Pune, Aug. 04, 2020 (GLOBE NEWSWIRE) -- The global orphan drugs market size is projected to reach USD 340.84 billion by the end of 2027. Increasing number of regulatory approvals will have a positive impact on the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Orphan Drugs Market Size, Share & COVID-19 Impact Analysis, By Therapy Area (Oncology, Hematology, Neurology, Endocrinology, Cardiovascular, Respiratory, Immunotherapy, and Others), By Drug Type (Biologics, and Non-Biologics), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Sales, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 151.00 billion in 2019 and will exhibit a CAGR of 10.5% during the forecast period, 2020-2027.
Orphan drugs are medicinal products that are intended at the treatment of severe and life—threatening conditions including cancer. They are normally associated with the treatment of very rare diseases (affecting 1 in every 2000 people). The difficulty associated with the treatment of critical diseases has yielded massive investments in research and development. The presence of numerous large scale orphan drug manufacturers across the world will emerge in favor of growth of the overall market in the coming years. The increasing number of regulatory approvals associated with orphan drugs, coupled with increasing clinical trials related to these drugs will create several growth opportunities for the market in the coming years.
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Orphan drugs are used for the treatment of severe and life-threatening diseases. The high emphasis on research and development of these drugs are consequential to the difficulty associated with the treatment of the disease. Due to increasing incidence of such life-threatening diseases, including cancer, there are several companies that are operating across the globe.
The high prevalence of infectious diseases in developed as well as developing countries will bode well for the growth of the market in the coming years. The presence of several large scale manufacturers will contribute to the growth of the market. The increasing demand for immunomodulators in emerging as well as developed countries will have a positive impact on the growth of the overall market in the foreseeable future.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Non-essential Medical Treatments to be Postponed during the Covid-19 Pandemic, Leaving Manufacturers in a State of Turmoil
The recent coronavirus outbreak has instilled panic among people across the world. Accounting to the rapid spread of the disease in several countries, strict measures have been taken to curb the epidemic. Moreover, governments across the world are implementing strategies that will result in more attention towards the treatment of the coronavirus disease. This has indirectly halted the non-essential and even a few long-term disease treatment procedures. This has certainly left manufacturers in a state of confusion. Given the current situation, the market is set to be negatively affected by the coronavirus outbreak.
Increasing Number of Regulatory Approvals will Emerge in Favor of Orphan Drugs Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the massive potential held by orphan drugs, there are numerous clinical trials associated with the drugs. The increasing number of successful clinical trials has resulted in an increase in the number of regulatory approvals across the world. In May 2019, Pfizer announced that it has received approval from the US Food and Drug Administration for its latest products aimed at treatment of cardiomyopathy.
The company announced that it has received approval from the FDA for VYNDAQEL and VYNDAMAX, two products that have shown signs of promise in the clinical phases. Fortune Business Insights states that increasing number of such regulatory approvals for products of large scale companies will have a positive impact on the growth of the overall market in the coming years.
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List of the Leading Companies Profiled in the Orphan Drugs Market Research Report are:
- Amgen Inc. (Thousand Oaks, U.S.)
- Bayer AG (Leverkusen, Germany)
- F. Hoffmann-La Roche Ltd (Basel, Switzerland)
- Alexion Pharmaceuticals Inc. (Boston, U.S.)
- Novo Nordisk A/S (Bagsværd, Denmark)
- Novartis AG (Basel, Switzerland)
- Bristol-Myers Squibb Company (New York, U.S.)
- AstraZeneca (Cambridge, U.K.)
- DAIICHI SANKYO COMPANY, LIMITED (Tokyo, Japan)
- GlaxoSmithKline plc (Brentford, U.K.)
- Other Players
North America Currently Dominates the Market; Increasing Spending on R&D by Major Companies to Aid Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America currently dominates the market. The high spending on research and development of orphan drugs, coupled with the presence of several large-scale local manufacturers will bode well for market growth.
The rising demand for the product in the United States as well as Canada will also contribute to the growth of the market in the coming years. As of 2019, the market in North America was worth USD 81.22 billion and this value is projected to increase further in the coming years. The market in Europe will derive growth from the adoption of technologically advanced manufacturing equipment by major companies in the region.
Industry Developments:
August 2018: Ultragenyx announced that it has received FDA approval for Mepsevii (vestronidase alfa) in Europe. The product is aimed at the treatment of Mucopolysaccharidosis VII.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Prevalence of major orphan disease, by key countries
- Pipeline review for orphan drugs
- Technological Developments
- Healthcare spending for key countries – 2019
- Global Orphan Drugs Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Therapy Area
- Oncology
- Hematology
- Neurology
- Endocrinology
- Cardiovascular
- Respiratory
- Immunotherapy
- Others
- Market Analysis, Insights and Forecast – By Drug Type
- Biologics
- Non-Biologics
- Market Analysis, Insights and Forecast – By Distribution Channels
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued..!!!
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