Hemoglobinopathies Market Demand Analysis, Growth Strategies and Business Opportunities 2027
According to the current analysis of Reports and Data, the global Hemoglobinopathies market was valued at USD 5.84 Billionin 2019 and is expected to reach USD 15.05 Billion by year 2027, at a CAGR of 10.2% from 2020-2027.
Hemoglobinopathies is a genetic defect that results in abnormal structure of one of the globin chains of the hemoglobin molecule. Hemoglobinopathy disorders include sickle cell anemia, hemoglobin C disease, hemoglobin S-C disease, and various forms of thalassemia.
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The growth of the hemoglobinopathies market is driven by the increasing prevalence of hemoglobinopathies in developed countries, high-level diseases, a variety of government support initiatives and NGO funding. Advanced diagnostic and therapeutic factors, favorable diagnostic and economical approaches such as genetic testing and developing rapid point of care diagnostic methods are other factors that drive the global hemoglobinopathy market. The hemoglobinopathies market is distributed mainly into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). According to WHO, around 300,000 to 500,000 children born each year are affected by hemoglobin disorders. North America spearheaded the market in terms of revenue in 2018 due to rising R&D investments by the key players, promising reimbursement scenario, and presence of high-quality healthcare infrastructure. There are some of the factors which are restricting the growth of Hemoglobinopathies market which include lack of awareness regarding hemoglobinopathy disorders among the population especially in underdeveloped countries and lack of high sensitivity and specific diagnostic tests.
Further key findings from the report suggest
- The Global Hemoglobinopathy market is projected to register a CAGR of 10.2% during the forecast period in terms of value.
- The global hemoglobinopathies treatment market is concentrated towards the drivers and the market being in a growth phase, the competition among companies is intense.
- North America leads the overall hemoglobinopathies market in terms of revenue in 2018 while Asia pacific is expected to show lucrative growth over the forecast period owing to the presence of high unmet clinical needs, and improving healthcare infrastructure.
- The main drivers for hemoglobinopathies market are growing prevalence of hemoglobinopathies in developed nations, high disease occurrence in underdeveloped nations, various supportive government initiatives, and non-government organizational funding.
- There are some of the drugs NiCord, ZFP Transcription Factors, ALN-TMP, Drug Targeting PRMT5 which are used for hemoglobinopathies treatment, which are expected to cumulatively boost the market growth.
- North America leads the overall hemoglobinopathies market in terms of revenue in 2018 with market share of 39% in 2018 and this market is expected to reach USD 52.71 billion in 2026.
- The market for red blood cells count test segment is expected to reach USD 25.05 billion by year 2026, growing at a highest CAGR of 10.5% during the forecast period.
- Sickle cell disease is the leading product segment of the global Hemoglobinopathies market with highest market share of 52.4%.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Alnylam Pharmaceuticals, Gamida Cell, Biogen Idec, AcceleronPharma, Sangamo BioSciences, Anthera Pharmaceuticals, Global Blood Therapeutics, Geetix Pharmaceuticals, Mast Therapeutics, Prolong Pharmaceuticals, Emmaus Medical, Celgene Corporation, Invenux, Optinova Ab, and HemaQuest Pharmaceuticals.
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Hemoglobinopathies Market Segmentation:
Type (Revenue, USD Million; 2017-2027)
- Alpha Thalassemia
- Beta Thalassemia
- Sickle Cell Disease
- Other Hb Variants Diseases
Therapy Type (Revenue, USD Million; 2017-2027)
- Blood transfusion
- Iron chelation therapy
- Bone marrow transplant
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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