Orphan Drugs Market to Grow Due to Rising Cases of Chronic Illnesses in People, Says TMR

ALBANY, New York, November 5, 2018 /PRNewswire/ --

The global orphan drugs market is foreseen to experience the advent of various new players in coming years. The major reason behind the growth in the market is the substantial development in the field of development of new drugs. Presently, the market for orphan drugs comprise a huge pool of various well established market players which are consistently evolving, learning, and growing as the leaders in drug manufacturing industry with their several years of experience.

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It is expected that the strong foothold of the existing players are to give a threat to the new entrants and the small players in the market of orphan drugs, globally. The medium and small firms are dependent on the incentives by the governments to maintain their position in the market. The major players in the global market for orphan drugs are Novartis AG, Celgene Corporation, Pfizer Inc., Alexion Pharmaceuticals Inc., GlaxoSmithKline plc, and Johnson & Johnson. These dominating market players that have achieved the proficiency in the global market are working towards elevating the manufacturing their manufacturing gradient even further.

A recent report by Transparency Market Research (TMR) states that the global orphan drugs are expected to evolve at a robust CAGR of 12.10% within the forecast period from 2017 to 2025. The market is anticipated to reach around a worth of US$318.5 bn by the end of forecast period.

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On the basis of disease type, the global orphan drugs market is segmented into gastrointestinal, oncology, pulmonary, hematology, neurology, cardiovascular, endocrinology, metabolic disorders, infectious diseases, and so on. Among these, the segment of oncology, in 2016 led the market in terms of revenue, and is foreseen to lead the global market in the span of coming years as well. Geographically, North America led the market in 2016,  owing to the factors such as supportive regulations regarding drugs approval for rare illnesses, improved healthcare infrastructure, initiatives taken by the non-governmental and  firms to spread awareness regarding the treatment of rare illnesses and orphan drugs, and exclusivity status given to orphan drugs.

Increased Diagnosis of Cancer in People to Call for Urgent Need for Orphan Drugs 

Owing to the rising cases of people suffering from various cancers every year, has brought a huge pressure on the oncology sector. Various types of cancers have been detected in past few years, which calls for a more-than ever need of new and effective drugs for to administer the patients. The major reason behind the rising demand for orphan drugs since past couple of years is, they are developed particularly to treat a specific illness only. Moreover, the typical conditions related to metabolic or cardiovascular illnesses, are as well likely to contribute in the growth of orphan drugs market. Diseases and disorders related to endocrinology, hematology, and other infectious diseases too furl the demand for orphan drugs in the market.

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Increased Investment by Government to Fuel Market Growth 

The drug discovery and development has been a major segment in the pharmaceutical and medical industry. As a result, the government has invested heavily in making a better framework for drug discovery and development. This in turn has provided an acceleration to the demand for orphan drugs in global market. Moreover, the return on investment rate of orphan drugs is seen to be higher than that of non-orphan drugs. These has propelled the growth of orphan drugs in the market and success for market players.

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