Orphan Drugs Market – Rise in the Number of Cancer Patients and the High Growth of the Oncology Segment are the Major Factors that are Projected to Boost the Demand of the Market
Global Orphan Drugs Market: Snapshot
The increasing focus on the improvement of the healthcare infrastructure and medical sector are estimated to encourage the growth of the orphan drugs market over the next few years. As per the research study by TMR, the global market for orphan drugs is predicted to reach a value of US$318.5 bn by 2025. The market is expected to register 12.10% CAGR between 2017 and 2025.
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Rising Cases of Cancer to Propel Orphan Drugs Market in Coming Years
The rise in the number of cancer patients and the high growth of the oncology segment are the major factors that are projected to ensure the enhancement of the orphan drugs market in the coming few years. The discovery of different types of rare cancers and the development of early diagnostic techniques are further projected to encourage the growth of the market in the next few years. The rising focus of the players on research activities are expected to boost the growth of the orphan drugs market in the next few years. In addition to this, the rising cases of metabolic and cardiovascular are likely to boost the demand for orphan drugs in the next few years.
On the other hand, the high cost of development of drugs is one of the major factors that is estimated to inhibit the growth of the overall orphan drugs market in the coming years. Moreover, the lack of awareness among people regarding the availability of drugs and treatments are estimated to curtail its growth in the coming years. Nevertheless, the rising number of government initiatives and the increasing investments by the key players are projected to offer lucrative opportunities over the next few years.
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High Research Activities to Support Growth across North America Orphan Drugs Market
The presence of a well-established healthcare infrastructure is anticipated to encourage the development of the orphan drugs market across North America in the coming few years. The favorable rules and regulations related to the approval of drugs for rare disorders and the rising initiatives by non-governmental and governmental agencies in order to raise awareness among people are expected to ensure the development of the market in the near future. In addition to this, the growing focus of the players on the research and development activities is predicted to support the growth of the market in the coming years.
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