Global hemophilia treatment drugs market to be worth $25.1 billion by 2024: FDA approvals for testing novel drugs opens up opportunities, says TMR.
The Global Hemophilia Market is quite consolidated with about 10 players holding a significant share. Of these, Shire Plc., Novo Nordisk A/S, and Pfizer Inc. held lion’s share of 48.8% in the overall market in 2015. Strategic acquisitions to enhance the product portfolio and improve the research and development base has been the key strategy of these players to remain dominant.
According to the research report, the global hemophilia treatment drugs market is expected to be worth $25.1 billion in 2024 as compared to $15.8 billion in 2015. During the forecast period of 2016 and 2024, the overall market is expected to progress at a CAGR of 5.4%.
North America Moves Forward with Well-established Healthcare Infrastructure
The various products available in the global hemophilia treatment drugs market are recombinant coagulation factor concentrates, plasma derived coagulation factor concentrates, desmopressin, and antifibrinolytic agents. Of these, the recombinant coagulation factor concentrates are poised to lead the global market as the segment estimated to acquire a share of 46.9% by the end of 2024. The growing preference for recombinant factor therapies due to the low risk of blood-related infections is expected to fuel the growth of this segment.
Geographically, this market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, North America is likely to dominate the global market in the coming years due to the well-established healthcare infrastructure and the rising disposable incomes. The growing awareness amongst citizens about the various treatments available to treat diseases is also likely to boost the growth of the overall market. The report suggests that the North America hemophilia treatment drugs market is expected to lead the global market with a share of 40.6% by the end of 2024.
Investments in Developing Breakthrough Products to Augment Demand for Drugs
“The global hemophilia treatment drugs market is on the cusp of a major revolution as a large number of new drugs are expected to create a wave of change,” states the lead author of this research report. These drugs come with a promise of long-lasting clotting factors. For instance, “emicizumab” being developed by Roche has shown possibility of prophylactic efficiency in people who suffer from severe Hemophilia A. The growing focus on prophylaxis treatment to manage bleeding episodes by regularly infusing clotting factor concentrates is expected to propel the overall market. Demand for this type of treatment is expected to spike as the regular infusion of clotting factors can transform severe hemophilia to moderate hemophilia over time.
The market is also thriving due to the increasing investments in developing breakthrough products. For instance, in July 2016, Pfizer and Spark Therapeutics received FDA approval for “SPK-9001,” a drug that is being tested for being a one-time therapy for treating Hemophilia B. Furthermore, incentives by the FDA for orphan drugs such as tax credits, market exclusivity, and grants are expected to propel the market in the positive direction in the coming years as well.
Low Rate of Diagnosis Restrains Sale of Drugs
The biggest challenge in the global hemophilia treatment drugs market is the low rate of diagnosis amongst patients. Though genetic testing is available for this disease, several patients remain unaware of it due to lack of awareness, especially in the remote regions of the world. The market is also being restrained due to the high cost of drugs and even costlier rate of therapy to treat the disease.
The review is based on Transparency Market Research’s report, titled “Hemophilia Treatment Drugs Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024.”
Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
(Source: PR Newswire)