Rare Hematology Market Expected to Represent a Value of Over US$ 16,000 Mn by the end of 2022
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Growing prevalence of various blood diseases such as anemia, myeloma, leukemia and sickle cell anemia has led the hematologists to focus on various detection processes. As demand for comparatively conducting comparatively short diagnosis process is becoming the need of the hour, hematologists are looking for better treatment processes through accurate diagnosis process. With the growing need to detect various blood conditions has further propelled hematologists to focus on enhancing their diagnostic skills. In order to develop successful treatment techniques, hematologist are significantly focusing on early diagnosis of the various hematologist diseases. Bound to these factors, growth of the global hematologist disease treatment market will continue to gain momentum during the forecast period.
According to Market Research Reports Search Engine (MRRSE), the global rare hematology market is expected to represent a value of over US$ 16,000 Mn by the end of 2022.
Increasing number of Clinical Trials to Encourage Progress
Hematologists are conducting extensive research for genetics and molecular biology in order to gain a better understanding of various rare hematology diseases. The research work is mainly conducted in order to identify the potential biological targets that help in addressing the diseases on the molecular level. The extensive research work has enabled the hematologists to develop the new treatment techniques that enable faster recovery. Hundreds of the final stage clinical trials are stuck in the FDA pipeline to be evaluated and approved. Treatment procedures related to rare hematology diseases include recombinant coagulation Factor VIIa, Eculizumab: hemoglobinuria, Poloxamer 188: sickle cell disease and nonacog beta pegol: hemophilia A & B. Advocacy groups such as International National Hemophilia Foundation, Myeloma Foundation and American Society of Hematology further continue to offer resources and support for the caregivers, patients and clinicians. Bound to these factors, demand for the rare hematology will continue to increase globally.
Inadequate Hematology Data to Inhibit Market Growth
Lack of support from disease-specific foundations for the purpose of research has continued to inhibit growth of the global rare hematology market during the forecast period. According to Kakkis EverLife foundations, majority of the drugs finalized for the treatment of the various rare hematology disorders did not clear the FDA pipeline for treatment. Increasing demand for approved drugs for the treatment of the rare hematology disorders has led to increasing investments in research and development to develop better treatment process. Bound to various factors including the political, social and economic situations, majority of the patient population have been subject to improper management of treatment and their conditions.
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Advocacy groups, patients, caregivers and researchers are coming together in order to spread awareness regarding various blood related diseases. Moreover, the drug developers are increasingly benefitting by pool of specific patients as it enabled the identified patient group to register into the clinical trials. Research related to various rare hematology diseases continues to gain momentum in developed countries such as the U.S. The House of Representatives in the U.S passed the 21st Century Cures Act in 2016, which is focused towards integrating the opinions of the patients that would help in designing the clinical trials related to these diseases. Such factors are expected to contribute towards growth of the global rare hematology market.
Adult Age to Represent a Leading Segment
With growing prevalence of blood disorders and bleeding, demand for the recombinant factors continue to increase. On the basis of treatment type, the recombinant factors segment is expected to generate significant revenues, accounting for a value of over US$ 4,000 Mn by the end of 2022. On the other hand, the plasma derived factors treatment type segment is expected to register a robust CAGR throughout the forecast period. Based on age, the adults segment is expected to represent the highest growth in terms of revenue, recording a value of over US$ 3,000 Mn by the end 2017. However, the pediatric age segment is expected to represent the highest CAGR in the global market through 2022.
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