Facts and Figures - Sales and Marketing, September 2013
The total market value for orphan drugs is expected to hit $112 billion in 2017 after increasing at a five-year compound annual growth rate of 5.4 percent, according to a new report from BCC Research. The global market for orphan drugs was valued at $82.6 billion in 2011 and nearly $86 billion in 2012.
Orphan drugs treat diseases that do not receive significant investment, research, or attention from the medical and pharmaceutical industries. These diseases tend to be rare and are defined by using a ratio of incidence to population in the United States, the European Union, Japan, and other developed countries. In addition, an orphan disease can be a tropical disease whose typical sufferers cannot afford access to pharmaceutical treatment options.
“Some of the key factors included in study are the growth of orphan drugs market which includes exclusivity options for multiple orphan indications, off-label usage, expansion of orphan indications, and freedom from generic competition,” market research analyst Shalini Shahani Dewan told Med Ad News. “Market exclusivity has played a crucial role in the success of the orphan drug market. Currently, as Asian pharmaceutical markets are growing, the opportunities for orphan drugs in Asia are also growing. In next five years, the orphan drugs market will experience steady growth in emerging markets, mostly Asia. The increase is a pro for global orphan drugs market as it is encouraging manufacturers to invest in the research and development of new orphan drugs.”
According to the BCC Research report, for biological orphan drugs, oncology was highest among the nephrology, infectious diseases, and neurology segments. For non-biological orphan drugs, oncology was highest among blood disorders, neurology, and fibrosis. About 282 companies plus partners are developing 361 orphan drugs in oncology drugs, and about 40 percent of today’s orphan drugs are used to treat cancer.
Posted: October 2013