The global orphan drugs market is growing at a rapid pace. The market growth attributes to the growing prevalence of rare but serious, life-threatening disorders, such as human papillomavirus (HPV) and HPV16-positive cervical cancer. HPV is a viral infection that causes skin/ mucous membrane growths (warts) and different types of cancer. Also, increasing numbers of geriatric populaces contribute to market growth significantly.
Moreover, the reimbursement recommendations and rebates to encourage the production of ODs escalate the market growth to furthered height. According to Market Research Future (MRFR), the valuation of global orphan drugs market is estimated to reach USD 1.75.57 BN by 2022, growing at 9.20% CAGR throughout the review period (2024 – 2032).
HTA Reforms and the demand for breakthrough diagnostics and treatment procedures act as a significant driving force behind the growth of the market. Besides, government initiatives that aim to spread awareness and development programs of orphan drugs positively impact market growth. Additionally, the introduction of various orphan products and therapeutics to respond to rare pediatric diseases influences the market growth.
Conversely, the high production cost of ODs is a major factor expected to impede the growth of the market. Also, the regulatory restriction on profitability hampers the market growth to a great deal. Nevertheless, the availability of cutting-edge technologies and growing access to medication would support the market increase throughout the forecast period.
Orphan Drugs Market - Segments
The report is segmented into five dynamics:
By Drug Type : Biologics and Non-Biologics.
By Sale : Generics and Prescribed.
By Drug : Revlimid, Rituxan, Opdivo, Keytruda, Imbruvica, Soliris, Jakaf, Pomalyst, Darzalex, Spinraza, Adcetris, and others.
By Therapy Class : Oncology, Blood, Central Nervous Systems, Endocrine, Cardiovascular, Respiratory, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Global Orphan Drugs Market - Competitive Landscape
Highly competitive, the orphan drugs market players appears to be well-established with the presence of several notable players. To gain a larger competitive share, industry players adopt strategic initiatives such as mergers & acquisitions, collaborations, expansion, and new technologies/product launches.
Orphan Drugs Market - Regional Analysis
North America dominates the global orphan drugs market. In 2017, the region accounted for 39.98% of the overall market share. The largest market share attributes to the increasing prevalence of rare diseases and disorders, such as HPV. According to the US Centers for Disease Control & Prevention, HPV causes around 34,000 cases of cancer in the country each year.
Among these, cervical cancer is the most common HPV-associated cancer in American women. HPV16-positive cervical cancer is the next major cause responsible for approximately 50% of cancer cases. Additionally, the vast development of technology drives market growth, improving screening, and manufacturing techniques. Also, the increasing production of prophylactic vaccination against HPV infections fosters the growth of the regional market.
Europe stands second in the global orphan drugs market. The market growth is majorly driven by the presence of many well-established industry players and well-developed healthcare systems. Besides, the massive funding for drug discoveries and developments push the regional market growth. Moreover, the reimbursement recommendations for ODs (reimbursement - T2R) issued by the four well-established European HTA bodies (France, Germany, UK, and Scotland) boost the orphan drugs market in Europe.
The orphan drugs market is brisk in the Asia Pacific region. Factors such as the vast technological advances and rising numbers of healthcare facilities foster regional market growth. The region demonstrates high growth potential for orphan drugs due to the increasing prevalence of diseases such as endocrinology, cardiovascular, lymphatic systems, and respiratory disorders. Moreover, the growing number of pharmaceutical companies with their strong export, favorable pricing, and clinical pipeline contribute to the regional market growth hugely.
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For more information visit at MarketResearchFuture
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