Global Orphan Drugs Market Growth, Trends, and Forecast 2019-2024 – The Market is Expected to Register a CAGR of 11.5% – ResearchAndMarkets.com
May 17, 2019DUBLIN–(BUSINESS WIRE)–The “Orphan
Drugs Market – Growth, Trends, and Forecast (2019 – 2024)”
report has been added to ResearchAndMarkets.com’s
offering.
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 Italy’s
AIFA 5% Fund, Belgium’s Special Solidarity Fund, and France’s 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.
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.
Competitive Landscape
The orphan drugs market is moderately competitive and consists of quite
a few major players. In terms of market share, a few of the major
players currently dominate the market. With the rising number of
diseases and an increasing number of cases each year, a few smaller
players are entering the market and holding a substantial share.
Some of the major players of the market are Teva Pharmaceutical
Industries Ltd, Celgene, Merck & Co. Inc., Bristol-Myers Squibb Company,
and F. Hoffmann-La Roche AG, among others.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Market Exclusivity for Orphan Drug Developers
4.2.2 Rising Prevalence of Rare Diseases
4.2.3 Favorable Government Policies
4.3 Market Restraints
4.3.1 High Per Patient Treatment Cost
4.3.2 Limited Patient Pool for Clinical Trials and Product Marketing
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Drug Type
5.1.1 Biological
5.1.2 Non-Biological
5.2 By Top Selling Drugs
5.2.1 Revlimid
5.2.2 Rituxan
5.2.3 Copaxone
5.2.4 Opdivo
5.2.5 Keytruda
5.2.6 Imbruvica
5.2.7 Avonex
5.2.8 Sensipar
5.2.9 Soliris
5.2.10 Other Top Selling Drugs
5.3 By Disease Type
5.3.1 Oncology
5.3.2 Hematology
5.3.3 Neurology
5.3.4 Cardiovascular
5.3.5 Other Disease Types
5.4 By Phase
5.4.1 Phase I
5.4.2 Phase II
5.4.3 Phase III
5.4.4 Phase IV
5.5 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 AbbVie
6.1.2 Celgene Corporation
6.1.3 Biogen
6.1.4 Teva Pharmaceutical Industries
6.1.5 F. Hoffmann-La Roche AG
6.1.6 Bristol-Myers Squibb Company
6.1.7 Alexion Pharmaceuticals
6.1.8 Amgen
6.1.9 Merck & Co. Inc.
6.1.10 Jazz Pharmaceuticals
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/jx5kj1
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Topics: Drug
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