The pharmaceutical agents that are administered to treat, diagnose, and prevent life-threatening diseases (rare diseases) are known as orphan drugs. The global orphan drugs market accounted for $106 billion in 2015, and is anticipated to reach $169 billion by 2022, registering a CAGR of 6.8% from 2016 to 2022.
Orphan drugs are used to treat rare (orphaned) diseases prevalent in a very small patient pool. Hence, the pharmaceutical industry takes little interest in their development. Moreover, their development requires high cost and the chances of returns on investment are comparatively less when compared to non-orphan drugs. These drugs treat different rare diseases, such as non-Hodgkin lymphoma, acute myeloid leukemia, cystic fibrosis, and others.
Conducive government regulations and market exclusivity for orphan drugs drives the global orphan drugs market. In addition, surge in prevalence of rare diseases and rise in investment in research, drug development, and innovation supplement the market growth. However, limited patient pool for clinical trials & product marketing and high treatment costs per patient impede the market growth. Furthermore, growth in novel indications for known orphan drugs and untapped emerging markets offer lucrative opportunities for the market players.
The orphan drugs market is segmented based on disease type, indication, and geography. Based on disease type, the market is divided into oncologic diseases, metabolic diseases, hematologic and immunologic diseases, infectious diseases, neurologic diseases, and other rare diseases. In the orphan drugs disease type segment, oncologic diseases occupied dominant share in 2015, and the segment is expected to maintain this trend during the forecast period. This is attributed to the array of different forms of rare cancers, such as leukemia, myeloma, angiosarcoma, and others prevalent in the patient population.
Based on indication, this market is classified into non-Hodgkin lymphoma, acute myeloid leukemia, cystic fibrosis, glioma, pancreatic cancer, ovarian cancer, multiple myeloma, Duchenne muscular dystrophy, Graft vs host disease, renal cell carcinoma, and others. The non-Hodgkin lymphoma was the highest revenue contributor in 2015, while renal cell carcinoma is anticipated to grow at the highest rate. The growth for this segment is due to increase in investment in R&D throughout the world along with surge in awareness about kidney cancer.
Geographically, this market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share in the orphan drugs market in 2015, and is expected to retain its dominance throughout the forecast period. This is primarily attributed to the higher buying power, availability, accessibility, and treatment options that favor the utilization of orphan drugs in this region. There is also an increase in product approvals for different pharmaceutical products designated as orphan drugs by the U.S. Food and Drug Administration (FDA), which fosters the market growth. However, Asia-Pacific is expected to emerge as a lucrative area with maximum growth potential, owing to the improvement in R&D facilities, available disposable income, and rapidly developing economic conditions.
Product development is the key strategy adopted by market players. The report provides a comprehensive analysis of the key players that operate in the global orphan drugs market.
KEY PLAYERS PROFILED
KEY MARKET BENEFITS
KEY MARKET SEGMENTS
By Disease Type
Other players in the value chain include (profiles not included in the report)
SIMILAR MARKET STUDIES
Umbilical cord blood bank is storage facility that collects cord blood after the childbirth from placenta. Cord blood is rich source of stem cell used in treatment of different chronic diseases. Private and public cord blood banks are the two major types of banks that are prevalent in the cord ...
July 2017 | $5370 | View Details >>
Cancer Vaccines Market by Technology (Dendritic Cells (DC) Cancer Vaccines, Recombinant Cancer Vaccines, Antigen/Adjuvant Cancer Vaccines, Whole Cell Cancer Vaccines, and Viral Vector & DNA Cancer Vaccines), Type (Preventive Cancer Vaccines and Therapeutic Cancer Vaccines), Indication (Cervical Cancer, Prostate Cancer, and Others), and End Use (Pediatrics and Adults) - Global Opportunity Analysis and Industry Forecast, 2017-2023
A vaccine is a biological preparation that strengthens the immune system and provides acquired immunity against a specific pathogen. According to the World Health Organization (WHO), cancer vaccines are popularly for treating various types of cancer such as, breast cancer, lung cancer, cervical cancer, and others. The key factors that ...
July 2017 | $5370 | View Details >>
UPCOMING MARKET RESEARCH REPORTS
2017 © Copyright Big Market Research