The European Orphan Drugs Market size to reach USD 51.69 billion by 2024 from USD 35.74 billion in 2019, growing at a CAGR of 7.66% from 2019 to 2024.
Benchmarks for the designation of orphan disease differs from country to country, in Europe if the disease is prevalent in fewer than 10000 people, then it’s termed as a rare disease. The growth of the Europe Orphan Drugs Market is powered by factors such as prolonged market exclusivity and government enticements for orphan medicine. In Europe, ten years of marketing exclusivity from approval is granted to orphan drug developing companies.
Focus on the development of orphan drugs is becoming more day by day, whereby both private and public organizations are much more useful than non-orphan drugs to cure rare diseases. It is the key driving factor for the European Orphan Drugs Market to grow eventually. The rise in the incidences of chronic and infectious diseases is fuelling up the growth rate of the market. FDA (Food and Drug Administration) is making reasonable efforts to increase the commercialization of orphan drugs is accelerating the demand for the Europe Orphan Drugs Market. Government support is also another primary reason for the market to grow eventually as they are investing considerable amounts in improving the quality of drugs. The rise in the expenditure on healthcare, especially in urban areas, is fuelling the demand for the Orphan Drugs in European countries.
However, fluctuations in the availability of raw materials, rising prices of the drugs, lack of complete knowledge in manufacturing the drugs with the latest formula are majorly inhibiting the demand of the Europe orphan drugs market. Strict rules and regulations by the government in approving new drugs, rise in the complications due to uncertainty in the development of novel orphan drugs are further impeding the market growth.
Growing demand to produce quality drugs with the latest technologies in pharmaceutical companies, rising capita income in developed and developing countries and increasing awareness over the availability of different treatment procedures are to open growth opportunities to the market.
This research report on the European orphan drugs market is segmented and sub-segmented into the following categories:
UK, Italy, France and Spain are majorly contributing highest shares to the European market. Only 5 % of people are affected out of 10000 people in Europe. Currently, 986 products are designated in Europe, and the regulatory body approves more than 67 orphan drugs. In Europe, orphan designation takes six months for documentation with authority reference & condition to complete the process.
The growing number of rare diseases, health issue and investment in drug production are driving the Europe market of orphan drugs. Europe has its own regulatory body for orphan drugs, i.e. European medicines Agency for medicinal products for orphan designation. It will open opportunities for orphan drugs manufacturing and pharmaceutical companies.
Germany and the UK are the largest consumer of orphan drugs in Europe region. On-going research & development activities are potentially making the market to grow in the UK. The rise in the investments in pharmaceutical companies by government authorities is levelling up the demand of the market. Launch of online pharmacy is additionally boosting up the growth rate of the market.
Prominent companies dominating the Europe Orphan Drugs market in this region are Novartis, GlaxoSmithKline, Roche, Alexion, Sanofi, Bristol Myers Squibb, Pfizer, Vertex, Celgene, and Merck.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.3 Non Biological
5.1.4 Y-o-Y Growth Analysis, By Type
5.1.5 Market Attractiveness Analysis, By Type
5.1.6 Market Share Analysis, By Type
5.2.5 Y-o-Y Growth Analysis, By Therapeutic
5.2.6 Market Attractiveness Analysis, By Therapeutic
5.2.7 Market Share Analysis, By Therapeutic
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Type
184.108.40.206 By Therapeutic
6.1.4 Market Attractiveness Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Type
22.214.171.124 By Therapeutic
6.1.5 Market Share Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Type
184.108.40.206 By Therapeutic
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.6 Bristol Myers Squibb
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures