Hemophilia Treatment Market Estimated To Witness High Growth Owing To Increasing Prevalence Of Hemophilia
The hemophilia treatment market is estimated to be valued at US$ 15,197.8 Mn or Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The hemophilia treatment market comprises products used in therapy for hemophilia, a genetic bleeding disorder. The market includes factor replacement therapies such as plasma-derived factor concentrates and recombinant factor concentrates for hemophilia A and B. Additionally, the market incorporates non-replacement products such as desmopressin for hemophilia A and antifibrinolytics for hemophilia A and B. These products find widespread usage in hospitals, specialty clinics, and home care settings for prophylactic and on-demand treatment of hemophilia.
Market Dynamics:
The hemophilia treatment market is driven by the rising prevalence of hemophilia globally. According to the World Federation of Hemophilia, hemophilia A affects about 1 in 5,000 male births while hemophilia B affects about 1 in 30,000 male births. Inadequate awareness about hemophilia in developing regions also contributes to the high prevalence. Moreover, advancements in factor replacement therapies offering longer half-lives, higher potency, and subcutaneous administration routes are increasing treatment compliance and adoption rates. For instance, Eloctate and Alprolix offer longer circulating half-lives of 11-12 days compared to 2-6 days for standard factor VIII and IX products respectively. Additionally, hemophilia is incurable and requires life-long treatment with factor replacement therapies, driving recurrent use of products in the market. However, high drug development and production costs of recombinant and advanced therapies limit market growth.
SWOT Analysis
Strength: Hemophilia Treatment market offers vast product portfolio for effective treatment. With advancements in hemophilia treatments, mortality rate has reduced. Growing awareness and diagnosis rate has propelled the demand.
Weakness: High cost associated with hemophilia treatment restricts masses from affording care. Irrational use of therapies can cause drug resistance in patients over time.
Opportunity: Emergence of bio similar drugs provide affordable options to existing high cost therapies. Rising healthcare spending in developing regions presents lucrative prospects.
Threats: Stringent regulations for drug approval delays product launch. Reimbursement issues in certain regions pose challenges.
Key Takeaways
The global Hemophilia Treatment market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing prevalence of hemophilia disorders.
The market size for 2023 is US$ 15,197.8 Mn. The North America region is expected to dominate the hemophilia treatment market owing to advanced healthcare infrastructure and availability of high-quality care.
Regional analysis
Europe is anticipated to be the fastest growing region, growing at a CAGR of around 7% during 2023-2030. This is attributed to factors such as rising awareness regarding hemophilia treatment options and favorable reimbursement policies in the region.
Key players operating in the Hemophilia Treatment market are Takeda Pharmaceutical Co., Ltd., Sanofi S.A., Octapharma AG, Swedish Orphan Biovitrum AB, Baxter International Inc., Biogen Inc., Bayer AG, CSL Behring, Ferring B.V., Pfizer, Inc., Kedrion, Novo Nordisk A/S, and F. Hoffmann-La Roche AG.
