As per Fortune Business Insights, the North America Orphan Drugs Market was worth US$ 67,136.0 Mn in 2017 and will continue to rise at a steady pace until 2025. This is mainly ascribable to the rising awareness among people regarding the use of novel drugs. In addition to this, North America is expected to offer attractive growth opportunities on the back of recent FDA approvals on the development of orphan drugs. Governments in North America are increasingly spending on research and development (R&D) of orphan drugs and technologies.
“Some of the Main Key Players Covered in the Report”
- Bayer AG
- Hoffmann-La Roche Ltd.
- Alexion Pharmaceuticals Inc.
- Novo Nordisk A/S
- Novartis AG
- Bristol-Myers Squibb Company
- AstraZeneca Plc.
- Daiichi Sankyo Company Limited
- GlaxoSmithKline Plc.
- Amgen Inc.
According to the report, the global orphan drugs market was valued at US$ 125000 Mn in 2017 and is anticipated to reach US$ 294000 Mn by 2025. The report also stated that the market would exhibit a remarkable CAGR of 11.4% during the forecast period.
North America is expected to remain dominant in the Global Market between 2018 and 2025. Fortune Business Insights found this information in a report, titled “Orphan Drugs Market: Global Market Analysis, Insights and Forecast, 2018-2025”.
Browse Complete Report Details @ https://www.fortunebusinessinsights.com/industry-reports/orphan-drugs-market-100088
By Therapy Area
By Drug Type
By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
“Treatment and Medications Associated with Rare Diseases Are Expensive, Limiting Growth of Market”
Although the orphan drugs market is growing at a good pace, some factors may hinder its growth. The high cost of orphan drugs, insufficient information on rare diseases, and lack of skilled healthcare professionals are factors restricting growth in the global market. In addition to this, rising competition from generic industries may pose a serious threat to the growth of the market.
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 of 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 the 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.
“The emergence of New Players to Drive the Orphan Drug Market and Increase Competition”
The global market is anticipated to pave the way for the entry of several new players in the coming years. This is mainly because of 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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