Orphan Designated Drugs For Rare Cancers Accounts For More Than 40% Of Global Orphan Drug Sales As Per Kuick Research Report.
Orphan Designated Drugs For Rare Cancers Accounts For More Than 40% Of Global Orphan Drug Sales As Per Kuick Research Report
Global Orphan Cancer Drug Market, Drug Sales, Price & Clinical Trials Insight 2028 Report Highlights:
- Global & Regional Market Size 2022 Till 2028
- Market Size By Orphan Designated Cancer Type 2022 Till 2028
- Top 50 Orphan Designated Cancer Drug Sales Forecast Till 2028
- Top 50 Drugs Account For > 70% Of Global Orphan Cancer Drug Market
- Top 50 Drugs Pricing, Dosage, Patent Insight
- Insight On More Than 400 Orphan Designated Cancer Drugs in Clinical Trials
- Insight On More Than 200 Orphan Designated Cancer Drugs Commercially Available in Market
Download Report: https://www.kuickresearch.com/report-orphan-cancer-rare-cancer-market
An orphan cancer drug is a pharmaceutical product which is utilized in the diagnosis, prevention, and treatment of rare and serious cancers. These cancers are distinct from other cancers in that they have a very low prevalence rate. The development of orphan cancer drug is considered a profitable business to the pharmaceutical companies which is mainly attributed to the large benefits associated with them. The clinical trials for orphan cancer drug medications are significantly less expensive in comparison to other diseases as trial sizes are naturally smaller than for more common diseases with larger patient population. Further, many regulatory agencies across the world also offer several incentives for the development of rare cancer drugs. These incentives include financial benefits, faster approval, less stringent clinical data requirements, patent exclusivity, and many more. Several countries including US, Europe, Japan, Australia, South Korea, India, and other offer these incentives which drive the development of orphan drugs in the region.
With the passage of orphan drugs act, several orphan designated drugs for rare cancers have entered the global market whereas a wide range of them are present in clinical pipeline. It is believed that rare cancer drugs provide a million dollar opportunity to the pharmaceutical companies. The advancement in the field of genomics and biotechnology is increasing the knowledge about the progression of diseases, which further boost the research and development sector. The major key players in the companies include AbbVie, Roche, Amgen, Novartis, Eli Lilly, Sanofi, Pfizer, and others. These players are implementing several strategic acquisitions, mergers, collaborations and partnerships in order to expand customer base and strengthen their industrial position. The investment by these players in recent years has created opportunities for the global expansion of the industry.
For instance in 2021, Shepherd Therapeutics and Oncoheroes Bioscience have entered into partnership to collaborate in the discovery, development, and commercialization of innovative drug products for rare oncology indications. Under the terms of agreement, the companies will use Delve, Shepherd’s next generation, precision oncology platform which integrates bioinformatics, machine learning, and mathematics to unveil unprecedented insights into rare cancers. Delve enables the company to move beyond a single target approach to identify all the primary mechanism of action responsible for drug response and resistance within human transcriptosome.
However, high cost of orphan drugs, risks associated with orphan drugs and prolong timeline for product development is expected to hamper growth of the global rare cancer drugs market. Apart from this, lack of awareness and diagnostic tests for the rare cancers will also have a negative impact on the growth of market. Nonetheless, regardless of the constraints restraining the growth of market, the rising research and development by the leading players and governments initiatives to support the development of drugs is projected to expand the global market in the coming years. The interest of pharmaceutical companies has also been inclined towards the development of diagnostic tests, which will also enable early identification of rare cancers in coming years.
As per our report findings, the global orphan drugs market is expected to surpass US$ 150 Billion by 2028. This is mainly attributed to large number of clinical trials, rising geriatric population, and increasing investment in this sector. US currently dominate the market for orphan cancer drugs and are expected to continue its stronghold for a few more years. One of the reasons for market growth is that in the US, a drug designated orphan drug status receives seven years of marketing exclusivity upon FDA approval for a specific indication, tax credits, and user fee waiver. In addition, rise in prevalence of rare cancers and increasing awareness among the population will also boost the growth of market in this region.
Contact:
Neeraj Chawla
Kuick research
Research Head
+91-981410366
neeraj@kuickresearch.com
https://www.kuickresearch.com