Orphan Drugs Market Size, Trends, Shares, Insights and Forecast – 2018-2026
Orphan Drugs Market Report Analyses competitive environment such as key players, future trends, growths, challenges and acquisitions in the 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. 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.
The drugs which are developed for treatment of rare diseases and conditions are referred to as orphan drugs. Orphan drugs are developed by the pharmaceutical companies for public health need, and the sales generated by this drugs are very minimal when compared to normal drugs.
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The orphan diseases manifest in patient populations representing 6-8% of the global population. Symptoms of some orphan diseases may appear at birth or in childhood including cystic fibrosis, infantile spinal muscular atrophy, familial adenomatous polyposis (FAP), and some others.
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.
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Developing orphan drugs that are used to treat rare diseases do not have a high profit margin for the manufacturers and prolong timeline for product development and manufacturing, uncertain and expensive, are the factors hindering the growth of orphan drugs market.
Initiatives taken by government to increase the investment in orphan drugs development driving the growth of orphan drugs market.
Key players operating the orphan drugs market are Acorda Therapeutics, Actelion Pharmaceuticals Ltd., Amgen, Alexion Pharmaceuticals, Baxter international, Bayer healthcare pharmaceuticals, Biomarin Pharmaceuticals, Novartis, F.Hoffmann-La Roche AG, Johnson and Johnson and many others.
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