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Hemophilia Market Size to Grow Exponentially during the Assessment Period

12-06-2021 12:09 PM CET | Health & Medicine

Press release from: Transparancy Market Research

Hemophilia Market

Hemophilia Market

Hemophilia, a group of common hemorrhagic inherited disorders, that interferes with normal blood coagulation. The group of inherited ailments leads to excessive bleeding or prolonged bleeding, and may infest even after minor injuries. Its two most common types Hemophilia A and B fall into severe hereditary hemorrhagic disorders, where the former affects more than 4 lakhs males worldwide has a higher prevalence. The hemophilia market has made strides pivoting on the growing understanding of the etiology and pathophysiology. The condition affects all ethnic groups equally, and is usually diagnosed in the early months of the life. Especially in the developing world countries, the incidence has risen over the past few decades.

Rise in participation of interpersonal teams, notably incuding hematologists and immunologists, is a key trend expanding the avenue in the hemophilia market. The healthcare systems worldwide have increasingly adopted line of treatment that advance the long-term prognosis of patients. A key part of such initiatives is emphasizing on educating the patient population. Healthcare providers in the hemophilia market are promoting prophylactic treatment schedules. Subsequently, healthcare teams are stressing on improving adherence to such schedules, in order to improve the quality of life of patients. Further, a comprehensive care plans play critical role in reducing long-term complications.

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Hemophilia Market: Introduction

Genetic bleeding disorder is termed as hemophilia. It is a syndrome where patients lack necessary proteins required to clot the blood. This eventually leads to internal bleeding. The frequency and magnitude of bleeding depends upon the severity of hemophilia in a patient. The two major types of hemophilia are hemophilia A and hemophilia B. Hemophilia A is four times more prevalent than hemophilia B.
Hemophilia Market: Key Trends

Globally, one in every five patients suffers from hemophilia A. Hence, market players focus on R&D, which enables them to launch new drugs to provide necessary blood clotting proteins to patients. This has increased drug production in the global hemophilia market in the past few years. Rise in mergers and acquisitions among the key players fuels the growth of the global hemophilia market during the forecast period.
Surge in need of hemophilia medicines in order to limit blood loss is a major factor boosting the growth of the global hemophilia market. Moreover, unavailability of cure that can eliminate the disorder accelerates the growth of the global hemophilia market.
Growth of the global hemophilia market is attributed to focus on intense research & development in order to provide drugs that are more efficient for patients. Technological advancements in the health care sector also drive the global hemophilia market. Furthermore, the race to capture maximum opportunities by players contributes to the growth of the global hemophilia market.
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Presently, the world is struggling with the COVID-19 pandemic. COVID-19 leads to pneumonia, severe & acute respiratory disorders, multiple organ failure, and, in severe cases, death. The geriatric population is more prone to COVID-19. The global hemophilia market witnessed sluggish growth during the pandemic.
Governments of developing countries are making significant investments to modernize health care infrastructure in their respective countries, which is anticipated to increase access to health care. This is expected to drive the demand for hemophilia drugs, which in turn is likely to fuel the growth of the market from 2021 to 2031.
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North America to Capture Major Share of Global Hemophilia Market

North America is projected to dominate the global hemophilia market from 2021 to 2031. This is attributed to favorable regulatory environment, rise in focus & interest in hemophilia research & diagnostics, and government funding for research on hemophilia drugs. Additionally, growth of the pharmaceutical & biotechnology industries and presence of well-established and high quality infrastructure for laboratory and clinical research propel the market in the region. The market in Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to rise in research & developmental activities, increase in government initiatives for improving health care, and surge in focus of key players in building or strengthening presence in the region
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Key Players Operating in Global Hemophilia Market

Several prominent players dominate the global hemophilia market. These players are adopting strategies such as mergers, collaborations, and partnerships in order to stay ahead of their rivals in the global hemophilia market. Some players are acquiring small and medium scale businesses in order to enhance their resource pool and customer base. These strategies offer a competitive edge to the players, which can be quite crucial in a highly competitive market. Key players hold a major share in their respective regions. Growth strategies adopted by leading players are likely to drive the global hemophilia market.

Major players operating in the global hemophilia market are:

CSL
Pfizer, Inc.
Bayer AG
BioMarin
Biogen
Novo Nordisk A/S
Takeda Pharmaceutical Company Limited
Other prominent players
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Abbott:

Abbott is another key player operating in the global valvular heart disease market with vast product portfolio. Abbott has established its presence in the global market through acquisition of St. Jude Medical in 2017. In January 2019, Abbott acquired Cephea Valve Technologies, Inc. This acquisition enabled the company to strengthen its position in valvular heart disease market.

Medtronic:

Medtronic offers its valvular heart disease products under its Cardiac & Vascular Group (CVG). In 2018, around 38% of the company’s revenue was contributed by its CVG business segment. Medtronic has one of the industry leading portfolio of Hemophilia products.

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