Rare diseases are a group of conditions which affect small number of people. Earlier the research and development of treatments of rare diseases has been neglected in favor of common diseases. However, in last 20 years, the passage of several laws has led to improvement in the understanding of rare diseases and availability of effective treatment options. Till date, there are between 5,000-8,000 rare diseases, and new rare diseases are being discovered all the time. Researchers have developed several orphan drugs, which are medicines intended to treat, prevent, or diagnose a rare disease.
The increasing focus on research activities in rare diseases have led to introduction of several orphan drugs in the market. As of now, there are more than 500 orphan drugs available in the market which has shown robust response. The encouraging market has also surged several pharmaceutical companies to actively invest in this segment. Our report analyzes that the pipeline for orphan drugs is highly crowded and consists of around 1300 drugs which are expected to enter the market during forthcoming years. The key players in the market include Bayer, Eli Lilly, Celgene, Novartis, Abbvie, Sanofi, Pfizer, and others. These players are implementing several strategic acquisitions, mergers, collaborations and partnerships in order to expand customer base and strengthen their industrial position. The investment by these players in recent years has created opportunities for the global expansion of the industry.
The development of drugs for rare diseases often poses particular challenges for research and development. This is mainly due to low target population, limited epidemiological data on the natural history of many rare diseases, and all stages of research and development being more challenging and lengthy than for more common diseases. Because of the small number of potential patients, orphan drugs are typically associated with very high per patient costs. The high cost of the orphan drugs is generally unaffordable by majority of patients, which further restricts the growth of market.
Despite several restraining factors, our report analyzed that the global orphan drugs market will grow with high growth rates during the forecast period. Several factors which push the market includes increasing government assistance, provision of incentives to pharmaceutical companies, rising awareness among people, increase in facilities for patients affected by rare diseases, rise in the incentives for research owing to the prevalence of non-profit organizations that promote health to treat rare diseases, and favorable government regulations will boost the growth of market during the forecast period. As per our analysis, the global orphan drugs market is expected to surpass US$ 350 Billion by 2028.
Regionally, US orphan drug market dominate the market on account of the improved economy and rising healthcare expenditure resulting in increasing the development of research institutions in the country. Growing number of government initiatives in the region is also contributing to the market growth trends in the country. In addition, Japan is also anticipated to grow with high rates during the forecast period. The high growth rates are mainly attributed to increase in biomedical and regenerative medicine research in the country. Japanese government has established support systems and special regulatory authorities to augment the development of novel drugs for rare disease treatment.
The report Global orphan drugs market provides detailed analysis on more than 400 market drugs along with clinical analysis. Furthermore, the report exhibits dynamic factors including segments, sub-segments, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.