What is Orphan Drugs Market?
Germany had the highest approval rate of orphan drugs at 98% however, most of these recommendations (73%) were awarded a ‘non-quantifiable benefit’ rating, the automatic rating for an orphan drug, which shows the regulator did not see any benefit compared to comparator products Orphan drugs are the drugs used to treat, prevent, or diagnose an orphan disease. An orphan disease is a rare disease or condition that affects fewer than 200,000 people in the United States. Orphan diseases are often serious or life-threatening. In 1983, the United States government passed a law, called the Orphan Drug Act, to give drug companies certain financial benefits for developing orphan drugs that are safe and effective.
The market study is being classified and major geographies with country level break-up.
Novartis International AG (Switzerland), Bristol Myers Squibb (United States), Celgene (United States), Roche Holding AG (Switzerland), Pfizer Inc. (United States), Sanofi S.A. (France), Alexion Pharmaceuticals Inc. (United States), Eli Lilly and Company (United States), Novo Nordisk (Denmark), AstraZeneca plc (United Kingdom), Eisai Co., Ltd. (Japan), Daiichi Sankyo Company (Japan), Bayer (Germany), GlaxoSmithKline (United Kingdom), Merck & Co., Inc. (United States), Johnson & Johnson (United States) and Biogen Inc. (Switzerland) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Shire Plc (United States) and Amgen Inc. (United States).
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Orphan Drugs market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Orphan Drugs market by Type, Application and Region.
On the basis of geography, the market of Orphan Drugs has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increased Prevalence of Rare Diseases
- Increased Government Funding
- Technological Advancements in Medical Science
- Increased Research and Development Activities
- High Treatment Cost per Patient
- Growth in the Healthcare Industry
- Increasing Number of Online Pharmacies
- Lack of Healthcare Infrastructure in Under Developed Countries
In November 2019, The United States Food and Drug Administration (FDA) approved Celgene and Acceleron Pharma’s Reblozyl for the treatment of anemia in adult patients with beta-thalassemia who require regular red blood cell (RBC) transfusions. The approval marks the first approved treatment in the United States for this condition. The approval also marks the first for Acceleron, which sent shares up nearly 7% in afternoon trading. Reblozyl, an erythroid maturation agent, was approved under Fast Track Designation and the drug received Orphan Drug designation.
Key Target AudienceOrphan Drugs Manufacturers, Raw Material Suppliers, Distributors, Emerging Companies, Research Professionals and End-users
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