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.
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.
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.
North America is expected to remain dominant in the Global Orphan Drugs 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
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 industry. 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 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.
By Therapy Area
By Drug Type
By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Rising Prevalence of Cancer and Related Diseases Fuels Demand 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 industry. According to the National Center for Health Statistics, the U.S. is likely to witness around 1,762,450 new cancer cases in 2019.
This is further helping the orphan drugs market to grow impressively in this region. The Asia Pacific, on the other hand, is anticipated to show a higher rate of growth on account of the rising prevalence of rare diseases such as chronic lymphocytic leukemia. Also, the region is expected to offer lucrative growth opportunities as a result of the rapid expansion of healthcare infrastructure.
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