Orphan Drug Market Booming Thanks to More R&D, Competition and Innovation
WELLESLEY, Mass. - January 21, 2021 - (Newswire.com)
Orphan drugs are used to treat orphan and rare diseases. The orphan drug industry is booming, with increasing focus from the pharmaceuticals industry focused on mitigating the toll that rare diseases have on the world's population, according to the BCC Research report Drug Development in Rare Diseases: Focus on Clinical Trials and the Regulatory Landscape.
Factors boosting the market for orphan drugs include legal frameworks such as tax credits and R&D grants; human genetic code sequencing; competition from generic drugs; affordable pricing; better manufacturing processes; and joint ventures and licensing agreements.
- Although many factors are boosting the orphan drug industry, there are several challenges to industry growth: lack of trained professionals, regulatory challenges, vulnerable target groups and more.
- While Celgene is expected to be the leading company in 2025 with an estimated 73% of its total prescription sales coming from orphan drugs, the company's market share is expected to decline by almost 40% by 2025.
- Oncology, blood, central nervous system and respiratory were the leading therapeutic categories for orphan drugs in 2019.
Read the full report here: https://corporate.bccresearch.com/market-research/pharmaceuticals/rare-diseases-drug-development-market.html.
About BCC Research
BCC Research publishes market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering current and emerging industrial and technology sectors. For more information about BCC Research, visit bccresearch.com.
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Original Source: Orphan Drug Market Booming Thanks to More R&D, Competition and Innovation