Hemophilia Treatment Market Insights,Status, Government Policies and Outlook 2019-2026
Added: (Tue Mar 05 2019)
Pressbox (Press Release) -
The global hemophilia treatment market size was valued at US$ 9,412.1 million in 2017 and is expected to witness a robust CAGR of 4.2% over the forecast period (2018 – 2026).
Hemophilia is a genetic bleeding disorder in which an individual lacks or has low levels of proteins named clotting factors. There are around 13 types of clotting factors that work with blood platelets to help the clotting. There are three forms of hemophilia - A, B, and C. Hemophilia A is the most common form and is caused due to deficiency in factor VIII. Hemophilia B occurs due to deficiency of factor IX and Hemophilia C is caused due to factor XI deficiency. Although Hemophilia is incurable, it can be treated to reduce symptoms and avoid future health complications. Its treatment involves management of bleeding episodes, treatment and rehabilitation of hemophilia synovitis, treatment of factor VIII (FVIII) inhibitors, and prophylaxis.
High prevalence of hemophilia is propelling demand for its treatment, which is projected to drive market growth over the forecast period. According to the National Hemophilia Foundation 2018, hemophilia affected more than 400,000 individuals. Furthermore, an estimated 75% of patients suffering from hemophilia have no access to treatment or receive inadequate treatment. Moreover, according to Center for Disease Control and Prevention (CDC) report, Hemophilia A occurs in 1 out of 5,000 live male births. It is nearly four times more common than Hemophilia B. Few effective treatments available for hemophilia require lifetime infusion of expensive drugs manufactured through recombinant biotechnology or from human plasma.
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According to CDC funded randomized clinical trial, children treated on timely basis to prevent bleeding have less indication of joint damage by age of 6 years. Around 70% hemophilia patients in the U.S. receive multidisciplinary, comprehensive care in a network of federally funded hemophilia treatment centers. High-cost associated with recombinant products, serious adverse effects associated with plasma derived products, and limited access to treatment can negatively affect the growth of the global hemophilia market. For instance, risk of infectious disease transmission with plasma derived products can complicate the disease treatment.
Advancing medical knowledge and scientific research to accelerate the market growth
Rise in funding for R&D and advancement in diagnostic technology are expected to prove another booming factor for hemophilia treatment market growth. National Hemophilia Foundation (NHF) award fellowships and grants to support advanced research aimed at finding better cures and treatments for hemophilia. The organization also supports increased federal funding for research and development. Furthermore, gene therapy promises of treating genetic disorders by delivering a functional DNA copy, generally using viral vectors. Many research organizations and biotechnology companies in the gene therapy field are targeting hemophilia for development of advanced treatment options, as it can significantly reduce costs for healthcare providers and patients. Many biotechnology companies are competing to introduce the gene therapy for hemophilia. Spark Therapeutics (U.S.) and uniQure (Netherlands) have the most advanced programs so far.
The major players operating the global hemophilia treatment market include Baxalta, Baxter International, Inc., Biogen Idec, Inc., Bayer AG, CSL Behring, Chugai Pharmaceutical Co., Ferring B.V., Genentech, Inc., Hospira, Inc., Kedrion, Novo Nordisk, Octapharma AG, Pfizer, Inc., Sanofi SA, Shire Plc., and Swedish Orphan Biovitrum AB.
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