Over the years, there has been a significant increase in the prevalence of rare diseases such as inherited genetic disorders, rare types of cancer, tropical infectious diseases, and neurodegenerative diseases. Although some rare diseases are inherited, others are a product of harmful environmental factors. Orphan drugs are specifically used to treat rare diseases and an orphan subset of non-orphan diseases. Thus, the high incidence of rare diseases, will increase the requirement of orphan drugs and thus drive market growth during the forecast period.
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As per Technavio, the emergence of combination therapies and novel targets will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Orphan Drugs Market: Emergence of Combination Therapies and Novel Targets
There has been significant progress in the development of orphan drugs, owing to recent advances in various areas such as immunotherapies and CGT. These advances have been made in target selection, and combination therapy approaches for effectively reversing immunosuppressive mechanisms, thereby enhancing the durability of the therapeutics. Thus, the emergence of combination therapies and novel targets will be one of the key orphan drugs market trends during the forecast period.
“Apart from the emergence of combination therapies and novel targets, other factors such as the rising demand for genetic tests and protein biomarkers, and strategic partnerships and M&A activities will have a significant impact on the growth of the orphan drugs market value during the forecast period,” says a senior analyst at Technavio.
Global Orphan drugs Market: Segmentation Analysis
This market research report segments the global orphan drugs market by product (biologics, and non-biologics), and geographic regions (North America, Europe, Asia, and ROW).
The North American region led the orphan drugs market in 2018, followed by Europe, Asia, and ROW, respectively. The growth of the orphan drugs market share in North America can be attributed to several factors such as the new drug approvals, growing diagnosis of rare diseases, availability of reimbursement schemes, and the strong presence of key vendors in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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