North America is expected to remain dominant in the global orphan drugs market between 2018 and 2025. This information was found by Fortune Business Insights in a report, titled “Orphan Drugs Market: Global Market Analysis, Insights and Forecast, 2018-2025”. According to the report, the global orphan drugs market was valued at US$ 125000 Mn in 2017 and is anticipated to reach US$ 294000 Mn by 2025. The report also stated that the market will exhibit a remarkable CAGR of 11.4% during the forecast period.
As per Fortune Business Insights, the North America orphan drugs market was worth US$ 67,136.0 Mn in 2017 and will continue to rise at a steady pace until 2025. This is mainly ascribable to the rising awareness among people regarding the use of novel drugs. In addition to this, North America is expected to offer attractive growth opportunities on the back of recent FDA approvals on the development of orphan drugs.
Governments in North America are increasingly spending on the research and development (R&D) of orphan drugs and technologies. This is further helping the orphan drugs market to grow impressively in this region. Asia Pacific, on the other hand, is anticipated to show a higher rate of growth on account of rising prevalence of rare diseases such as chronic lymphocytic leukemia. Also, the region is expected to offer lucrative growth opportunities as a result of the rapid expansion of healthcare infrastructure.
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Rising Prevalence of Cancer and Related Diseases Fuels Demand for Orphan Drugs
The oncology segment is witnessing considerably high demand on account of the rising number of patients suffering from different types of cancers. This also increases the demand for novel therapeutics, which as per the report will bode well for the global orphan drugs market. According to the National Center for Health Statistics, the U.S. is likely to witness around 1,762,450 new cancer cases in 2019. Spurred by these numbers, the demand for orphan drugs is likely to increase in the coming years. Governments are investing heavily to build a strong framework for supporting drug development, thus offering a significant impetus to the orphan drugs market. Furthermore, the return on investment, with regards to orphan drugs, is expected to be higher than non-orphan drugs, which in turn is increasing the demand for orphan drug therapeutics worldwide.
“People across the world are becoming more aware about the rising prevalence of rare disorders and importance of orphan drugs,” stated a lead analyst at Fortune Business insights. “This, coupled with robust support from EU and FDA to drug development, drives the orphan drugs market,” he added. Several pharma companies are also putting continuous efforts to develop orphan drugs, thus improving creating scope for generating more revenue in the overall global market for orphan drugs.
Emergence of New Players to Drive the Orphan Drug Market and Increase Competition
The global orphan drugs market is anticipated to pave way for the entry of several new players in the coming years. This is mainly because of the rapid drug development and discovery over the years. Several leading companies are manufacturing orphan drugs to build a nimble and agile framework. Some of the savvy players present in the global orphan drugs market are Actelion Pharmaceuticals Ltd., Biogen, Eli Lilly and Company, Bayer AG, Amgen Inc., and Pfizer Inc. These leading players are likely to give tough competition to the small entrants. Therefore, these small scale companies may need support from governments and other authorities to sustain in the market.
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The global orphan drugs market can be segmented into the following categories:
- Global Orphan Drugs Market, by Therapy Area
- Global Orphan Drugs Market, by Distribution Channels
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- Global Orphan Drugs Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Rest of the World
- North America
Treatment and Medications Associated with Rare Diseases are Expensive, Limiting Growth of Orphan Drugs Market
Although the orphan drugs market is growing at a good pace, there are some factors that may hinder its growth. High cost of orphan drugs, insufficient information on rare diseases, and lack of skilled healthcare professionals are factors restricting growth in the global orphan drugs market. In addition to this, rising competition from generic industries may pose a serious threat to the growth of the market.
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