This report provides exclusive insights into the COVID-19 impact on the Orphan Drugs Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Orphan Drugs Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Orphan Drugs Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by Infinium Global Research on
orphan drugs market provides in-depth analysis of segments and sub-segments in
global as well as regional orphan drugs market. The study also highlights the
impact of drivers, restraints and macro indicators on the global and regional
orphan drugs market over the short term as well as long term. The report is a
comprehensive presentation of trends, forecast and dollar values of the global
orphan drugs market. According to the report the global orphan drugs market is
projected to grow at a CAGR of 6.5% over the forecast period of 2018-2024.
Orphan drugs are medicinal products intended for diagnosis,
prevention or treatment of life-threatening or very serious diseases or
disorders that are rare. A disease or disorder is defined as rare in Europe
when it affects less than 1 in 2,000 citizens. These drugs are called orphan as
pharmaceutical companies have a small interest in developing and marketing
these drugs as these are intended for only a small number of patients. For drug
companies, the extremely high cost of bringing a medicinal product to market
would not be recovered by the anticipated sales of such medicines. As a result,
the potential market for new drug treatment is also small and the drug
companies industry would actually incur a financial loss.
These drugs are used to treat the population suffering from
the very serious, but rare diseases for which no treatment available. There are
around 25 to 30 million people are affected by these diseases in Europe. The
awareness about the orphan drug is growing rapidly across the world that further
leads to the growing adoption of orphan drug act in Japan, Australia,
Europe and other countries to stimulate research and development in the
The orphan drugs market segmented as diseases indication,
product type, and distribution channels. The segment dieses type is further
divided into sub-segment including oncology, gastrointestinal, pulmonary,
neurology, hematology, cardiovascular, metabolic disorders, endocrinology,
infectious diseases, and others. The product type segment included biological
and non-bio logical products and distributed over the channels like hospital
pharmacy, retail pharmacy, and others.
Economic incentives to encourage drug companies to develop
and market medicines for rare disease treatment is the key driving factor in
the orphan drugs market. The rising occurrence of rare cancer cases,
availability of orphan drugs at the hospital pharmacy and increasing
hospitalization treatment for rare diseases are expected to enhance the growth
of orphan drugs market over the forecast period. On the other hand, the cost
associated with production and R&D is more as compared with other drugs
that may be hampering the market growth. Moreover, the rising awareness of the
rare disease among the population and increasing investments in R&D is
projected to create several opportunities in upcoming years.
North America dominates the market of orphan drugs owing to
its highly developed healthcare infrastructure and favorable government
regulations. In the North, America U.S. holds the largest market share in this
market due to economic incentives and raising awareness about the orphan drug.
Moreover, the increasing investments to treat and diagnose the rare disease
also to facilitate the growth in the orphan drugs market.
The report on global orphan drugs market covers segments
such as disease type, product types and distribution channel. On the basis of
disease type the global orphan drugs market is categorized into oncology,
gastrointestinal, pulmonary, hematology, neurology, infectious diseases, and
others. On the basis of product types the global orphan drugs market is
categorized into biologic and non-biologic. On the basis of distribution
channel the global orphan drugs market is categorized into hospital pharmacies,
specialty pharmacies, and retail pharmacies.
The countries covered in the North America region include
the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India,
South Korea, Malaysia, and among others. Moreover, Germany, U.K., France,
Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it
is the largest market in the region. The Asia-Pacific region offers substantial
potential for the market growth owing to rapid growth in markets such as India
and China. The APAC region is projected to experience a growth at a CAGR of x.x%
over the period of 2018-2024.
The report provides profiles of the companies in the global
orphan drugs market such as Novartis AG, Pfizer Inc., Alexion Pharmaceuticals,
Eisai Co. Ltd., Bayer AG, Biogen Inc, Eli Lilly and Company, AstraZeneca plc.,
GlaxoSmithKline and Johnson & Johnson.
The report provides deep insights on demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the global
orphan drugs market. Moreover, IGR-Growth Matrix analysis given in the report
brings insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of orphan drugs
market. Moreover, the study highlights current market trends and provides
forecast from 2018-2024. We also have highlighted future trends in the orphan
drugs market that will impact the demand during the forecast period. Moreover,
the competitive analysis given in each regional market brings insight into the
market share of the leading players. This report will help manufacturers,
suppliers, and distributors of the orphan drugs market to understand the
present and future trends in this market and formulate their strategies