Annual EvaluatePharma orphan drug report 2015 sees continued market growth despite industry pricing pressures
With 2020 worldwide sales forecast at US$178bn, the orphan drug market is expected to grow by 11.7% per year (CAGR 2015–2020) nearly doubling the yearly growth of the overall prescription drug market.
Moreover, worldwide orphan drug sales will account for 20.2% of worldwide prescription sales by 2020 (excluding generics), according to the EvaluatePharma Orphan Drug Report 2015 from life science market intelligence firm, Evaluate.
‘For three years, Evaluate has tracked the trajectory of this speciality market, which has achieved almost 12% annual growth,' said Andreas Hadjivasiliou, report author and EvaluatePharma analyst. ‘Up until now, orphan drug developers have managed to defend the cost of these life-changing drugs; but, with the increasing scrutiny concerning drug costs and the growing number of designations awarded, orphan drug developers will have to continue to innovate and demonstrate how their products can help to reduce the overall healthcare budget.’
The EvaluatePharma Orphan Drug Report 2015, based on market intelligence and consensus forecasts from EvaluatePharma, can be downloaded here.