As per Fortune Business Insights, the North America Orphan Drugs Market was worth US$ 67,136.0 Mn in 2017 and will continue to rise at a steady pace until 2025. This is mainly ascribable to the rising awareness among people regarding the use of novel drugs. In addition to this, North America is expected to offer attractive growth opportunities on the back of recent FDA approvals on the development of orphan drugs. Governments in North America are increasingly spending on research and development (RandD) of orphan drugs and technologies. According to the report, the global orphan drugs market was valued at US$ 125000 Mn in 2017 and is anticipated to reach US$ 294000 Mn by 2025. The report also stated that the market would exhibit a remarkable CAGR of 11.4% during the forecast period.
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Some of the Main Key Players Covered in the Report:
Treatment and Medications Associated with Rare Diseases Are Expensive, Limiting Growth of Orphan Drugs Market
Although the orphan drugs market is growing at a good pace, some factors may hinder its growth. The high cost of orphan drugs, insufficient information on rare diseases, and lack of skilled healthcare professionals are factors restricting growth in the global orphan drugs market. In addition to this, rising competition from generic industries may pose a serious threat to the growth of the market.
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Spurred by these numbers, the demand for orphan drugs is likely to increase in the coming years. Governments are investing heavily to build a strong framework for supporting drug development, thus offering a significant impetus to the orphan drugs market. Furthermore, the return on investment, with regards to orphan drugs, is expected to be higher than non-orphan drugs, which in turn is increasing the demand for orphan drug therapeutics worldwide.
Key Segmentation:
By Therapy Area
By Drug Type
By Distribution Channel
By Geography
Rising Prevalence of Cancer and Related Diseases Fuels Demand Orphan Drugs
The oncology segment is witnessing considerably high demand on account of the rising number of patients suffering from different types of cancers. This also increases the demand for novel therapeutics, which as per the report will bode well for the global orphan drugs market. According to the National Center for Health Statistics, the U.S. is likely to witness around 1,762,450 new cancer cases in 2019.
This is further helping the orphan drugs market to grow impressively in this region. The Asia Pacific, on the other hand, is anticipated to show a higher rate of growth on account of the rising prevalence of rare diseases such as chronic lymphocytic leukemia. Also, the region is expected to offer lucrative growth opportunities as a result of the rapid expansion of healthcare infrastructure.
Key Questions Answered of Orphan Drugs Market
What will the market growth rate of Orphan Drugs Market in 2025?
What are the key factors driving the Global Orphan Drugs Market?
What are sales, revenue, and price analysis of top manufacturers of Orphan Drugs Market?
Who are the distributors, traders and dealers of Orphan Drugs Market?
Who are the key vendors in Orphan Drugs space?
What are the Orphan Drugs Market opportunities and threats faced by the vendors in the Orphan Drugs Market?
What are sales, revenue, and price analysis by types, application and regions of Orphan Drugs Market?
What are the market opportunities, market risk and market overview of the Orphan Drugs Market?
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To view the original version on The Express Wire visit Orphan Drugs Market Size is Expected to Exhibit US$ 294,037.8 Mn by 2025