PUBLISHER: The Business Research Company | PRODUCT CODE: 1428040
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428040
Thalassemia drugs are medications employed in the treatment of thalassemia, an inherited blood disorder characterized by the inadequate production or abnormal type of hemoglobin. Anemia results from the extensive destruction of red blood cells caused by this disorder.
The primary categories of thalassemia drugs include alpha and beta thalassemia drugs. Alpha-thalassemia drugs are medications used to address inherited blood disorders marked by a diminished or absent production of alpha-globin subunits, leading to reduced levels of otherwise fully functional hemoglobin. Treatment options include iron chelation therapy and other modalities, with distribution through various channels such as hospital pharmacies, online providers, drug stores, and retail pharmacies.
The thalassemia drugs research report is one of a series of new reports from The Business Research Company that provides thalassemia drugs market statistics, including the thalassemia drugs industry's global market size, regional shares, competitors with thalassemia drugs market share, detailed thalassemia drugs market segments, market trends and opportunities, and any further data you may need to thrive in the thalassemia drugs industry. This thalassemia drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The thalassemia drugs market size has grown rapidly in recent years. It will grow from $2.07 billion in 2023 to $2.3 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth observed in the historical period can be attributed to the increasing prevalence of thalassemia, genetic predisposition, advances in healthcare infrastructure, a growing awareness of thalassemia, and enhancements in diagnostic capabilities.
The thalassemia drugs market size is expected to see rapid growth in the next few years. It will grow to $3.4 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The anticipated growth in the forecast period can be attributed to the increasing availability of gene therapies for thalassemia, a rising demand for targeted and personalized medicine, heightened investments in the development of drugs for rare diseases, an increase in healthcare expenditure, and global initiatives aimed at raising awareness about thalassemia. Noteworthy trends in the forecast period include the adoption of personalized treatment regimens, the integration of digital health solutions in thalassemia management, the advancement of research on curative therapies, the development of combination drug therapies, and the expansion of patient support programs.
The anticipated boost in the thalassemia market is expected to come from the rising expenditure on research and development (R&D). R&D investment, defined as the resources allocated by a company for the development, design, and enhancement of its offerings, holds the potential to drive innovation in the formulation of advanced drugs for thalassemia treatment. As reported by the European Federation of Pharmaceutical Industries and Associations, European health industries invested approximately 41.5 billion euros ($44.47 billion) in R&D expenditure in 2021, marking an increase from 39.65 billion euros ($42.49 billion) in 2020. Thus, the escalating R&D expenditure is a catalyst for the thalassemia market.
The growth of the thalassemia drug market is poised to benefit from the increasing healthcare expenditure. Healthcare, encompassing the organized provision of medical services, treatments, and preventive care, plays a pivotal role in managing health-related issues for individuals and communities. A surge in healthcare expenditure contributes to enhanced clinical infrastructure, including specialized treatment centers equipped to handle thalassemia cases. For instance, the Economic Survey of 2022 revealed that India's public expenditure on healthcare reached 2.1% of GDP in 2021-22. Additionally, a survey by Willis Towers Watson Public Limited Company indicated that healthcare benefit costs rose from 8.2% in 2021 to 8.8% in 2022, with an anticipated further increase to a global average of 10% in 2023. Therefore, the upward trajectory in healthcare expenditure is set to drive the thalassemia drug market.
A prominent trend gaining momentum in the thalassemia drug market is product innovation, with major companies focusing on developing innovative products to maintain their market position. Notably, Bluebird Bio Inc., a US-based biotechnology company, received approval for Zynteglo (betibeglogene autotemcel) in August 2022 to treat beta-thalassemia. Zynteglo stands out as the first cell-based, one-time gene therapy administered in a single dose, utilizing the patient's genetically modified cells to produce functional beta-globin.
Companies in the thalassemia drug market are emphasizing product development and the production of thalassemia drugs, particularly beta-thalassemia drugs, to sustain their market presence. Beta-thalassemia, a genetic blood disorder characterized by reduced hemoglobin production, is being targeted for innovative treatments. In August 2022, Bluebird Bio Inc. introduced a groundbreaking $2.8 million beta-thalassemia drug, representing a significant advancement in cell-based gene therapy. The company's strategic approach of waiting for additional product launches suggests a comprehensive understanding of the economic aspects of its innovative treatments for beta-thalassemia.
In November 2021, Merck, a US-based multinational pharmaceutical company, successfully acquired Acceleron Pharma Inc. for an undisclosed amount. This strategic move aims to leverage Acceleron's pioneering research to enhance Merck's capabilities in reaching more patients and advancing treatments for pulmonary arterial hypertension (PAH), which includes the development of thalassemia drugs. Acceleron Pharma Inc., a US-based clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing protein therapeutics for serious and rare diseases, including advancements in thalassemia treatment.
Major companies operating in the thalassemia drugs market report are Pfizer Inc., Merck & Co. Inc., Novartis AG, Sanofi S.A., Fresenius Kabi AG, Bristol Myers Squibb Co., Fresenius SE & Co. KGaA, GlaxoSmithKline PLC, Teva Pharmaceutical Industries Ltd., Lonza Group AG, Incyte Corporation, Chiesi Farmaceutici S.p.A., Cipla Ltd., Panacea Biotec Ltd., Ionis Pharmaceuticals Inc., Alvogen Inc., Apotex Inc., Acceleron Pharma Inc., Alnylam Pharmaceuticals Inc., Shanghai Bioray Laboratory Inc., La Jolla Pharmaceutical Company, Editas Medicine Inc., Agios Pharmaceuticals Inc., Bluebird Bio Inc., Gamida Cell Ltd., CRISPR Therapeutics AG
Asia-Pacific was the largest region in the thalassemia drugs market in 2023. The regions covered in the thalassemia drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the thalassemia drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The thalassemia drug market consists of sales of luspatercept and hydroxyurea. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Thalassemia Drugs Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on thalassemia drugs market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for thalassemia drugs ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The thalassemia drugs market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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