2014-04-11 09:27:01 - Global Orphan Drugs Market 2014-2018 - a new market research report on companiesandmarkets.com
The Global Orphan Drugs market is forecast to grow at a CAGR of 5.67 percent over the period 2013-2018. One of the key factors contributing to this market growth is the shorter development timelines. The Global Orphan Drugs market has also been witnessing the growing awareness of orphan drugs. However, the high cost of drug development could pose a challenge to the growth of this market.
Key vendors dominating this space are Novartis AG, F. Hoffmann-La Roche Ltd., Celgene Corp., Pfizer Inc., and Sanofi S.A.
Other vendors mentioned in the report are Actelion Pharmaceuticals Ltd., Alexion Pharmaceuticals Inc., Amgen Inc., Baxter International Inc., Biogen Idec Inc., Bristol-Myers-Squibb Co., GlaxoSmithKline plc, Eli Lilly & Co., Merck KGaA, Novo Nordisk A/S, Onyx Pharmaceuticals
Inc., Shire plc, and Vertex Pharmaceuticals Inc.
The following companies represent the key players in Global Orphan Drugs Market: Novartis AG, F. Hoffmann-La Roche Ltd., Celgene Corp., Pfizer Inc., and Sanofi S.A.
There has been increase in awareness about the potential benefits of orphan drugs among patients, surgeons, and hospitals. Public awareness about the use of orphan drugs is rapidly growing as a result of increasing social and public exposure and more advocacy groups and awareness campaigns. For instance, in 2010, the US FDA created the Rare Disease Program within the Office of New Drugs with the specific focus of developing the policies and procedures for the review of new drug applications for orphan drug products and to ensure access to appropriate training for US FDA reviewers. Similarly in 2012, the US FDA hosted the first ever US FDA Rare Disease Patient Advocacy Day to enhance the rare disease patient advocacy community´s awareness of the US FDA´s roles and responsibilities in the development of products for rare diseases. Thus, with the increasing awareness of orphan drugs, the market is expected to witness positive growth in the near future.
One of the main drivers in this market is the shorter development timelines. The clinical trials of orphan drugs for rare diseases involve fewer patients, which contributes to a shorter development process.
Further, one of the main challenges is the high cost of drug development. The rise in the cost of drug development often tends to discourage pharmaceutical innovators from developing orphan drugs.
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