Orphan Drugs Market: Rising Prevalence of Cancer to Strengthen Market
Global Orphan Drugs Market: Overview
Orphan drug products are medicines for the therapy of life-threating or extremely severe illnesses or disorders which are uncommon for diagnosis, prevention or therapy. The pharmaceutical industry is little interested in the development and marketing of products designed for a tiny amount of patients under ordinary market circumstances. These medicines are called orphans. In 1983, the Orphan Drug Act was enacted to encourage drug companies to create rare disease therapy. The FDA Office for the Development of Orphan Products determines whether a drug is an orphan.
The incredibly high costs of placing a medicinal product on the market in drug companies would not be recovered from anticipated product revenues. This also leads to a small market potential for fresh drug use and an economic loss for the drug companies sector.
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The worldwide orphan medicinal products market is expected to swell during the forecast period to give increasing significance to research and development operations. Over the forecast period 2017 to 2025 the international market for orphan drugs is expected to improve by 12.10 percent at CAGR. By the end of 2025, the worldwide market for orphan drugs should reach a net estimate of 318,5 billion US dollars.
The global orphan drugs market is segmented by the disease type, by indicator, and by technology for study. Further, the market is considered in terms of different geographical regions in the report.
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Rising Prevalence of Rare Diseases to Strengthen Orphan Drugs Market
Recurring, chronic and rare illnesses and the elevated demand for significant amounts of orphan drug production are currently forecast to affect around 300 million people worldwide. Rare disease medicines, such as Yellow Fever, von Willebrand Disease, Waardenburg Syndrome, Diabetes Macular Edema, Abetalypoproteinemia, ASD, Yellow Nail Syndrome or Von Hippel Lindau Syndrome and others, are increasing in demand for medicinal products that help increase the market. In addition, FDA free exemptions, public R&D grants, favourable reimbursement policies and premium pricing for business development.
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In 2019, it is likely that the U.S. will see around 1,762,450 new cancer cases, according to the National Center for Health Statistics. The demand for orphan medicines is likely to rise in the coming years as these figures are motivated. As a result, there have been a total of 4,171 drugs in the US as orphan drugs. Such Government initiatives encourage drug manufacturers to invest more in the said industry.
Although the market for orphan medicines is developing at a decent rate, certain variables can impede its development. The elevated price of orphan medicines, inadequate data on rare illnesses and the absence of competent health experts are factors that reduce development in the worldwide market for orphan medicines. Furthermore, increasing competition from generic sectors can seriously threaten market growth.
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Global Orphan Drugs Market: Regional Outlook
The global orphan drugs market is segmented for study into North America, Europe, and Rest of the World. Among these, North America is expected to register for high growth in the global market.
There are several factors contributing to the development of the industry, including promoting laws that enable rapid approval of such drugs, drug status exclusivity for such drugs and a solid medical infrastructure.
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Global Orphan Drugs Market: Companies Mentioned
Key vendors profiled in our report on the global orphan drugs market include Novartis AG, F. Hoffmann-La Roche Ltd., Bristol-Myers Squibb Company, GlaxoSmithKline plc., Daiichi Sankyo Company Limited, Novo Nordisk A/S, Bayer AG, AstraZeneca plc., and Amgen Inc., among several others.
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