Hemophilia Treatment Market is anticipated to grow at 5.7% CAGR from 2019 to 2026
Market Industry Reports (MIR) has published a new report titled “Hemophilia Treatment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2026.” According to the report, the global hemophilia treatment market is estimated to be over US$ 11.2 Bn in 2018. It is anticipated to grow at 5.7% CAGR from 2019 to 2026.
There is consistent rise in the hemophilia treatment market is owing to several factors which have led to advancement in treatment of hemophilia over the years. One of the pivotal factor which led to the increase in hemophilia treatment market is the rise in prevalence of hemophilia cases worldwide. According to the Center for Disease Control and Prevention (CDC), hemophilia occurs in approximately 1 in 5000 live births and approximately 20,000 individuals in the United States are suffering from Hemophilia. Moreover, the growing technological advancements along with increase in government funding have led to the development of several new products for treatment of hemophilia which also boosts the growth of this market. Additionally owing to the large financial cost of care related to hemophilia, several government agencies have reimbursement for hemophilia treatment which has led to substantial growth of the global hemophilia treatment market between 2019 and 2026. However the elevated cost for the treatment of hemophilia and limited access to treatment confined to specific regions, have led to hamper the market growth.
Hemophilia is an inherited bleeding disorder in which a person lacks or has low levels of specific proteins called clotting factors which leads to improper blood clotting hence causing excessive bleeding. Treatment of such bleeding disorders is very expensive. The clotting factor concentrates are considered to be one of the most expensive drugs in the market hence financial aspects are an important consideration for treating hemophilia. Favorable reimbursement offered by government agencies, pharmaceutical companies and private players in specific regions has contributed in assisting in financial burdens which are faced for treating hemophilia. Hemophilia a genetic disease which is costly to treat, receives 100% reimbursement coverage in most developed world and some developing countries. For instance in England, all services and treatments for hemophilia are paid directly by NHS England through specialized services.
Browse key industry insights spread across 210 pages with market data tables & figures & charts from the report, Hemophilia Treatment Market is anticipated to grow at 5.7% CAGR from 2019 to 2026. in detail along with the table of contents:https://www.marketindustryreports.com/hemophilia-treatment-market/109
There are several initiatives taken by the companies for the development and approval of newer products that aids in improved hemophilia treatment. For instance, in 2019, FDA approval is given to the Biologics License Application for Novo Nordisk’s Turoctocog alfa pegol which is also known as N8-GP (Esperoct) an extended half-life factor VIII molecule that is used for routine prophylaxis which helps in reducing the frequency of bleeding episodes and controlling bleeding episodes. Moreover there are recent advances in gene therapies for treating hemophilia. Moreover, Spark Therapeutics entered into collaboration with Pfizer for advancing and developing products using gene therapy. The collaboration will aid in development and potential commercialization of SPK-FIX. SPK-FIX is a bio-engineered adeno-associated virus (AAV) vectors that aids in potential treatment of hemophilia B.
Various factors are affecting the growth of the hemophilia treatment market inversely. Limited access to clotting factor concentrates for hemophilia treatment have led to hampering the growth of this market across several countries worldwide. It has been estimated that ~75% of hemophilic patients have limited or no access to treatment, particularly in the developing regions.
Europe is expected to growth at the fastest rate during the forecast period. There are several factors attributed to the estimated increase in CAGR of Europe such as increasing prevalence of hemophilia A which demands increased treatment measures to be adopted. For instance, in 2018, Chugai Pharmaceutical Co., Ltd. obtained regulatory approval from the European Commission to manage routine prophylaxis of bleeding episodes in people with hemophilia A with factor VIII inhibitors (EU product name: HEMLIBRA; Roche). Moreover, launch of new and approved products are propelling the growth of hemophilia treatment in this region. For instance, Ireland is the first European country that switched their hemophilia A & B treatment from short-acting clotting factors to new generation extended half-life (EHL) therapies. The benefit of EHL therapies is that it provides longer-acting protection against bleeding and reduced frequency of injection as compared to conventional treatments. Furthermore the technological advancements along with rising investments in research and development of new products for treatment of hemophilia are promoting in the rise of hemophilia treatment market in Europe.
The prominent players in the global hemophilia treatment market are Baxter, Grifols S.A., CSL Ltd., Novo Nordisk A/S, Kedrion S.p.A, Pfizer Inc., Bayer AG, Sanofi, Takeda, Octapharma and others.
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