The global orphan drugs market is expected to exhibit a strong 11.50% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global orphan drugs market is expected to reach a valuation of USD 223,646.51 million by 2023, according to MRFR. The report profiles the major drivers and restraints affecting the global orphan drugs market and presents a detailed analysis of the likely trajectory of the global market over the forecast period. Major players operating in the global orphan drugs market are also profiled in the report to give readers a better idea about the market’s competitive dynamics and landscape.
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Orphan drugs are drugs that are neglected by the pharmaceutical industry due to their low volume of demand. Orphan drugs are often used to treat rare diseases that don’t affect large chunks of the population. As a result, the overall demand for these drugs remains low. This results in pharmaceutical companies staying away from these drugs or not prioritizing their development, as the commercial returns are not adequate. However, the field of orphan drug development has received strong support from the U.S. government in recent years. Other countries in North America and Western Europe have also enacted policies to support the development of orphan drugs, in order to improve the overall population’s health. This is likely to remain a major driver for the global Orphan Drugs Market over the forecast period, as government support is essential in mobilizing strong development avenues in the orphan drugs market. The increasing healthcare expenditure around the world is thus likely to be a major driver for the global orphan drugs market.
The increasing prevalence of rare diseases is also likely to be a major driver for the global orphan drugs market over the forecast period. Awareness about rare diseases has grown rapidly over the last few years, leading to increasing diagnosis numbers and increasing research into these diseases. This is also likely to remain a key driver for the global orphan drugs market over the forecast period.
Leading players in the global orphan drugs market include Bristol Myers Squibb, Pfizer Inc., Vertex Pharmaceuticals Inc., Alexion Pharmaceuticals Inc., Janssen Global Services LLC, Sanofi, Shire Pharmaceutical, Eli Lilly and Company, Merck KGaA, Takeda Pharmaceutical Company Limited, Biogen, Novartis, Celgene Corporation, Mylan, and F. Hoffman-La Roche AG.
In January 2020, the U.S. FDA granted orphan drug status to avatrombopag, an oral thrombopoietin receptor agonist used to treat various kinds of thrombocytopenia.
The same month, UK-based EUSA Pharma and Chinese company BeiGene announced a collaboration for the development of orphan biologic products Sylvant (siltuximab) and Qarziba (dinutuximab beta).
The global orphan drugs market is segmented on the basis of drug type, sale, drug, therapy class, and region.
By drug type, the global orphan drugs market is segmented into biologics and non-biologics. The biologics segment accounted for a dominant share in the market in 2017.
By sale, the global market is segmented into generic and prescribed.
By drug, the global orphan drugs market is segmented into revlimid, rituxan, opdivo, keytruda, imbruvica, soliris, jakaf, pomalyst, darzalex, spinraza, and adcetris.
By therapy class, the global orphan drugs market is segmented into oncology, hematology, central nervous system, endocrine, cardiovascular, and respiratory.
The Americas segment holds a dominant share of close to 40% in the global orphan drugs market and is likely to remain the leading revenue generator over the forecast period due to the growing number of North American companies operating in the market. Government assistance has also been a major driver for the orphan drugs market in North America.
Europe holds the second largest share in the market, followed by Asia Pacific. The Asia Pacific market is expected to exhibit robust growth over the forecast period due to the increasing investment in the healthcare sector in the region.
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