The global orphan drugs market is projected to display a healthy
12.1% CAGR from 2017 to 2025, for the market to reach a valuation of
US$318.5 bn by the end of 2025.
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As per an analyst at TMR, the global orphan drugs market is
anticipated to expand at a significant growth rate on account of a
number of factors. Amongst all, high return on investments for the
development of orphan drugs is a key one. The development of phase-
III orphan drugs costs over 50% more than the cost of development of
non-orphan drugs. The return on investments is estimated to be over
1.2 times greater for phase- III orphan drugs than non-orphan drugs.
In developed countries, strong focus on research and development of
orphan drugs, which receives government aid, tax credits, and fee
waivers is contributing to the growth of this market. As per records
of the Research Office Legislative Council Secretariat, there are
more than 30 million individuals suffering from rare diseases in the
U.S. As a result, 4,171 drugs have received orphan drug status in the
U.S., which is attracting drug manufacturers to invest in this
market.
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Furthermore, increasing number of rare diseases that are related to
genetic reasons leading to investments for drug development of these
diseases is benefitting the orphan drugs market. As per statistics of
Global Genes, a non-profit organization, more than 7,000 types of
rare diseases have been identified globally. At present, more than
300 million people worldwide are estimated to be affected by rare
diseases that calls for considerable production of orphan drugs.
Vis-à-vis revenue, in 2016, oncology stood as the dominant segment
based on disease type, and is expected to hold on to its dominant
position over the forecast period. The increasing genetic mutations
and the increasing burden of rare cancers are attributed to the
growth of this segment.
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In terms of product type, biologic products led the market in 2016 on
the basis of revenue. The segment is expected to display a
significant CAGR over the forecast period backed by factors such as
high efficacy, fewer side effects, and difficulty to develop generic
versions of these drugs. Hospital pharmacies led the global orphan
drugs market in terms of revenue in 2016 amongst all distribution
channel segments.
North America held the leading share of the orphan drugs market in
2016. Within North America, the U.S. is a leading domestic market
contributing substantial revenue to this market.
In a moderately consolidated global orphan drugs market, players are
primarily focused on strategic acquisitions and are strategizing to
gain maximum returns on investments made for R&D of orphan drugs
and to leverage the incentives offered by governments for research on
orphan drugs, according to recent market intelligence by Transparency
Market Research. In this scenario, some of the companies to hold a
commanding position in the global orphan drugs market are Novartis
AG, Celgene Corporation, Pfizer Inc., Alexion Pharmaceuticals Inc.,
GlaxoSmithKline plc, and Johnson & Johnson.
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