Rising Incidences of Hemophilia will Drive the Growth of the Human Albumin and Factor Vlll Market
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Rising incidences of hemophilia will drive the growth of the market of human albumin and factor VIII market. According to National Hemophilia Foundation, approximately one in 5,000 male in the U.S. are affected with hemophilia. In addition, strategic collaboration by key players in order to introduce novel treatment options will further drive the market growth. For example, Novo Nordisk collaborated with National Hemophilia Foundation aiming to develop novel treatment option for hemophilia disease. Thus, these types of collaboration will build healthy platform to attract new customers and hence drive the market growth.
Furthermore, rising geriatric population will significantly drive the market growth of human albumin and factor VIII market. According to a report published by World Health Organization (WHO), the number of people aged 65 years and above is expected to increase from 605 million to 2 billion by 2050. Additionally, advances in factor VIII product resulted in a major increase in quality of life of patients and hence supports the growth of human albumin and factor VIII. Moreover, various other factors like rising number of people with bleeding disorders, rising use of albumin as cell culture medium ingredient and low cost therapy will further augment the growth of the market. However, stringent regulation and lack of adequate plasma supplies will restrain the growth of human albumin and factor VIII market.
In addition, high cost of therapies coupled with lack of adequate treatment modalities in developing countries like Asia-Pacific will restrain the growth of this market. For example, advanced therapeutics for the treatment are only available in the developed countries like North America and Europe.
Geographically, North America dominates the global human albumin and factor VIII market. Increasing use of plasma derived products in North America will drive the growth of human albumin and factor VIII market in North America. Europe is considered as the second largest market of human albumin and factor VIII market. The growth of the market in Europe is majorly driven by aging population. Rise in geriatric population will increase the risk of the people diagnosed with hemophilia which drives the growth of human albumin and factor VIII market in European market.
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According to Eurostat (European Commission) report published in 2013, around 17.8% of the European population were aged 65 years and above. The market of human albumin and factor VIII market in Asia-Pacific holds a strong growth as there is a rise in total number of bleeding disorder cases in this region. In addition, emerging countries like India and China are increasingly importing albumins from western countries (i.e. North America and Europe) which will ultimately drive the overall growth of this market in Asia-Pacific region.
Some of the key players dominating the global human albumin and factor VIII market comprises Baxter International, Inc., Talecris Plasma Resources, Grifols, S.A., Novo Nordisk, CSL Limited and others.
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