Orphan Drugs Market Worth at a CAGR 11.5% during Forecast Period 2020-2024

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Global Orphan Drugs Market This market research provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Research classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

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Market competition by Top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the Top players including-

AbbVie, Celgene Corporation, Biogen, Teva Pharmaceutical Industries, F. Hoffmann-La Roche AG, Bristol-Myers Squibb Company, Alexion Pharmaceuticals, Amgen, Merck & Co. Inc., Jazz Pharmaceuticals

Market Overview-

The orphan drugs market is expected to register a CAGR of 11.5% over the forecast period. Factors that are responsible for the growth of this market include market exclusivity for orphan drug developers, the rising prevalence of rare diseases, and favorable government policies.

The market is expected to register an increased CAGR during the forecast period because the prevalence of rare diseases among the global population has been increasing in recent years. To tackle this issue, both developing and developed countries have formulated regulations that promote the development of drugs for rare diseases, as well as make sure that these drugs are easily available to the patients. Currently, the average approval time for non-orphan drugs is around 13 months and the same for orphan drugs is much less at around 10 months. The European Union has implemented similar policies for the development of these drugs and the European governments have individually implemented these policies in their countries. Some of these are Italys AIFA 5% Fund, Belgiums Special Solidarity Fund, and Frances Temporary Authorizations for use. Even the countries in Asia-Pacific have also followed similar steps with countries like Japan, South Korea, and Taiwan with initiatives like the Revised Orphan Drug Regulations and Orphan Drugs Guidelines (2003). These initiatives offered tax credits and subsidies to both the patient as well as the pharmaceutical companies. These policies in various countries around the world have evolved the market studied, that has been growing at a healthy rate in recent years.

Scope of the Report

Orphan drugs can be defined as a molecule intended to treat a rare disease. The rare disease, as the name suggests, has a low prevalence rate and has been defined differently across geographical locations.

Key Market Trends-

Biological Orphan Drug is Expected to Account for the Highest Market Share

In the type of drug segment, biological orphan drug may register the highest market share and is expected to grow at a good pace, during the forecast period. This high market share is due to the higher cost of biological drugs compared to non-biological ones. The recent trend of approval of biological orphan drugs for multiple indication has resulted in growth and has been an encouraging factor for new and established market players to enter in this market. Another reason is that the biological drugs have been used for treating rare disease for a long time. The most focused orphan disease, i.e., cancer, which has a higher prevalence rate in the developed world, has been effectively treated by biological drugs with fewer side effects.

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North America Dominates the Market and Expected to do the same in the Forecast Period

North America currently dominates the market for orphan drugs and is expected to continue its stronghold for a few more years. In the North American region, the United States holds the largest market share. One of the reasons for market growth is that in the United States, a drug designated orphan drug status receives seven years of marketing exclusivity upon FDA approval for a specific indication, tax credits, and user fee waiver. Since 2013, the new indication approvals have increased greatly.

Major points covered in this research are:-

─Orphan Drugs Market Overview, Segment by Type (Product Category), by Application, by Region (2019-2024), Competition by Manufacturers

─Global Market Size (Value) of Orphan Drugs (2019-2024)

─Global Orphan Drugs Capacity, Production, Revenue (Value), Supply (Production), ─Consumption, Export, Import by Region (2019-2015)

─Global Orphan Drugs Production, Revenue (Value), Price Trend by Type

─Global Orphan Drugs Market Analysis by Application

─Global Orphan Drugs Manufacturers Profiles/Analysis

─Orphan Drugs Manufacturing Cost Analysis

─Industrial Chain, Sourcing Strategy and Downstream Buyers

─Marketing Strategy Analysis, Distributors/Traders

─Market Effect Factors Analysis

─Global Orphan Drugs Market Forecast (2019-2024)

─Competitive Landscape

─Research Findings and Conclusion

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Finally, this Orphan Drugs report covers the market scenario and its development prospects over the coming years. Report likewise manages the type analysis, contrasting it with the significant application, recent Orphan Drugs product development and gives an outline of the potential Global market.

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