PUBLISHER: Grand View Research | PRODUCT CODE: 1362919
PUBLISHER: Grand View Research | PRODUCT CODE: 1362919
The global hemoglobinopathies market size is expected to reach USD 20.70 billion by 2030 and is expected to expand at a CAGR of 12.6% from 2023 to 2030, according to a new report by Grand View Research, Inc.. The market is experiencing steady growth due to increasing prevalence of disorders like sickle cell disease (SCD) and thalassemia. The driving factors include advancements in diagnostic techniques, growing awareness, and improving healthcare infrastructure. Additionally, the development of innovative therapies and government initiatives are contributing to market expansion.
In recent years, there have been significant advancements in diagnostic techniques for sickle cell disease. One prominent trend is the increased utilization of molecular genetic testing, specifically DNA analysis, to identify specific mutations associated with the disease. This approach allows for precise and accurate diagnosis, enabling healthcare professionals to determine the presence of sickle cell trait or SCD in individuals. Additionally, technological advancements have led to the development of point-of-care testing devices, enabling rapid screening and diagnosis in resource-limited settings. These advancements in diagnostic techniques not only enhance early detection and intervention but also facilitate genetic counseling and family planning for individuals at risk of passing on the disease.
Advancements in therapy for hemoglobinopathies, including SCD and thalassemia, have shown promising trends in recent years. Development and utilization of gene therapy approaches is one of the prevalent trend in the market. Gene therapy aims to correct the genetic mutations responsible for these conditions by introducing functional genes into affected cells. Several successful clinical trials have demonstrated significant improvements in disease symptoms and reduced transfusion dependence in patients. Additionally, the emergence of gene editing techniques, such as CRISPR-Cas9, holds great potential for precisely modifying faulty genes in a patient's own cells. This innovative approach has shown promising results in preclinical studies and may offer a curative option for hemoglobinopathies in the near future. Furthermore, advancements in supportive care, including transfusion protocols, iron chelation therapy, and improved stem cell transplantation techniques, continue to contribute to enhanced outcomes for patients with hemoglobinopathies.
An increase in investment and funding for the development of novel therapies to treat hemoglobinopathies will further boost the market growth over the forecast period. For instance, in May 2023, U.S. Senators introduced the Sickle Cell Care Expansion Act, legislation to offer funding for services to advance the quality of life for the growing number of patients living with Sickle Cell and support the medical staff that treats sickle cell disease. Furthermore, private funding such as the Bronx Blood Research Fund (BBRF) provides a platform for research and management of thalassemia and other hemoglobinopathies.
High cost of treatment might an adverse impact on the market. For instance, according to new research supported by the National Institutes of Health, living with sickle cell disease costs Americans ages 64 and under with commercial health insurance about USD 44,000 more in out-of-pocket medical expenses over their lifetimes than people without the condition. Additionally, insurers shell out an average of USD 1.7 million for each sickle cell disease patient.