Global Orphan Drugs Market Growth, Trends and Forecasts 2019-2024 – Business Wire August 19, 2019 – Posted in: Open Orphan (ORPH) – Tags: , , , , , ,

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The orphan drugs market is expected to register a CAGR of 11.5% over the forecast period

Factors that are responsible for the growth of this market include market exclusivity for orphan drug developers, the rising prevalence of rare diseases, and favorable government policies.

The market is expected to register an increased CAGR during the forecast period because the prevalence of rare diseases among the global population has been increasing in recent years. To tackle this issue, both developing and developed countries have formulated regulations that promote the development of drugs for rare diseases, as well as make sure that these drugs are easily available to the patients.

Currently, the average approval time for non-orphan drugs is around 13 months and the same for orphan drugs is much less at around 10 months. The European Union has implemented similar policies for the development of these drugs and the European governments have individually implemented these policies in their countries. Some of these are Italy’s AIFA 5% Fund, Belgium’s Special Solidarity Fund, and France’s Temporary Authorizations for use.

Even the countries in Asia-Pacific have also followed similar steps with countries like Japan, South Korea, and Taiwan with initiatives like the Revised Orphan Drug Regulations and Orphan Drugs Guidelines (2003). These initiatives offered tax credits and subsidies to both the patient as well as the pharmaceutical companies. These policies in various countries around the world have evolved the market studied, that has been growing at a healthy rate in recent years.

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