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Orphan Drugs Market to Grow at 10.20% CAGR to 2021: Growth Factors & Trends
Orphan Drugs Market is Projected to grow at 10.20% CAGR during the period 2017-2021. Network Consulting Industry research report also provides granular analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.
Marketsizeforecasters.com adds new global Orphan Drugs market: report that lists top active companies as AbbVie, Celgene, F. Hoffmann La Roche, and Novartis.
Other Prominent Vendors in the market are: Amgen, Actelion, Alexion Pharmaceuticals, Bayer, Biogen, Bristol-Myers Squibb, Eli Lilly, Johnson & Johnson, Novo Nordisk, Pfizer, Sanofi, Shire, and Teva pharmaceutical.
Research Analysts forecast the global Orphan Drugs market to grow at a CAGR of 10.20% during the period 2017-2021.
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Commenting on the report, an analyst from team said: One trend in market is repurposing of non-orphan drugs to orphan drugs. The orphan drugs market has witnessed many successful repositioning of drugs from non-orphan label to orphan label. Since the implementation of the orphan drug legislation in the United States, more than 69 drugs which were first approved by US FDA for the treatment of rare diseases were not entirely new and had been repurposed from the non-orphan label to the orphan label. Today, most of the pharmaceutical and biotechnological companies has adopted the strategy of drug repurposing in order to save time and money. Repurposing of an already approved drug for a different indication helps to mitigate the risk of drug failure as the drug has undergone the pharmacovigilance regulatory requirement and post-marketing survey. This reduces the risk of heavy financial loss to the manufacturer. In addition, the drug repurposing strategy also helps manufacturers to extend their product life cycle by getting orphan drug status, and also prevents their product from generic competition. Moreover, the external forces such as availability of huge amount of data, computational tools which helps in effective analysis of data and the advent of precession medicines for development of drugs that target a specific diseased population, has led to increase the adoption of this strategy.
The listed pricing for this Orphan Drugs Market report starts at $ 3500.
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According to the report, one driver in market is high unmet need drives growth. The global orphan drugs market is growing at a rapid pace. Yet, it represents a high unmet need for the development of more efficacious drugs with fewer side-effects. Though the market is relatively small pertaining to the small patient pool, the return on investment is very high owing to the expensive orphan drugs. It has encouraged many big as well as small emerging pharmaceutical and biotechnological companies to invest in this market. The growing prevalence of rare diseases combined with the rising awareness among population and higher life expectancy rates are helping the global orphan drugs market to grow at a rapid rate. Additionally, government initiatives worldwide have positively influenced R&D on orphan drugs. Further, the number of marketing approvals of these drugs has shown a dramatic increase over the past few years.
Further, the report states that one challenge in market is costly treatment regimen results in financial burden on patients. The orphan drugs market is currently witnessing a growing concern due to increasing cost of orphan drugs and the need for a cost-effective therapy to treat rare disease in developing countries. The reason behind the rise in cost of these drugs is due to lack of competition and low density of drugs marketed for the treatment of same indication. The low availability of alternatives is because of the enforcement of patent exclusivity rule under the US ODA, which restricts the approval of an alternative drug until it represents evidence of being superior to the first-approved drug in terms of safety and efficacy. For instance, the average cost of a rare disease therapy for a year is more than the cost of a car. This limits the access to orphan drug for patients living in developing countries such as India and China. As the reimbursement rates for these drugs are low, healthcare professionals hesitate to prescribe these drugs considering the financial status of a patient.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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