The global orphan drug market is eminently competitive and fragmented in nature. There are several players in the market and a pool of new players is expected to enter the competitive global orphan drug market, states an upcoming Transparency Market Research (TMR) report. The prominent players in the global orphan drug market include GlaxoSmithKline plc, Johnson & Johnson. Pfizer Inc., Novartis AG, and Celgene Corporation. These leading players are focusing on gaining a stronger foothold by investing in research and development in the drug development area. The small and medium sized players depend on support and funding extended by governments. The new entrants would have to start from scratch that is from development of basic drugs to more complex drugs like orphan drugs.
Increasing importance being given to research and development activities is projected to swell up the global orphan drug market over the forecast period. The global orphan drug market is projected to increase at a CAGR of 12.10% during the forecast period 2017 to 2025. The global orphan drug market is expected to achieve a net valuation of US$318.5bn by the end of 2025.
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Region wise, the global orphan drug market is foretold to be predominantly held by North due to the presence of well-established medical infrastructure. Moreover, facilities like support by government in the drug development for rare diseases and rising awareness initiatives being taken by non-profit organization are expected to propel the growth in the global orphan drug market.
Cancer to Strengthen Market
The oncology department of medicines comes across rising number of cancer patients with various types of cancer, each year. The number seems to be only increasing statistically, in order to combat the situation, there is growing need and demand for the effective drugs in the drug development area. Hence, the global orphan drug market is projected to see growth opportunities in the forthcoming years.
Moreover, rising awareness initiatives are projected to propel the demand for orphan drugs. Furthermore, increasing cases of metabolic disorder and cardiovascular diseases to boost the global orphan drug market towards a staggering expansion in the upcoming years.
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Government Assistance to Underpin Growth
Due to unmet medical needs of chronic and rare diseases the governments across the globe are extending its support by funding the research and development activities in the drug development and discovery sector of medicines. This, in turn is predicted to bolster the growth in the global orphan drug market.
Additionally, the rising geriatric population with chronic conditions calls for effective drugs to treat the condition or keep them in control. Thus, the demand for orphan drug increases, owing to substantial growth in the global orphan drug market during the forecast period.
High cost associated with developing orphan drugs is projected to hinder the global orphan drugs market in the upcoming years. Also, lack of awareness may stagnate the market.
Nonetheless, regardless of the constraints the rising investments in research and developments by the leading players and governments initiatives to support the development of drugs is projected to expand the global orphan drugs market in the upcoming years. Further, non-profit organizations initiatives to increase the global awareness are also expected to surge the global orphan drugs market during the forecast period.