An orphan drug is used to diagnose rare disease in life-threatening conditions. The cost of developing drugs is high, and the availability is less when compared to traditional drugs. To overcome the supply chain gaps, the governments of various economies collectively encouraging orphan drug development investments and plans thereby boosting the demand for the orphan drugs market. The orphan drug provides an opportunity to increase the revenue of a company by expanding the policies and product ranges of orphan drugs. In the forecast period, the market for the orphan drug will enjoy benefits owing to the factors such as:
- Both government and non-government organisations are extending R&D and expanding their business operations and outreach.
- Extension of patent rights.
- Generic competition shift focus towards orphan drugs.
- Orphan drug offers healthcare solutions.
- Investors are extensively concentrating on small patient population economies.
- Drugs for ultra-rare and blood disease and uncured diseases will explore the market growth.
In the orphan drug market, the U.S and Europe are investing in orphan drugs development and usage of orphan drugs has increased. However, these are less effective in the treatment of orphan diseases. Due to the economic conditions of the country, there are no breakthroughs in medicine which have been resulting in the negative impact on diagnosis, therapies for the treatment of orphan diseases.
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The global orphan drug market is segmented in size, growth which provides a basic overview of our study. The size and growth rate increases in forecast period with the following principal reasons:
- Professional companies will continue to lead orphan drugs development.
- Knowledge and experience are crucial to enhance the growth of the drug market.
- Clinical trials will continue and bolster market growth.
Regionally, North America and Europe are the largest markets for orphan drugs owing to its extent research and technological advancements for the development of orphan drugs.
The list of companies on orphan drug and its future target diseases with advancements
|NAME OF THE COMPANY||TARGET DISEASES WITH ADVANCEMENTS|
|Genentech||Medicine to treat wet age macular degeneration|
|Johnson & Johnson||The announcement on clinical development for the treatment of multiple myeloma|
|Bayer||New treatment for kidney diseases|
|Novartis||Targeted to eliminate the parasite|
Source: Envision Inteligence Analysis & Experts Insights
As per Envision Inteligence report on Global orphans drug market, orphan drugs market will witness high growth rate owing to the rising interest from pharmaceutical companies with high investments and offerings with less price tag and developing economies focusing on orphans drug mainly APAC region for the treatment of the disease. Novartis collaborated with Chapel Hill Company which targets for additional disease communities. Collaborations, partnerships and product launches are the dominant strategies adopted by companies in the orphan drugs market.