Press release
Hemoglobinopathy Treatment Advancements: Global Market Forecast 2024
hemoglobinopathies treatment market size
According to The Business Research Company's, The hemoglobinopathies treatment market size has grown strongly in recent years. It will grow from $8.2 billion in 2023 to $9.01 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to scientific discoveries,medical advances, patient advocacy, public health awareness, international collaboration and research consortia.
The hemoglobinopathies treatment market size is expected to see rapid growth in the next few years. It will grow to $13.2 billion in 2028 at a compound annual growth rate (CAGR) of 10%. The growth in the forecast period can be attributed to increasing emphasis on personalized medicine, regulatory support for rare diseases, implementation of prenatal screening programs, genetic counselling services enabled early detection of hemoglobinopathies during pregnancy and expanded adoption of disease-modifying therapies. Major trends in the forecast period include novel drug therapies, cellular therapies, advancements in precision therapeutics, improved diagnostic tools.
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Market Drivers and Trends:
The growing genetic inheritance is expected to propel the growth of the hemoglobinopathies treatment market going forward. Genetic inheritance refers to the method by which characteristics are transferred from parents to offspring through their DNA during sexual and asexual reproduction. Genetic inheritance has grown importance due to improvements in genetic research and technology, which have enhanced understanding of how genetic factors contribute to numerous diseases and ailments, including hemoglobinopathies. Genetic inheritance contributes to the growth of the hemoglobinopathies treatment with improved targeted therapies, personalized medicine, drug development, diagnosis. For instance, in March 2023, Gene People, a UK-based registered charity, the prevalence of genetic conditions in children is estimated that 1 in every 25 children has a genetic problem and 30,000 babies and children are newly diagnosed each year. Therefore, the increasing genetic inheritance is driving the growth of the hemoglobinopathies treatment market.
Major companies operating in the hemoglobinopathies treatment market are developing cell-based gene therapies to provide potentially curative treatments for patients living with these genetic conditions. Cell-based gene therapies for hemoglobinopathies hold promise for correcting the underlying genetic defects, potentially providing long-term or curative effects, reducing symptoms and complications, and advancing treatment options for affected individuals. For instance, in December 2023, Vertex Pharmaceuticals Incorporated, a US-based biotech company, launched Casgevy for the treatment of sickle cell disease (SCD) and transfusion-dependent beta thalassemia. Casgevy is a cell-based gene therapy that utilizes CRISPR/Cas9 technology to edit patients' hematopoietic stem cells, increasing the production of fetal hemoglobin to prevent red blood cell sickling. The therapy is a one-time treatment involving the collection, editing, and reinfusion of the patient's stem cells.
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Major Key Players of the Market:
Pfizer Inc., Sanofi S.A., Novartis AG, Bristol Myers Squibb, Gilead Sciences Inc., Vertex Pharmaceuticals Incorporated, Pharmacosmos A/S, Alnylam Pharmaceuticals, Global Blood Therapeutics Inc., Acceleron Pharma Inc., Sangamo Therapeutics Inc., Gamida Cell Ltd., Beam Therapeutics, Intellia Therapeutics, Adaptimmune Therapeutics, Orchard Therapeutics plc, Fresenius SE & Co. KGaA, Editas Medicine, Agios Pharmaceuticals Inc., Emmaus Life Sciences Inc., Bluebird Bio Inc., CRISPR Therapeutics AG, Bioverativ Inc., Celgene Corporation, EMI Holding Inc.
Hemoglobinopathies Treatment Market 2024 Key Insights:
• The hemoglobinopathies treatment market size is expected to see rapid growth in the next few years. It will grow to $13.2 billion in 2028 at a compound annual growth rate (CAGR) of 10%.
• Genetic Inheritance Driving Growth in Hemoglobinopathies Treatment Market
• Advancements in Cell-Based Gene Therapies for Hemoglobinopathies
• North America was the largest region in the hemoglobinopathies treatment market in 2023
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