Breakthrough Therapy Designation Market Is Likely To Be Influenced By Increasing Number Of Drugs Gaining BT Status Till 2025
The
global breakthrough therapy designation market is anticipated to reach USD 144.6
billion by 2025, according to a new report by Grand View Research, Inc.
Breakthrough Therapy (BT) designation is granted to drugs that display
substantial results in the treatment of life-threatening diseases in initial
stages of the drug development process. Expedited regulatory process in North
America and EU regions is driving growth. Increase in the number of innovative
molecules receiving the BT status, coupled with rise in the demand for orphan
drugs as well as those for the treatment of cancer, is anticipated to boost the
market over the forecast period.
The
development time of BT therapy is 30.0% to 50.0% lesser than those without the
designation. This significantly increases the net present value of
investigational molecule. Reduction in the development time of these drugs is
expected to accelerate their approval process as compared to standard drugs as
well as boost growth opportunities. The BT tag also increases the value of the
drug due to its high scientific value.
There
has been a consistent rise in the number of drugs receiving BT status in the
U.S., and this trend is also expected to drive the number of applications
submitted for the same, thereby contributing to the market growth.
Browse full
research report on Breakthrough Therapy Designation Market: www.grandviewresearch.com/industry-analysis/breakthrough-therapy-bt-designation-market
Further
Key Findings From the Study Suggest:
- The infectious diseases segment dominated the
market in 2016. However, it is expected to exhibit moderate growth in the
forecast period owing to decline in sales of blockbuster drugs such as
Harvoni and Sovaldi
- Oncology is expected to be the dominating segment
over the forecast period owing to rise in the demand for cancer medicines
and increase in the number of oncology molecules gaining BT status. As of
2017, the number of molecules gaining BT status is the highest in this
segment
- The rare diseases segment is estimated to
exhibit fastest growth owing to rise in demand and increase in the R&D
pipeline of orphan drugs
- North America is expected to dominate the
market over the forecast period owing to well-established intellectual
property laws and preference of patients and healthcare professionals for
innovative medicines
- Some of the key players are F. Hoffmann-La
Roche Ltd; Gilead; Novartis AG; Pfizer, Inc.; AbbVie, Inc.; Janssen Global
Services, LLC; Bristol-Myers Squibb Company; Eli Lilly and Company; Sanofi;
Regeneron; AcadiaPharmaceuticals, Inc.; Boehringer Ingelheim GmbH; Amgen,
Inc.; AstraZeneca; and GlaxoSmithKline plc.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/pharmaceuticals
Grand View Research has segmented the breakthrough therapy market report
on the basis of application and region.
Breakthrough
Therapy Designation Application Outlook (Revenue, USD Million, 2015 - 2025)
- Oncology
- Infectious
Diseases
- Rare
Diseases
- Auto
Immune Diseases
- Pulmonary
Diseases
- Neurological
Disorder
- Others
Breakthrough
Therapy Designation Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North
America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia
Pacific
- Japan
- China
- Latin
America
- Brazil
- Mexico
- Middle
East and Africa (MEA)
- South
Africa
- Saudi
Arabia
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-breakthrough-therapy-bt-designation-market
About Grand
View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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