LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global orphan drugs market to grow to USD 202.29 billion by 2021, at a CAGR of more than 10% over the forecast period, according to their latest report.
“The rising awareness regarding rare diseases and the higher life expectancy rates are expected to boost the market growth. The orphan drugs market space is characterized by the presence of many established as well as emerging pharmaceutical and biotechnological companies”
The research study by Technavio on the global orphan drugs market for 2017-2021 provides detailed industry analysis based on product type (biologics and non-biologics) and geography (the Americas, EMEA, and APAC).
|Orphan drugs are drugs that are used to cure rare and life-threatening diseases. Biologics, which are genetically-engineered therapeutic products, account for a majority 64% of the global orphan drugs market. The biologics segment of the market is expected to grow steadily over the forecast period, driven by the high efficacy of these drugs.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global orphan drugs market:
- High unmet need drives growth
- Global collaboration likely to fuel market growth
- Large growth opportunities through orphan drug designation
High unmet need drives growth
The global orphan drugs market is growing at a rapid pace, with further growth expected to arise from the need to meet the high unmet demand for more efficacious drugs with fewer side-effects. Despite the market having a relatively small patient pool, the return on investment is high owing to the cost of these orphan drugs.
“The rising awareness regarding rare diseases and the higher life expectancy rates are expected to boost the market growth. The orphan drugs market space is characterized by the presence of many established as well as emerging pharmaceutical and biotechnological companies,” says Sapna Jha, a lead analyst at Technavio for infectious and rare diseases research.
Global collaboration likely to fuel market growth
The orphan drugs market requires a raised level of awareness on the global level among both the general populace and market players to increase R&D efforts. The Food and Drug Administration (FDA) understands the importance of orphan drugs in the treatment of rare, life-threatening diseases, and is encouraging a consortium of several companies and public health agencies to promote R&D in this area. Such initiatives have united national and international stakeholders and facilitated the development of therapeutics for more rare diseases.
Large growth opportunities through orphan drug designation
“The orphan drug designation is given to therapeutic agents that are used to treat rare diseases. The FDA has options to accelerate the approval, fast track status, and priority review of these drugs to ensure they reach the patients in minimal time,” says Sapna.
Orphan drugs are designed to satisfy unmet medical needs and treat rare and life-threatening diseases. The FDA orphan drug designation helps not only in review momentum, but also provides sponsors with more exhaustive guidance about the drug's evidence that is required for the acquisition of approval.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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