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 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”.
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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.
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 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.
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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.
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.
Key Questions Answered of Orphan Drugs Market:
What will the market growth rate of Orphan Drugs Market in 2025?
What are the key factors driving the Global Orphan Drugs Market?
What are sales, revenue, and price analysis of top manufacturers of Orphan Drugs Market?
Who are the distributors, traders and dealers of Orphan Drugs Market?
Who are the key vendors in Orphan Drugs space?
What are the Orphan Drugs Market opportunities and threats faced by the vendors in the Orphan Drugs Market?
What are sales, revenue, and price analysis by types, application and regions of Orphan Drugs Market?
What are the market opportunities, market risk and market overview of the Orphan Drugs Market?
The emergence of New Players to Drive the Orphan Drug Market and Increase Competition
The global orphan drugs 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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