Orphan drugs are medicinal products intended for diagnosis, prevention or treatment of life-threatening or very serious diseases or disorders that are rare. A disease or disorder is defined as rare in Europe when it affects less than 1 in 2,000 citizens. These drugs are called as orphan as pharmaceutical companies have small interest in developing and marketing these drugs as these are intended for only a small number of patients. For drug companies, the extremely high cost of bringing a medicinal product to market would not be recovered by the anticipated sales of such medicines. As a result the potential market for new drug treatment is also small and the drug companies industry would actually incur a financial loss.
These drugs are used to treat the population suffering from the very serious, but rare diseases for which no treatment available. There are around 25 to 30 million people are affected by this diseases in Europe. The awareness about the orphan drug is growing rapidly across the world that further leads to the growing adoption of orphan drug act in the japan, Australia, Europe and others countries to stimulate research and development in the orphan drug.
The orphan drug market segmented as diseases indication, product type, and distribution channels. The segment dieses type is further divided into sub segment including Oncology, Gastrointestinal, Pulmonary, Neurology, Hematology, Cardiovascular, Metabolic disorders, Endocrinology, Infectious diseases and other. The product type segment included Biological and Non-bio logical products and distributed over the channels like hospital pharmacy, retail pharmacy and others.
Economic incentives to encourage drug companies to develop and market medicines for rare disease treatment is the key driving factor in the orphan drug market. The rising occurrence of rare cancer cases, availability of orphan drugs at hospital pharmacy and increasing hospitalization treatment for rare diseases are expected to enhance the growth of orphan drug market over the forecast period. On the other hand, the cost associate with production and R&D is more as compare with other drugs that may hampering the market growth. Moreover, the rising awareness of rare disease among population and increasing investments in R&D is projected to create several opportunities in upcoming years.
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