Sunday, 27 May 2018

Hemophilia Treatment Drugs Market to Reach a Valuation of US$ 25,192.8 Million in 2024

According to the new research report released by Transparency Market Research, the hemophilia treatment drugs market is largely consolidated, with the top ten players accounting for more than 91 percent of the market share. Market players such as Shire Plc., Novo Nordisk A/S, Pfizer, Bayer AG, CSL Ltd., and Biogen dominate the global hemophilia treatment drugs market. Shire Plc. accounted for the largest share of 21.2 percent of the global market share in 2015. The company is dominating the hemophilia treatment drugs market due to its large product portfolio, extensive geographical presence and aggressive acquisition strategies. Shire Plc. has further strengthened its market position by acquiring Baxalta in June 2016. Baxalta is a key market player in rare diseases and other specialized disorders.
Novo Nordisk A/S accounted for the second largest share of 15.5 percent of the hemophilia treatment drugs market due to extensive range of hemophilia drugs and robust pipeline with advancements. Pfizer held the third position in the hemophilia treatment drugs market by accounting for 12.1 percent market share in 2015. Other prominent players in the hemophilia treatment drugs market include Bayer AG, Biogen and CSL Behring.
As per the numbers available in this research report, the global hemophilia treatment drugs market was valued at US$ 17,304.5 Mn in 2017 and is expected to reach a valuation of US$ 25,192.8 Mn in 2024 end, displaying a CAGR of 5.5% during the period of assessment.
Growing Unmet Need of Drugs for Treatment of Rare Diseases and Special Government Initiatives Boosting Global Hemophilia Treatment Drugs Market
There is a significant unmet need of drugs for the treatment of rare diseases like hemophilia and this is one of the major driving factor boosting the growth of global hemophilia treatment drugs market. According to National Institutes of Health (NIH), only 7% of NIH defined rare diseases have therapeutic treatments. Hemophilia is often not recognized due to it being a rare, hereditary condition. As a result, those affected do not receive the treatment and support they need to live a life free from discomfort and pain. More than 440,000 people are suffering from hemophilia worldwide from which 75 percent of people are affected in less developed and developing countries.
In addition, there is a nationwide network of hemophilia treatment centers (HTCs) are funded by the federal government in the United States. Many of the HTCs are located at major university medical and research centers. The federal government in the U.S. funds for more than 100 HTCs. At such HTCs, treatment, education, and support are provided by the medical experts. People who get care and treated at HTCs are less likely to have hospitalization and bleeding complications than those who get care elsewhere.
Low Rate of Diagnosis is One of the Restraining Factors Hampering the Growth of Hemophilia Treatment Drugs Market
According to Center for Disease Control and Prevention (CDC), the exact number of people living with hemophilia in the world is not known but it affects 1 in 5,000 male births. About 400 babies are born with hemophilia each year. The diagnosis of hemophilia is performed using a special blood test and most babies can be tested soon after birth. Sometimes prenatal genetic testing is done to diagnose hemophilia before birth. Historically, the disease course is severe, and if left untreated, severe hemophilia is generally fatal during childhood or adolescence. Genetic testing is available to identify the genetic change causing hemophilia; however, insufficient or incorrect treatment of recurrent hemarthrosis and hematomas leads to motor impairment with severe disability associated with stiffness, joint deformation, and paralysis.
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