ORPHAN DRUGS MARKET ANALYSIS

Orphan Drugs MarketSize and Trends

Developing novel indications for designated orphan drugs is expected to drive the orphan drugs market

There are around 5,000 rare diseases listed globally and 80% of those are to genetic origins. The probability of getting infected by these diseases in adults is 50%.The need for the development of orphan drugs which will treat such diseases and proactive initiatives undertaken by government and regulatory authorities are the major factors driving the orphan drugs market. For instance, the authorities of U.S. FDA for orphan drug development department are providing the incentives to healthcare and biotechnology industries in order to enhance their research and development in orphan drugs. There are few drugs that have been withdrawn from the market due to certain risk developed over prolong administration of these drugs. However, these drugs have shown good results for treatment of those diseases which in particular do not have any standard drug, owing to drive the orphan drugs market. For instance, thalidomide used as a hypnotic drug was withdrawn from market when teratogenic risk was discovered, however, this drug has shown prominent result in treating leprosy.

The increasing prevalence of rare cancer in patients owing to oncological diseases segment to dominate in the orphan drugs market

The global orphan drugs market is segmented on the basis of disease, by product type and by region

Numerous collaborative research programs across North America and Europe is owing to growth of orphan drugs market

Regional segmentation of orphan drugs market by Coherent Market Insights comprises of North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America dominates the market globally due to factors such as established regulatory and reimbursement framework and incentives given by U.S. Food and Drug Administration (FDA) for research and development in orphan drugs sector. The various collaborative research programs across United States and Europe provides research data on rare diseases to manufacturers, patients and health experts which gives timely medical care, thus boost the orphan drug market. Whereas the prevalence of genetic diseases and growth of population are some factors which might allow the orphan drugs manufacturers to invest in the Asia Pacific region.