Global Orphan Drugs Market To Witness Exponential Growth - Bristol-Myers Squibb, Novartis, Roche, GlaxoSmithKline, and Merck Among Other Major Market Players

BANGALORE, November 20, 2015 /PRNewswire/ --

Mordor Intelligence is pleased to announce the publication of the report on Global Orphan Drugs Market on November 20, 2015. This report discusses the market in detail.

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The report is a study on the global orphan drugs market along with an in-depth analysis of Asian, North-American, European and other regional markets.

Orphan drugs provide wide market opportunities in the US, Europe, Japan. Globally these drugs are the pharmaceutical agents that have been developed specifically to treat a rare medical condition, the condition itself being referred to as orphan diseases. The orphan drugs market growth is fueled by the factors such as extended market exclusivity and government incentives for orphan medicine.

Global Orphan Drugs market is segmented on basis of Type (Biological and Non-biological orphan drugs), Therapeutics (Oncology, Hematology, Neurology and others) and Geographical terrain.Orphan drugs for the oncology sector generate the largest amount of revenues.

Global orphan drugs market is expected to reach $176 billion mark by the end of 2020. A 10.5% compound annual growth rate will see the prescription sales in the orphan sector grow at twice the rate of the overall prescription market which is set to grow at just 5.3% annually between 2014 and 2020. 

The orphan medicines legislation that is first started by USA is then adopted by Japan, Australia, Canada, Europe and Asia. Globally, USA dominates the orphan drug market, followed by Europe and Asia-Pacific. The orphan drug market growth will remain positive as more and more governments are taking action to promote this sector, especially in Asia.

Get the full report here: Global Orphan Drugs Market

The market potential is expected to increase even more in Australia, Japan, Singapore, Taiwan, and Korea. Due to the prevalence of rare genetic diseases in developing countries such as China, Africa, India etc., orphan drug market is attracting global pharmaceutical companies to invest in orphan drug production.

Bristol-Myers Squibb, Novartis, Celgene, Roche, Pfizer, Alexion, Sanofi, Vertex, GlaxoSmithKline, Merck are the top players fetching profits from wealthy orphan drug market.

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SOURCE Mordor Intelligence LLP