Orphan Drugs Market Insights, 2020: Approval of Biological Orphan Drugs for Multiple Indications is Driving Market Growth – ResearchAndMarkets.com -…

By daniellenierenberg

The "Orphan Drugs Market Global Report 2020-30" report has been added to ResearchAndMarkets.com's offering.

The global orphan drugs market was worth $132.61 billion in 2019. North America is expected to be the largest region during the period 2015-2023. Major players in the market are Bristol-Myers Squibb Company, Celgene Corporation, F. Hoffmann-La Roche, Amgen, Biogen, Bayer, Novartis, GlaxoSmithKline, Johnson & Johnson and AbbVie.

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider orphan drugs market, and compares it with other markets.

The rising prevalence of rare diseases is a key factor driving the growth of the orphan drugs market.

Orphan diseases or rare diseases occur rarely among the people (i.e. 7 out of 10,000). However, globally, the prevalence of rare diseases is increasing in recent years. In 2017, there were 7,000 identified rare diseases, including hemophilia, Gaucher disease, Hunter syndrome and many types of rare cancer. Some cases of aplastic anemia, caused by damage to stem cells in the bone marrow that are diagnosed in around 500 to 1,000 individuals in the USA each year, are inherited. Thus, the rising prevalence of rare diseases is driving the growth of the orphan drugs market.

Lack of supportive government policies hinders the orphan drugs market.

Due to the lack of relevant policies for orphan drug, certain drugs do not receive any special recognition or priorities for approval by regulatory authority. Medgenome Labs Ltd., global research partner in accelerating insights into complex genetic diseases, pointed out that companies manufacturing orphan drugs frequently drop out in foreign markets due to a lack of government funding. For example, orphan medical products (OMPs) in India, due to lack of proper regulations and clear guidelines, do not obtain tax cuts or exemptions from customs duties. Therefore, lack of supportive government policies limits the growth of the orphan drugs market.

Approval of biological orphan drugs for multiple indication act as a key trend driving the growth of the orphan drugs market.

The biological drugs are used for treating rare diseases such as cancer with fewer side effects that have a high prevalence rate in the developed world. For Instance, in 2018, in order to launch the company's biological orphan drug development program Cardax, Inc. announced that it has been engaged with biological orphan drug expert Frederick D. Sancilio, Ph.D. For the development of commercial products, the companies are focused on obtaining biological orphan drugs to increase their revenue.

In November 2019, Bristol-Myers Squibb, a biopharmaceutical company whose mission is to discover, develop, and deliver innovative medicines, acquired Celgene for an undisclosed amount. Through this acquisition, Celgene shareholders received for each share, 1 share of Bristol-Myers Squibb common stock, $50.00 in cash without interest and one tradeable Contingent Value Right (CVR), which will entitle the holder to receive a payment of $9.00 in cash if certain future regulatory milestones are achieved. Celgene, a biopharmaceutical company positioned to address the needs of the patients with serious diseases.

Key Topics Covered

1. Executive Summary

2. Orphan Drugs Market Characteristics

3. Orphan Drugs Market Size and Growth

3.1. Global Orphan Drugs Historic Market, 2015-2019, $ Billion

3.1.1. Drivers Of The Market

3.1.2. Restraints On The Market

3.2. Global Orphan Drugs Forecast Market, 2019-2023F, 2025F, 2030F, $ Billion

3.2.1. Drivers Of The Market

3.2.2. Restraints On the Market

4. Orphan Drugs Market Segmentation

4.1. Global Orphan Drugs Market, Segmentation By Therapy Area, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion