Give Tailwinds to the Market
“The demand for specific orphan drugs is likely to increase as patients are becoming aware about the prevalent rare diseseses,” stated a lead analyst at Fortune Business Insights. “As a result of this, demand for orphan drugs is expected to increase in hospital pharmacies across the world,” he added. Rising R&D investments for drug development is another factor encouraging growth in the global orphan drugs market. Governments across the globe are developing a framework for drug development and discovery. This is expected to give significant impetus to the market in the forecast years.
The demand for orphan drugs is likely to increase owing to increasing prevalence of metabolic and cardiovascular disorders. The rising penetration of mobile devices is likely to increase the online sales of orphan drugs. Consequently, several online retail stores are planning to adopt business strategies to increase their customer base.
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North America Continues to Remain Strong Until 2025 Backed by Governments Support
North America dominated the global orphan drugs market in 2017. It was valued at US$ 67,144.6 Mn in the year. The region will remain strong throughout the forecast period between 2017 and 2025. The rising support from governments regarding research and development (R&D) of orphan drugs is driving the market in North America. This region is likely to witness the highest number of FDA approvals for the orphan drug development, encouraging companies to develop new orphan drugs.
In addition to this, the increasing emphasis on the implementation of orphan drugs act in North America is likely to create growth opportunities in the market. Besides North America, Europe is also anticipated to witness considerable growth owing to the incentivization of orphan drug manufacturing. Asia Pacific is expected to exhibit a considerable CAGR during the forecast period. This is ascribable to the increasing prevalence of rare diseases.
List of the Key Companies Operating in the Orphan Drugs Market are:
- Amgen Inc.
- Bayer AG
- F. Hoffmann-La Roche Ltd.
- Alexion Pharmaceuticals Inc.
- Novo Nordisk A/S
- Novartis AG
- Bristol-Myers Squibb Company
- AstraZeneca plc.
- Daiichi Sankyo Company Limited
- GlaxoSmithKline plc.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Prevalence of major orphan disease, by key countries
- Pipeline review for orphan drugs
- Technological Developments
- Healthcare spending for key countries – 2017
- Global Orphan Drugs Market Analysis, Insights and Forecast, 2014-2025
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Therapy Area
- Oncology
- Hematology
- Neurology
- Endocrinology
- Cardiovascular
- Respiratory
- Immunotherapy
- Others
- Market Analysis, Insights and Forecast – By Drug Type
- Biologics
- Non-Biologics
- Market Analysis, Insights and Forecast – By Distribution Channels
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
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