Orphan drugs: Key market research findings
- Shorter development timelines of orphan drugs
- Growing inclination towards biological drugs
Technavio has added a new market research report on the global orphan drugs market, which is expected to grow at a CAGR of around 10% between 2015 and 2019. Much of this market’s growth is propelled by factors such as the exclusivity options for multiple orphan indications, off-label usage, expansion of orphan indications, and freedom from generic competition. The Americas dominate the global market for orphan drugs, occupying around 57% of the total market share. Factors like the increasing government incentives and high product demand are expected to promote market growth in the US region, which is considered to be the highest revenue-generating region in the Americas.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The clinical trials of orphan drugs are significantly shorter than those of non-orphan drugs. These trails involve fewer patients which leads to a shorter and faster development process. These drugs have shorter development timelines and fewer regulatory hindrances. Also, the orphan drugs are less expensive and have more cost benefits when compared to non-orphan drugs,” says Imran Mushtaq, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
The market is expected to witness the entry of bio-generics, which will dominate the market during the forecast period as 50% of the orphan drugs are biologics. These orphan drugs is expected to be the highest revenue contributor to the market, accounting for around 65% of the overall market revejue. Several governments especially the Asian countries like Japan, Australia, Singapore, South Korea, and Taiwan are promoting biological orphan drugs owing to the clinical efficiency of these drugs.
The leading vendors in the global orphan drugs market include BMS, Celgene, Novartis, Pfizer and Roche. This market is highly fragmented and is dominated by five major vendors as they have extensive product portfolios. Factors like the patent expiry of branded drugs, stringent rules and regulations, drying product pipeline, decreased R&D productivity, and high regulatory barriers pose significant challenges to the vendors during the forecast period.
A more detailed analysis is available in the Technavio report, Global Orphan Drugs Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
Other Related Reports:
