Hemophilia Treatment Drugs Market To Witness About 5.7% CAGR During 2017-2024
As per the report, the value of global hemophilia treatment drugs market in 2017 was around USD 17.37 billion and is projected to reach a value of about USD 25.61 billion by 2024, expanding at a CAGR of about 5.7% between 2017 and 2024.
A chronic condition, Hemophilia, is referred as an inherited bleeding disorder that results in poor blood clotting and too much bleeding owing to the deficiency of “blood clotting factor.” However, the impact of hemophilia can be greatly decreased with suitable management and treatment. Demand for Hemophilia A treatment is comparatively greater then type C and type B. The most ordinary treatment for hemophilia is recombinant coagulation factor concentrate. Elevated incidence of the disease has boosted the demand for numerous hemophilia treatment modules that are accessible at present, thus driving the growth of global hemophilia treatment drugs market.
A significant growth is within the global hemophilia treatment market owing to the growing digit of hemophilic patients across the global further boosting the need for plasma derived and recombinant factor VIII and factor IX—utilized for treating hemophilia. Further, the elevated rate of diagnosis and increase in the usage of prophylactic treatment are also anticipated to drive the expansion of the global hemophilia treatment drugs market during the forecast period. In addition, the rise in R&D spending by major players for creating new drugs for treating hemophilia and increase in need for non-factor therapies and long-acting replacement therapies are projected to drive the market growth during the years to come. Also, a huge amount is spent by regulatory authorities for the development of innovative drugs for treating these conditions. This, in turn, is projected to fuel the market growth in the near future. Nonetheless, the elevated price of recombinant products, strict government rules, and severe adverse effects related to plasma derived products are factors anticipated to hinder the growth of the global hemophilia treatment drugs market.
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The global hemophilia treatment drugs market can be divided on the basis of disease indication, product type, distribution channel, and region. Based on product type the market is bifurcated into plasma derived coagulation factor concentrates and recombinant coagulation factor concentrates. Among these, the recombinant coagulation factor concentrates segment is anticipated to hold the highest market share during the forecast period. This segmental growth can be attributed to the new recombinant pipeline gene therapies and agents, like valoctocogene roxaparvovec (phase 3 candidate) and Fitusiran (phase 3 trials). The global hemophilia treatment drugs market, on the basis of disease, can be categorized into hemophilia A, hemophilia B, and others. On the basis of distribution channel, the global hemophilia treatment drugs market can be divided into online pharmacies, retail pharmacies, and hospital pharmacies. Among these, in 2018, the hospital pharmacies segment captured the majority of share in the market and is also anticipated to account for highest market share during the forecast period.
Regionally, the global hemophilia treatment drugs market is anticipated to be ruled by North America during the forecast period. The regional expansion can be credited to the growing incidence of hemophilia A and B, particularly in nations like the U.S. and Canada. Europe follows North America to be the second-dominant region within the global hemophilia treatment drugs market on account of the growing initiatives and healthcare budgets by governments to encourage hemophilia drugs treatment. Also, the Asia Pacific hemophilia treatment drugs market is expected to witness expansion at a substantial rate during the forecast period owing to the increasing digit of hemophilia patients, particularly in nations such as India and China.
Leading players functioning in the global hemophilia treatment drugs market consist of CSL Behring, Pfizer, Inc., Shire plc, Kedrion, Bayer AG, Novo Nordisk A/S, Sanofi, and F. Hoffmann-La Roche Ltd., among others.
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- CDN Newswire