Orphan Drugs Market – 2020 Application Scope, Types, Technology Benefits and Global Business Outlook By Coherent Market Insights
In pharmaceutical industry, an orphan drug is an agent developed to treat medical conditions, which would not be profitable to produce without government assistance since the disease is extremely rate. Rare diseases such as Tourette syndrome, Huntington’s disease, muscular dystrophy, myoclonus, and ALS (Lou Gehrig’s disease) are some of those diseases for treatment, of which adequate drugs have not been developed, and hence these diseases are treated by orphan drugs. Orphan drugs are developed by pharmaceutical companies for public health need, whose sale is very minimal as the market for the drug is too slim compared to normal drugs. Around 6-8% of global population use orphan drugs. Moreover, symptoms of orphan diseases may appear at birth or typically in childhood, which includes cystic fibrosis, infantile spinal muscular atrophy, familial adenomatous polyposis (FAP), and some others.
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Developing novel indications for designated orphan drugs is expected to drive the orphan drugs market
Around 5,000 rare diseases are listed globally, of which 80% are listed as genetic origins. Moreover, adults are 50% more likely to get infected with these diseases. Increasing need for the development of orphan drugs, which will treat such diseases coupled with initiatives taken by government organizations is expected to drive growth of the global orphan drugs market during the forecast period. For instance, the U.S. Food and Drug Administration (FDA) is providing incentives to pharmaceutical and biotechnology industries, in order to enhance their research and development in orphan drugs. Furthermore, there are few drugs that have been withdrawn from the market due to certain risk developed over prolong administration of these drugs. However, these drugs have shown good results for treatment of those diseases, in which particular do not have any standard drug, which is expected to drive the market growth in the near future. For instance, thalidomide used as a hypnotic drug was withdrawn from market when teratogenic risk was discovered, however, this drug has shown prominent result in treating leprosy.
Slim profit margin for manufacturers and short timeline product development are expected to restrain the global orphan drugs market growth over the forecast period. However, manufacturers can focus on untapped emerging market, which is expected to create lucrative growth opportunities in the global orphan drugs market.
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Increasing prevalence of rare cancer in patients owing to oncological diseases segment to dominate in the global orphan drugs market
The global orphan drugs market is segmented on the basis of disease, by product type and by region
On the basis of disease type,
- Hematologic and Immunologic diseases
- Infectious diseases
- Metabolic diseases
- Neurologic diseases
- Oncologic diseases
- Other orphan diseases
On the basis of product type,
- Biological orphan drugs
- Non-biological orphan drugs
Numerous collaborative research programs across North America and Europe is owing to growth of orphan drugs market
Regional segmentation of orphan drugs market by Coherent Market Insights comprises of North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among regions, North America holds dominant positions in the global orphan drugs market. This dominance is attributed to robust regulatory and reimbursement framework and incentives given by the U.S. Food and Drug Administration (FDA) for research and development in orphan drugs sector. Key players in the Europe and North America are focused on collaborative strategies to provide research data on rare diseases to manufacturers, patients, and health experts, which gives timely medical care, thus boost the orphan drug market. Moreover, growing population and increasing prevalence of genetic diseases is expected to drive growth of Asia Pacific orphan drugs market during the forecast period.
Initiatives taken by government to increase the investment in orphan drugs development driving the growth of orphan drugs market.
Increasing investments and proactive initiatives taken by government is assisting orphan drug manufacturers. For instance, the U.S. government provides 50% of tax credit on the research and development expenses spent on the orphan drugs development by manufacturers. However the high cost of the orphan drugs and generation of small sales from it is amongst those factors which is lowering the interest of companies for market.
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Key players operating the global orphan drugs market are Acorda Therapeutics, Actelion Pharmaceuticals Ltd., Amgen, Alexion Pharmaceuticals, Baxter international, Bayer Healthcare Pharmaceuticals, Biomarin Pharmaceuticals, Novartis, F.Hoffmann-La Roche AG, and Johnson and Johnson.About Us:
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