PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401785
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1401785
Hemoglobinopathies Market size was valued at USD 8,428 Million in 2022, expanding at a CAGR of 12.5% from 2023 to 2030.
Hemoglobinopathy diagnosis and treatment are becoming more and more common due to the growing demand for newborn screening programs and the diagnosis of prenatal hemoglobin abnormalities. This is particularly critical in poorer countries where screening and awareness initiatives are only getting underway. Additionally, it is anticipated that growing patient and healthcare professional awareness of the need for early diagnosis and treatment will propel market revenue growth. This is particularly true in the case of sickle cell anemia when early detection and treatment can significantly improve patient outcomes and reduce healthcare costs. However, a significant factor that can limit market revenue development is the high cost of treatment, particularly for gene therapy and stem cell transplants. Moreover, severe legislative limitations, and a lack of access to healthcare in developing countries, especially for those in need of specialized treatment, are increasing the prevalence of hemoglobinopathies worldwide.
Hemoglobinopathies Market- Market Dynamics
Increasing prevalence of hemoglobinopathies in developing and low-income countries boosting the market growth
Haemoglobinopathies, including sickle cell disease and Thalassemia, are hereditary conditions that can be prevented. In their severe forms, they are linked to chronic, life-threatening, and life-impairing diseases with substantial health risks that can result in death or disability. Unfortunately, due to a lack of knowledge, comprehensive programs, and organized preventative measures, a significant percentage of children worldwide are born with and suffer from these conditions. According to BGI Genomics Global 2023, 5.2% of people worldwide have hemoglobin abnormalities, which causes 300,000 to 400,000 babies to be born with severe hemoglobinopathies every year. In addition, 4.4 out of every 10,000 live births is affected with thalassemia, a hereditary hemoglobinopathy that is most common in Mediterranean coastal regions, Africa, the Middle East, Southeast Asia, and southern China. Roughly 80% of cases of thalassemia take place in low- and middle-income nations, where patients' quality of life is more likely to be in danger due to unequal access to medical care. Programs to control thalassemia must include genetic counselling, screening, public awareness, and prenatal diagnosis. Considering the magnitude of the problem and the cost implications of management, suitable control measures need to be undertaken immediately.
Hemoglobinopathies Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 12.5% over the forecast period (2023-2030)
Based on type segmentation, the Sickle Cell Disease segment is expected to dominate the market over the forecast period
Based on region, North America is expected to dominate the market during the forecast period
The Global Hemoglobinopathies Market is segmented based on Type, Therapy, Distribution Channel, and Region.
Based on the type, the global market is categorized into Sickle Cell Disease, Thalassemia and Others. The Sickle Cell Disease segment is expected to dominate the market over the forecast period. The market for sickle cell disease diagnostics has seen several notable developments recently. The creation and uptake of novel diagnostic technology is one such trend. Modern genetic testing techniques, including next-generation sequencing and molecular diagnostics, have made it possible to identify sickle cell disease and its variations more precisely and effectively. Rapid diagnostic kits and point-of-care testing (POCT) equipment have also been developed, making screening quick and easy in a variety of healthcare settings. For instance, Molbio Diagnostics and ShanMukha Innovations partnered in May 2023 to create, develop, and market affordable point-of-care diagnostic tools for the diagnosis of disorders associated with hemoglobinopathy.
Based on the therapy, the global hemoglobinopathies industry is divided into ACE inhibitors, Monoclonal Antibody Medication, Hydroxyurea and Others.
Based on the distribution channel, the market is bifurcated into Online Providers, Hospital Pharmacy, Drug Stores and Retail Pharmacy.
Hemoglobinopathies Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the forecast period because healthcare facilities are getting better and individuals are becoming more aware of hemoglobinopathies. Different groups run different activities to raise awareness. For instance, the United States national group SCDAA advocates for people with sickle cell disease and their families by raising awareness and providing support. To foster greater awareness and enhance the lives of individuals who suffer from the disease, they arrange events, offer resources, and give instructional materials. The region's market is expected to rise as a result of several programs launched by government agencies and research institutions to support the development of new treatments for hemoglobinopathies.
To increase their market share, business leaders are launching several efforts, including partnerships, collaborations, mergers and acquisitions, and intensive R&D. The key players operating in the market are Novartis AG, Celgene Corporation, bluebird bio, Inc., Emmaus Life Sciences Inc., Pfizer, Inc., Sangamo Therapeutics, Inc., Prolong Pharmaceuticals, LLC, Global Blood Therapeutics, Inc., Gamida Cell and Bioverativ Inc.
In August 2023, the FDA in the United States released the clinical hold on the Investigational New Drug (IND) application for FTX-6058, which could be used to treat sickle-cell disease (SCD). Fulcrum Therapeutics, Inc. is a clinical-stage biopharmaceutical company that prioritizes improving the lives of patients with genetically defined rare diseases.
The scope of this report covers the market by its major segments, which include as follows: