October 06, 2022 05:54 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Oct. 06, 2022 (GLOBE NEWSWIRE) — The rising prevalence for chronic diseases is a major factor expected to drive the global orphan drugs market during the forecast period. In the base year i.e. 2019, the global market was accounted for US$ 151.00 Billion and is estimated to reach US$ 340.84 Billion by forecast year i.e. 2027. Furthermore, the global market is anticipated to exhibit a CAGR of 10.5% throughout the forecast years.
KEY INDUSTRY DEVELOPMENTS:
June 2020 – Chiasma, Inc. announced that the company had received the FDA approval for their product offering of Mycapssa for the treatment of acromegaly, a rare disorder.
June 2020 – Agios Pharmaceuticals, Inc. announced that the company had received the FDA Orphan Drug Designation for their pipeline candidate of Mitapivat for the treatment of Thalassemia.
May 2020 – AstraZeneca, and Daiichi Sankyo Company announced that the company had received the FDA Orphan Drug Designation for their product offering of Enhertu (trastuzumab deruxtecan) for the treatment of patients with gastric cancer, including gastroesophageal junction cancer.
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North America Continues to Remain Strong Until 2027 Backed by Governments Support
North America dominated the global orphan drugs market in 2019 by generating a revenue of 151.00 Billion. The region continues to remain strong throughput the forecast period between 2019 and 2027. The rising support from governments regarding research and development (R&D) of orphan drugs is driving the market in North America. This region is likely to witness the highest number of FDA approvals for the orphan drug development, encouraging companies to develop new orphan drugs. Further to this, the increasing emphasis on the implementation of orphan drugs act in North America is likely to create growth opportunities in the market. Besides North America, Europe is also anticipated to witness considerable growth owing to the incentivization of orphan drug manufacturing. Asia Pacific is expected to exhibit a considerable CAGR during the forecast period. This is ascribable to the increasing prevalence of rare diseases.
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Rising Prevalence of Cancer and Related Diseases Fuels Demand for Orphan Drugs
The oncology segment is witnessing considerably high demand on account of the rising number of patients suffering from different types of cancers. This also increases the demand for novel therapeutics, which as per the report will bode well for the global orphan drugs market. According to the National Center for Health Statistics, the U.S. is likely to witness around 1,762,450 new cancer cases in 2019. Spurred by these numbers, the demand for orphan drugs is likely to increase in the coming years. Governments are investing heavily to build a strong framework for supporting drug development, thus offering a significant impetus to the orphan drugs market. Furthermore, the return on investment, with regards to orphan drugs, is expected to be higher than non-orphan drugs, which in turn is increasing the demand for orphan drug therapeutics worldwide.
“People across the world are becoming more aware about the rising prevalence of rare disorders and importance of orphan drugs,” stated a lead analyst at Fortune Business insights. “This, coupled with robust support from EU and FDA to drug development, drives the orphan drugs market,” he added. Several pharma companies are also putting continuous efforts to develop orphan drugs, thus improving creating scope for generating more revenue in the overall global market for orphan drugs.
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Treatment and Medications Associated with Rare Diseases are Expensive, Limiting Growth of Orphan Drugs Market
Although the orphan drugs market is growing at a good pace, there are some factors that may hinder its growth. High cost of orphan drugs, insufficient information on rare diseases, and lack of skilled healthcare professionals are factors restricting growth in the global orphan drugs market. In addition to this, rising competition from generic industries may pose a serious threat to the growth of the market.
Emergence of New Players to Drive the Orphan Drug Market and Increase Competition
The global orphan drugs market is anticipated to pave way for the entry of several new players in the coming years. This is mainly because of the rapid drug development and discovery over the years. Several leading companies are manufacturing orphan drugs to build a nimble and agile framework. Some of the savvy players present in the global orphan drugs market are Actelion Pharmaceuticals Ltd., Biogen, Eli Lilly and Company, Bayer AG, Amgen Inc., and Pfizer Inc. These leading players are likely to give tough competition to the small entrants. Therefore, these small scale companies may need support from governments and other authorities to sustain in the market.
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Some of the Main Key Players Covered in the Report
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