The market for orphan drugs is a nascent one. However, it is witnessing an upturn as the medical fraternity is unraveling newer diseases. Currently, bridging the gap between the cost of producing drugs for diseases that have a low prevalence and profiting from them is the Herculean hurdle for the vendors in the global market. The report analyzes the various technological advancements and growing investments in the research and development of such drugs.
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The drugs designed and manufactured to treat diseases that are rare are known as orphan drugs. The market is slowly finding its footing as countries are struggling to classify orphan diseases. Presently, the United States has 200,000 such diseases, whereas Japan has 50,000 cases only. These drugs as also known as “niche drugs” as they have opened up avenues for big players to offset their losses due to patent expiration and reducing pipelines. Thus, analysts predict that orphan drugs could open up new business avenues for the pharmaceutical companies.
The global orphan drugs market is also winning support from the supportive regulatory framework in countries such as Singapore, Japan, Australia, and the United States. Some of the countries in the European Union have specific provisions for governing the orphan disease market. The global market is thriving due to the growing interest in understanding the rare conditions, generous grants toward research and development of these drugs, fast-track clinical trials, prolonged exclusivity, and favorable reimbursement options.
Presently, the global orphan drugs market holds a 6% share in the overall pharmaceutical market. Analysts predict that the growing demand for these drugs will boost the share further in the coming years. The research report segments the market on the basis of geography into North America, Asia Pacific, Europe, and the Rest of the World to understand the region-specific market drivers and restraints. The thorough research provides an up-to-date analysis of the ongoing trends as well.
Some of the leading players operating in the global orphan drugs market are Pfizer, Genentech, Janssen Biotech, Inc., Sanofi Aventis, Amgen, Inc., and Abbott Laboratories. The research report provides an analysis of the competitive landscape of the global orphan drugs market along with assessing the business strategies of these players. The report also includes an understanding of the marketing strategies that these companies are anticipated to rely on in the near future. The research report includes recommendations by market experts as a guide to making well-informed business decisions.
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