Global Orphan Drugs Market - SynopsisOrphan drugs are generally used for treating rare disorders and diseases that affect a small percentage of the population.
There are approximately 30 million in Europe, 30 million people in the US, and 350 million people worldwide who suffer from 7,000 types of rare diseases.Disorders among which four-fifths of the rare diseases are genetic and 50 % of the crowd affected being children.
Only 5 % of the rare diseases had approved drug treatment with 326 new drugs being approved by FDA and brought to the market.Competition Analysis: The key players operating the orphan drugs market are Alexion Pharmaceuticals Inc., Bayer AG, Sanofi, Celgene Corporation, Novartis AG, Biogen Idec Limited, Hoffmann- La Roche, Takeda Pharmaceuticals Company Limited, Bristol-Myers Squibb, Vertex Pharmaceuticals Inc. Johnson & Johnson, and others.Segmentation Analysis:Globally, the market for orphan drugs has been segmented on the basis of application, pharmacological class, source, technology, and region.The market has been segmented into enzyme replacement, protein replacement, and gene chromosome expression based on pharmacological class.The market has been segmented into oncology, blood-related disorders, neurology, nephrology, and infectious diseases based on applications.
Among these, oncology is predicted to dominate the market owing to the increasing drug approvals for treating rare cancers.The market has been segmented into Transgenic, DNA recombination, and gene expression based on technology.The market has also been segmented into biological orphan drug and non-biological orphan drug based on source.
Among these, biological orphan drug leads the market in terms of revenue and is predicted to maintain its dominance over the assessment period owing to the high efficacy of biologic products for treating diseases.Future Drivers and Constraints Affecting the Market Growing investment in R, unmet requirement for rare diseases, economic, legislative, and tax benefits offered by the government, high ROI, development of latest technologies like hybridoma, gene mapping, and DNA recombinant, extensive exclusivity, and faster uptake and low marketing cost are some of the major factors driving the market over the forecast period.There has been a growing demand for drugs for rare diseases such as Yellow Fever, Von Willebrand Disease, Aarskog Syndrome, Waardenburg Syndrome, diabetic macular edema, Abetalipoproteinemia, Autism spectrum disorder (ASD), Yellow Nail syndrome, Asperger syndrome, Von Hippel-Lindau Disease, and others which is contributing towards the growth of the market.
Moreover, FDA free waivers, R grants by the government, favorable reimbursement policy along with premium pricing owing to the low competition also contribute the market growth.