0

Hemoglobinopathies Market Expected to Reach $7 Billion by 2031—Allied Market Research

 
2022
Hemoglobinopathies Market

Report Code : A00387

quote Research and development (R&D) activities are conducted in an effort to create an effective treatment. During the forecast period, the market growth is expected to boost by expanding government programs and investments for the development of innovative medications and spread of more consciousness about hemoglobinopathies. quote

Onkar Sumant - Manager
Life Sciences at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Hemoglobinopathies Market," The hemoglobinopathies market was valued at $4.2 billion in 2021, and is estimated to reach $7 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.

Hemoglobinopathies is a group of inherited blood disorders caused by change in the hemoglobin molecule due to mutation of the gene. This primarily affects the red blood cells (RBCs), in which hemoglobin molecule is present to carry the oxygen. In most of the cases, hemoglobinopathies are inherited from parents to offspring. The diagnosis methods for the disease detections are total blood count, hematological tests, and DNA mutation analysis. The global hemoglobinopathies market share is expected to expand as more research and development (R&D) activities are conducted in an effort to create an effective treatment. During the forecast period, the hemoglobinopathies market growth is expected to boost by expanding government programs and investments for the development of innovative medications and spread of more consciousness about hemoglobinopathies. The market is expected to accelerate due to rise in prevalence of hemoglobinopathies in the developing and low-cost countries. The introduction of the new iron-chelation therapy for thalassemia will also help in market expansion. The increasing prevalence of sickle cell disease (SCD) and thalassemia is expected to drive the market growth. The key driver for the growth of the global hemoglobinopathies industry is increasing prevalence of hemoglobinopathies in under-developed and developing countries. In addition, the lack of awareness and low diagnosis rate are some major factors increasing the prevalence of the hemoglobinopathies. Moreover, the lack of treatment alternatives, unavailability of treatments and low diagnosis rate are the factors restraining the growth of the global hemoglobinopathies market during the forecast period.

Furthermore, the hemoglobinopathies market is expected to increase rapidly due to the various new therapies are in the approval and development stages. The hemoglobinopathies market size is also advancing due to the expansion of the pharmaceutical and healthcare industries and DNA therapies. On the other hand, lack of effective treatments, unavailability of stem-cells, and their high cost are anticipated to restrain the expansion of the global hemoglobinopathies market trends. The need for hemoglobinopathies significantly decreased after the COVID-19 pandemic. The focus of medical professionals, governments and the general public has moved to containing the virus's spread as a result of the fatal virus's quick expansion. It consequently decreased the need for hemoglobinopathies therapy. People visited clinics and hospitals only if they had an emergency. As a result, the COVID-19 pandemic caused severe disruptions in the market for diagnosis and treatment of the hemoglobinopathies.

Coronavirus severe acute respiration syndrome (SARS-CoV-2) is an infectious disease caused by the novel coronavirus (COVID-19), which originated in the Wuhan district in China in the late 2019, and since has spread to 212 countries. The virus was initially referred to as “novel coronavirus 2019” (2019-nCoV) by the WHO, However, on February 11, 2020, it was given the official name of SARS-CoV-2 by the International Committee on Taxonomy of Viruses. WHO declared COVID-19 as pandemic on March 11, 2020, and by September 1, 2020, over 28.1 million people have been infected globally with over 909,000 deaths. COVID-19 symptoms include fever, cough, and shortness of breath.

Nearly all industries have been impacted by the global public health COVID-19 pandemic. As coronavirus crises sweep the globe and force healthcare organizations to devote the majority of their funds to fight COVID-19, the outbreak of COVID-19 has resulted in a significant decline in demand for the hemoglobinopathies market across several sectors, particularly the health and pharmaceutical sectors. The main cause of the interruptions experienced by patients getting treatment for hemoglobinopathies in hospitals was the risk of infection. The treatments for thalassemia and sickle cell disease requires hospitalization for blood transfusion and bone marrow transplantation, hence the market growth declined in this period. As a result, the COVID-19 outbreak is expected to slow down the global market growth for treatments of hemoglobinopathies, which will have a negative effect on the market's value in 2022 and beyond.

By disease type, the thalassemia segment dominated the market in 2021 and is expected to remain dominant during the forecast period. The factors responsible for the segment growth are increase in thalassemia prevalence and increase in approval of the novel treatments for thalassemia, such as Committee for Medicinal Products for Human Use approved Luspatercept in 2020 for beta thalassemia. Furthermore, increased demand for gene therapy and stem cell therapy supported the segment growth during the forecast period.

Depending on type of therapy, the monoclonal antibody medication segment dominated the market in 2021 and is expected to remain dominant during the forecast period. The use of antibody medication has increased over past years as new drugs have been approved, including Oxbryta (voxelotor), approved by the U.S FDA to treat sickle cell disease. Furthermore, the strong emerging pipeline of novel medication is expected to drive the segment growth.

On the basis of distribution channel, the drug stores and retail pharmacy segment dominated the market in 2021 and is expected to remain dominant during the forecast period. The market growth of this segment is driven by increase in prescription drug. Also, during COVID-19 pandemic people preferred drug stores and retail pharmacy ultimately led to increased segmental growth. Region-wise, North America has the highest market share.

Major key players that operate in the global hemoglobinopathies market are Abbott Laboratories, Alnylam Pharmaceuticals, Biogen Idec, Bluebird, Inc, Bristol Myers Squibb Company, Canthera Discovery Ltd., Danaher, Emmacus Life Science Inc, F. Hoffman-La Roche Ag, Gamida Cell Ltd, Global blood therapeutics, Merck & Co., Novartis AG, Pfizer, Inc, Prolong Pharmaceuticals, LLC, Sangamo Therapeutics, and Sanofi.

Key findings of the study

· By disease type, thalassemia dominated the market in 2021 and is expected to remain dominant during the forecast period.

· By type of therapy, the monoclonal antibody medication segment dominated the market in 2021.

· By distribution channel, the drug stores and retail pharmacy held the largest market share in 2021.

Region-wise, North America dominated the market in 2021 and is expected to grow at a CAGR of 5.4%.

 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Tushar Nagose
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Hemoglobinopathies Market by Type (Thalassemia, Sickle Cell Disease, Others), by Therapy (Monoclonal Antibody Medication, ACE inhibitors, Hydroxyurea, Others), by Distribution Channel (Hospital Pharmacy, Online Providers, Drug Stores and Retail Pharmacy): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jan 2021

Surgical Equipment Market

Download Sample
rep-img

Published Date Nov 2020

Medical Implant Market

Download Sample
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Hemoglobinopathies Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers