Orphan Drugs Market will be Gain at a Remarkable CAGR of 12.10% to 2025
The global orphan drug market is eminently competitive and fragmented in nature. There are several players in the market and a pool of new players is expected to enter the competitive global orphan drug market, states an upcoming Transparency Market Research (TMR) report. The prominent players in the global orphan drug market include GlaxoSmithKline plc, Johnson & Johnson. Pfizer Inc., Novartis AG, and Celgene Corporation.
Increasing importance being given to research and development activities is projected to swell up the global orphan drug market over the forecast period. The global orphan drug market is projected to increase at a CAGR of 12.10% during the forecast period 2017 to 2025. The global orphan drug market is expected to achieve a net valuation of US$318.5bn by the end of 2025.
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Government Assistance to Underpin Growth
Due to unmet medical needs of chronic and rare diseases the governments across the globe are extending its support by funding the research and development activities in the drug development and discovery sector of medicines. This, in turn is predicted to bolster the growth in the global orphan drug market.
Additionally, the rising geriatric population with chronic conditions calls for effective drugs to treat the condition or keep them in control. Thus, the demand for orphan drug increases, owing to substantial growth in the global orphan drug market during the forecast period.
Rising Prevalence of Cancer to Strengthen Market
The oncology department of medicines comes across rising number of cancer patients with various types of cancer, each year. The number seems to be only increasing statistically, in order to combat the situation, there is growing need and demand for the effective drugs in the drug development area. Hence, the global orphan drug market is projected to see growth opportunities in the forthcoming years.