Indian Orphan Disease Drugs stood at around USD XX billion in 2019 and is projected to reach USD XX billion by 2028, exhibiting a CAGR of XX% during the forecast period.
The Ministry of Health and Family Welfare, Government of India announced that there are only about 450 rare diseases have been recorded in India from tertiary care hospitals. The most common rare diseases include haemophilia, thalassemia, sickle-cell anaemia, primary immunodeficiency in children, auto-immune diseases, lysosomal storage disorders such as Pompe disease, Hirschsprung disease, Gaucher’s disease, cystic fibrosis, hemangiomas and certain forms of muscular dystrophies. Rare diseases provide an opportunity to pharma companies for innovation because in contrast to lifestyle diseases, majority of them have discernible elements such as genetic mutations. The most commonly quoted figure of those suffering from rare diseases in India is 72 million. Furthermore, the rising cases of neurological disorders will influence the healthy growth of the market. The growing healthcare expenditure in developed and developing countries will boost the market in the forthcoming years. The ongoing clinical trials and robust pipeline products in stem cell and gene therapy will contribute tremendously to the growth of the market. The rising utilization of skin substitutes, grafts, bone matrix, and other tissue-engineered Orphan Drugs in orthopedic and neurosurgical applications will augment the growth of the market.
The demand for the orphan drugs has increased significantly owing to surge in prevalence of rare diseases. In addition, the rise in awareness among the populace regarding rare diseases, increase in R&D investment, and drug development drive the market growth. The increasing prevalence of chronic disorders can be an essential factor enabling the growth of the market. Similarly, the growing incidence of genetic disorders will fuel demand for the market. The growing investment in R&D activities by major market players will have a positive impact on the Orphan Drugs market growth during the forecast period.