The Global Orphan Drug Market was estimated to be $93 billion in 2015 and is projected to reach $200 billion by 2022. The Global Orphan Drugs Market is expected grow at a CAGR of 11.56% over the forecasted period.
The global orphan drugs market is growing exponentially owing to unmet needs for rare diseases and the growing investment in research and development are the major factor driving the orphan drugs Market.
Orphan drugs, represented 35% of the industry’s new drug approvals. The orphan drugs are disorders that affects a small percentage of the population. The major driving factor for the growth are low marketing cost, extensive exclusivity, government support leading to economic, legislative and tax benefits, new technology development such as hybridoma, gene mapping, and DNA recombinant.
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A pharmaceutical product aimed at rare diseases or disorders is known as an orphan drug. The Orphan Drug Act of 1983 has been financially incentivised through US law for the development of orphan drugs. According to the National Organization for Rare Disorders (NORD) established an act which estimates that approximately 30 million Americans suffer from 7,000 different types of rare diseases. Prior to the incorporation of Orphan Drug Act, 38 drugs from orphan category were already approved. The success of this act in the US led to its adoption in other key markets, most notably by the European Union in the early 2000 and in 1993 for Japan.
Key Players:
F. Hoffmann- La Roche, Celgene Corporation, Alexion Pharmaceuticals Inc., Novartis AG, Takeda Pharmaceuticals Company Limited, Biogen Idec Limited, and Eli Lilly, Bristol-Myers Squibb, Vertex pharmaceuticals, Inc. Bayer AG, Sanofi, and Johnson & Johnson and others are some of the prominent players at the forefront of competition in the global orphan drugs market and are profiled in MRFR Analysis.
Industry Updates
Jan, 2017 Acucela Inc. received orphan drug FDA approval for emixustat for treating Stargardt disease. This approval was expected to be crucial for the treatment of this rare genetic disease.
Nov, 2015 Astellas Pharma acquired Ocata Therapeutics to increase its product portfolio for treatment of retinal disorders including Stargardt disease and age-related macular degeneration
June, 2015 Bayer Healthcare and Johns Hopkins University entered into a five year collaboration to develop for the treatment of Stargardt’s disease, retinal vein occlusion, diabetic macular edema, age-related macular degeneration, and geographic atrophy.
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March, 2014 Santen Pharmaceuticals signed a pact with TRACON pharmaceuticals to develop and commercialize Tracon’s anti-VEGF product TRC105, an orphan drug category for the treatment of various eye related disorder
April, 2012 Baush and Lomb acquired Ista Pharmaceuticals for increasing its customer base and acquiring pipline drugs for the treatment of Stargardt disease.
Brief TOC
1 Introduction
1.1 Definition
1.2 Scope of Study
1.3 Research Objective
1.4 Assumptions & Limitations
1.5 Market Structure
2 Research Methodology
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
3 Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
3.5 Macroeconomic Indicators
4 Market Factor Analysis
….Continued
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