(PharmaNewsWire.Com, January 23, 2017 ) According to the report Global Orphan Drugs , published by Market Data Forecast, the global market is projected to reach USD 166.40 billion by 2021, at a CAGR of 7.86% from 2016 to 2021.
Orphan drugs are medical products which are utilized for the treatment of ailments or conditions which concern a very small percentage of the population. Diseases that have low occurrence rates are no less important than ones that have a higher frequency.
Orphan drugs Market are a comparatively niche segment because they are utilized for the treatment of rare diseases. For an ailment that has low frequency, finding the right equilibrium between cost and profit can be a tightrope walk. The total number of illnesses considered as orphan stands at about 7,000 currently, with just about 250 new diseases being added to this list yearly.
The growth of the Global Orphan Drugs market is mainly due to factors such as an increasing healthcare expenditure, favourable government initiatives, growing prevalence of chronic diseases, and small timeline required for orphan drug development. However, factors such as high initial investment, clinical study impediments, and regulatory obstacles are hindering the growth of the market.
Presently, the market for orphan drugs represents only about 6% of the complete pharmaceutical market. An extremely conducive environment currently prevails for the growth of the orphan drugs market, thereby encouraging the entry of more companies into the market. The major companies dominating the Global Orphan Drugs market are Novartis, GlaxoSmithKline, Roche, Alexion, Sanofi, Bristol Myers Squibb, Pfizer, Vertex, Celgene, and Merck.
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