The global orphan drugs market to grow at a CAGR of 10.20% during the period 2017-2021. The report covers the present scenario and the growth prospects of the global orphan drugs market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The report also includes a discussion of the key vendors operating in this market.
One trend in market is repurposing of non-orphan drugs to orphan drugs. The orphan drugs market has witnessed many successful repositioning of drugs from non-orphan label to orphan label. Since the implementation of the orphan drug legislation in the United States, more than 69 drugs which were first approved by US FDA for the treatment of rare diseases were not entirely new and had been repurposed from the non-orphan label to the orphan label. Today, most of the pharmaceutical and biotechnological companies has adopted the strategy of drug repurposing in order to save time and money.
According to the report, one driver in market is high unmet need drives growth. The global orphan drugs market is growing at a rapid pace. Yet, it represents a high unmet need for the development of more efficacious drugs with fewer side-effects. Though the market is relatively small pertaining to the small patient pool, the return on investment is very high owing to the expensive orphan drugs. It has encouraged many big as well as small emerging pharmaceutical and biotechnological companies to invest in this market.
Further, the report states that one challenge in market is costly treatment regimen results in financial burden on patients. The orphan drugs market is currently witnessing a growing concern due to increasing cost of orphan drugs and the need for a cost-effective therapy to treat rare disease in developing countries. The reason behind the rise in cost of these drugs is due to lack of competition and low density of drugs marketed for the treatment of same indication.
Key vendors
AbbVie, Celgene, F. Hoffmann La Roche, Novartis
