The Hemophilia Treatment Market is estimated to be valued at US$ 15,197.8 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hemophilia is a rare genetic bleeding disorder caused due to a deficiency in clotting factors VIII (in hemophilia A) or IX (in hemophilia B) in the blood. Factor replacement therapy is the main stay treatment for hemophilia patients to prevent and control bleeding episodes. Recombinant factors and plasma-derived factors along with desmopressin drugs are commonly used for treatment.
Market key trends:
The high incidence rate of hemophilia globally is the major driver of growth of the hemophilia treatment market. According to the World Federation of Hemophilia (WFH), around 400,000 people are living with hemophilia worldwide. Further, according to the Centers for Disease Control and Prevention (CDC), around 1 in 5,000 male births in the U.S. have hemophilia. The growing cases of hemophilia worldwide require effective treatment and management of the condition, which is fueling demand for hemophilia drugs and therapies. Moreover, advancement in treatments and therapies such as extended half-life recombinant factor therapies with improved efficacy and convenience of administration are also contributing to growth of the market.
Porter's Analysis
Threat of new entrants: The hemophilia treatment market requires huge investment for R&D to develop novel therapies. Regulatory hurdles also pose barriers for new companies.
Bargaining power of buyers: The bargaining power of buyers is moderate as treatment of hemophilia involves lifelong therapy. However, availability of generic drugs provides options.
Bargaining power of suppliers: A few suppliers dominate the market. Their expertise and intellectual property rights enables them to exercise some control over pricing.
Threat of new substitutes: No close substitutes exists for hemophilia treatment since it requires stable and long-term factor replacement therapy.
Competitive rivalry: Intense as major players compete to develop novel therapies and technologies to treat hemophilia in a more effective way.
SWOT Analysis
Strength: Established distribution network and expertise in hemophilia treatment domain by major players. Growing awareness regarding treatment and management of hemophilia.
Weakness: High cost of hemophilia treatment posing affordability issues in low income countries. Side effects associated with factor replacement therapy.
Opportunity: Developing economies expected to increase market growth due to growing healthcare expenditures. Emergence of novel treatment technologies such as gene therapy.
Threats: Patent expiries of blockbuster drugs allowing entry of biosimilars. Stringent regulations delaying approvals of novel therapies.
Key Takeaways
The global hemophilia treatment market is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing awareness regarding management of bleeding disorders and rising healthcare expenditures in developing economies.
Regionally, North America is expected to dominate the hemophilia treatment market owing to availability of advanced healthcare facilities and presence of major market players in the region. However, Asia Pacific market is anticipated to grow at fastest pace during the forecast period. Factors such as rising healthcare investments, growing patient awareness levels and increasing focus of key players to tap untapped opportunities in Asian countries will further support market growth.
Key players operating in the hemophilia treatment market are Takeda Pharmaceutical Co., Ltd., Sanofi S.A., Octapharma AG, Swedish Orphan Biovitrum AB, Baxter International Inc., Biogen Inc., Bayer AG, CSL Behring, Ferring B.V., Pfizer, Inc., Kedrion, Novo Nordisk A/S, and F. Hoffmann-La Roche AG. Major players are focusing on development of extended half-life factor therapies and gene therapy to strengthen their market position.
Hemophilia refers to an inherited genetic blood disorder which affects the ability of the blood to clot due to the lack of a specific protein required for blood clotting.
As per the analysis of Market Research Future (MRFR), the global hemophilia treatment market is likely to post a CAGR of 6.10% over the forecast period of 2018-2023.
An outlay of massive amounts by biotechnology companies and high government support for R activities has resulted in significant developments in recent years.
Recombinant products have emerged as an alternative to plasma-derived products and consumers have demonstrated an increased inclination towards the use of recombinant products which can also be credited for the growth of the global hemophilia treatment market.
The recombinant coagulation factor concentrates segment is likely to expand at the highest CAGR of 7.01% over the forecast period.
The growth of the Americas market can be attributed to the high occurrence of the disorder in the region coupled with growing expenditure on the healthcare sector.
