Global orphan and rare dermatology market set to exceed $6 billion by 2024
pharmafile | August 31, 2018 | News story | Medical Communications | Orphan Drugs, analysis, dermatology, market reports, rare diseases
The global orphan and rare dermatology premium products market is expected to grow rapidly in the next half a decade according to the business intelligence firm GBI Research.
The market is set to be worth $6.07 billion by 2024 having been valued at just $1.64 billion in 2017. The research published in GBI’s latest report ‘Global Orphan and Rare Dermatology Drugs Market to 2024’notes that the market is expected to grow at a rate of 20.5% each year.
Philippa Salter, Analyst for GBI Research, commented: “Many orphan and rare dermatology disorders are associated with significant quality of life impairments, particularly if the disease is insufficiently controlled. However, the current therapeutics market is a highly genericized therapy area and therefore small, but this is set to change as many new products will enter the market during the forecast period, including treatments for diseases that currently have no effective treatment options.”
The number of companies with a market share in the orphan and rare dermatology therapy area is expected to increase by more than double between now and 2024.
Salter continued in stating that: “Many of the companies which are entering the orphan and rare dermatology market over the forecast period are smaller companies with more specialized product portfolios. In 2017 only one company was generating more than 10% of its overall revenue from the orphan and rare dermatology therapy area. However, by 2024 there will be several companies generating more than 85% of their revenue from the therapy area.”
The research also suggests that pipeline innovation is moving towards addressing the significant unmet need for more efficacious and safer treatment options that target thee underlying causes of diseases rather than simply managing the symptoms.
Salter added that: “Across orphan and rare dermatological diseases, there is a strong need for innovation and development of effective disease-modifying drugs. This is reflected by the pipeline of 262 active products for orphan and rare dermatology diseases, which is reasonably large considering how rare most of the disorders are.”
Louis Goss
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