Orphan drugs form a niche yet considerably profitable segment of the pharmaceutical industry. Furthermore, the market exclusivity periods enjoyed by these drugs owing to favorable government legislations especially in the U.S. and Europe add to their value and profitability.

Portland, OR -- (SBWire) -- 02/26/2018 --Global Orphan Drugs Market is expected to garner $169 billion from $106 billion and register a CAGR of 6.8% during the forecast period, 2016-2022. Orphan drug can be defined as a pharmaceutical agent specifically designed to treat rare (orphaned) diseases. These diseases differ from usual diseases as their prevalence rate is very low and hence appeal to a very small patient population. Therefore, as compared to non-orphan drugs, these drugs do not guarantee feasible returns on investment. However, various government authorities encourage to develop and market such drugs. Cost associated with the development of these drugs is higher when compared with non-orphan drugs. The different indications for which orphan drugs are used include lymphoma, leukemia, cystic fibrosis, and others.

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Orphan drugs are specialized pharmaceutical agents that are administered for treatment of rare (orphan) diseases. These diseases have a very low prevalence rate, hence, pharmaceutical companies do not readily invest in these drugs as the returns on investment in orphan drugs is risky when compared with non-orphan drugs. Moreover, multiple clinical trials for drug testing cannot be voluntarily performed due to the small patient population. However, orphan drugs have shown tremendous potential in diagnosis and treatment of cancer, this trend is expected to continue throughout the forecast period. In addition, the increase in indications of orphan drugs to treat an array of different diseases such as lymphoma, leukemia, myeloma, and others boost the market growth.

The orphan drugs market is segmented based on disease type, indication, and geography. Based on disease type, the industry is divided into oncologic diseases, metabolic diseases, hematologic & immunologic diseases, infectious diseases, neurologic diseases, and other rare diseases. In the disease type segment, oncologic diseases occupied dominant share in 2015. In addition, it is expected to maintain the trend during the forecast period. This is due to the array of different forms of rare cancers, such as leukemia, myeloma, angiosarcoma, and others prevalent in the patient population.

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The oncologic disease type segment occupies the greatest share in the orphan drug market owing to the array of diverse forms of rare cancers, such as leukemia, myeloma, angiosarcoma, and others prevalent in the patient population. Whereas, the renal cell carcinoma indication is anticipated to grow at the highest rate. The growth for this segment is due to increase in investment in R&D throughout the world along with surge in awareness about kidney cancer. Multiple myeloma currently dominates the indication segment and is expected to grow at a CAGR of 7.8%.