Orphan Drugs Market to Surpass US$ 125,016.1 Mn by 2025, Pfizer’s Strong Distribution Network to Enable it Establish a Stronghold Worldwide
SummaryNorth America dominated the global orphan drugs market in 2017. It was valued at US$ 67,144.6 Mn in the year. The region will remain strong throughout the forecast period between 2017 and 2025. The rising support from governments regarding research and development (R&D) of orphan drugs is driving the market in North America.
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The rising prevalence for chronic diseases is a major factor expected to drive the global orphan drugs market during the forecast period. Fortune Business Insights in a recent report, titled “Orphan Drugs Market Size, Share and Global Trend by Therapy Area (Oncology, Haematology, Neurology, Endocrinology, Cardiovascular, Respiratory, Immunotherapy), Drug Type (Biologics, Non-Biologics), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Sales) and Geography Forecast till 2025” published the above information. In the base year i.e. 2017, the global market was accounted for US$ 125,016.1 Mn and is estimated to reach US$ 294,037.8 Mn by forecast year i.e. 2025. Furthermore, the global market is anticipated to exhibit a CAGR of 11.4 % throughout the forecast years.
Oncology Segment to Exhibit Considerably High Demand for Orphan Drugs
The demand for oncology orphan drugs is increasing mainly on account of rising prevalence of cancer. Also, increasing number of FDA approvals for oncology orphan drugs is expected to drive the oncology therapy segment. Increased EU approvals are likely to pave way for the entry of novel orphan drugs during the forecast period. The oncology area is facing tremendous pressure as majority of patients are diagnosed with cancer every year. Moreover, different types of rare cancers have been discovered over the past few years, which calls for an immediate need to implement the administration of complex orphan drugs. Fortune Business Insights in the report predicts that this segment covered a share of 49.8% in the global orphan drugs market.
North America Continues to Remain Strong Until 2025 Backed by Governments Support
North America dominated the global orphan drugs market in 2017. It was valued at US$ 67,144.6 Mn in the year. The region will remain strong throughout the forecast period between 2017 and 2025. The rising support from governments regarding research and development (R&D) of orphan drugs is driving the market in North America. This region is likely to witness the highest number of FDA approvals for the orphan drug development, encouraging companies to develop new orphan drugs. In addition to this, the increasing emphasis on the implementation of orphan drugs act in North America is likely to create growth opportunities in the market. Besides North America, Europe is also anticipated to witness considerable growth owing to the incentivization of orphan drug manufacturing. Asia Pacific is expected to exhibit a considerable CAGR during the forecast period. This is ascribable to the increasing prevalence of rare diseases.
Rising Awareness about the Rare Disorders to Give Tailwinds to the Market
“The demand for specific orphan drugs is likely to increase as patients are becoming aware about the prevalent rare diseseses,” stated a lead analyst at Fortune Business Insights. “As a result of this, demand for orphan drugs is expected to increase in hospital pharmacies across the world,” he added. Rising R&D investments for drug development is another factor encouraging growth in the global orphan drugs market. Governments across the globe are developing a framework for drug development and discovery. This is expected to give significant impetus to the market in the forecast years.
The demand for orphan drugs is likely to increase owing to increasing prevalence of metabolic and cardiovascular disorders. The rising penetration of mobile devices is likely to increase the online sales of orphan drugs. Consequently, several online retail stores are planning to adopt business strategies to increase their customer base.
SMC approves the Routine use of Amgen’s Orphan Drug
Companies such as Eli Lily and Pfizer Inc., among others are currently enjoying a stronghold in the global orphan drugs market. Well-established infrastructure of Pfizer in terms of its distribution network is likely to enable it establish a strong footprint worldwide.
Recent impetus to drug development is expected to be the primary factor responsible for the emergence of new players. These new players are likely to focus their work on developing elementary drugs and later produce advanced or complex orphan drugs. Some of the leading players in the market are Amgen Inc., Biogen, Actelion Pharmaceuticals Ltd., and Bayer AG. Of these, Amgen received a recent approval from the Scottish Medicines Consortium (SMC). The approval was for the routine use of orphan drug called Blincyto developed for Parkinson disease. The expertise and experience of these companies is expected to elevate the manufacturing of orphan drugs by 2025.