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Hemoglobinopathies Market Size to Boost US$14.3 Billion By 2027 | CAGR 10.2% - IndustryARC

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Increasing Prevalence of Hemoglobinopathies in Developing and Low-income Countries along with Other Regions

HYDERABAD, TELANGANA, INDIA, November 30, 2022 /EINPresswire.com/ -- The Hemoglobinopathies Market Size is estimated to reach $14.3 billion by 2027 and it is poised to grow at a CAGR of 10.2% over the forecast period of 2022-2027. Hemoglobinopathies is a hereditary and genetic disorder that affects the structure, function, or production of the key hemoglobin. Examples of hemoglobinopathies or types of hemoglobinopathies are thalassemia of alpha and beta class, sickle cell disease, and hemoglobin E and C diseases amongst others. Hemoglobinopathies can be or cannot be dangerous based on criticality. Hemoglobinopathies screening is a critical aspect in understanding the criticality of the disease/condition. Hemoglobinopathies cannot be cured permanently. However, it can be treated as per the stage and medical requirements by using various therapeutics. Immunofixation analysis is a form of blood test that measures certain proteins in the blood and is a hemoglobinopathy screen. Governments of various economies across the globe are trying to understand the importance of hemoglobinopathy results or fetal hemoglobin to eradicate the condition from new-born. Rising clinical trials and activities along with support from critical health authorities are driving the Hemoglobinopathies industry in the forecast period of 2022-2027.

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Key Takeaways

Geographically, North America held a dominant market share in 2021. It is owing to the presence of robust healthcare infrastructure focusing on diagnostic and treatment. However, Asia-Pacific is expected to offer lucrative opportunities in the forecast period owing to the rising focus on private-public partnerships to aid the disease-afflicted population.

The rising prevalence of disease subjugated by growing support from leading healthcare authorities propels market usage. However, failed clinical trials impede market confidence.

A detailed analysis of the strengths, weaknesses, opportunities, and threats would be provided in the Hemoglobinopathies Market Report.

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Segmental Analysis:

Hemoglobinopathies Market Segment Analysis - By Type: The Hemoglobinopathies Market based on type can be further segmented into Thalassemia, Sickle Cell Disease, and Other Haemoglobin (Hb) Variants. The sickle cell disease held a dominant market share in the year 2021 and is estimated to grow at the fastest rate, with a CAGR of 11.4% over the forecast period of 2022-2027. The dominant share is attributed to the initiatives partaken by biopharma companies and other non-profit organizations, which are excessively focusing on SCD treatment. As per NCBI 2020, an estimated 10%-40% of the individuals in many regions of Africa are carriers of the aforementioned form of sickle cell gene, which in turn has increased the prevalence to nearly 2% in the countries. As per PLOS Medicine Article, the number of sickle cell anemia is estimated to increase by about 30% globally in 2050.

Hemoglobinopathies Market Segment Analysis - By Treatment: The Hemoglobinopathies Market based on treatment can be further segmented into blood transfusion, analgesics, antibiotics, ACE inhibitors, gene therapy, and others. Blood Transfusion held a dominant market share in 2021. Blood Transfusions are suggested by doctors for patients whose hemoglobin drops below 8g/dL. The frequency of blood transfusion is higher in thalassemia cases as compared to other hemoglobinopathies. The transfusion is done every 3 to 4 weeks to help maintain the normal level of blood components. However, cases of transfusion-acquired hemoglobinopathy have provided other segments to outpace the aforementioned methodology. Hence, gene therapy is estimated to be the fastest-growing segment, with a CAGR of 11.9% over the forecast period of 2022-2027. Nearly 5% of the world population carries a Hb disorder trait with gene therapy, it targets the underlying genetic cause of the condition through one-time administration and reduces the need for patients to undertake blood transfusions.

Hemoglobinopathies Market Segment Analysis - By Geography: North America held a dominant market share of 34% in 2021. The US Hemoglobinopathies tests cover a range of diagnostic measures such as CBC (Complete Blood Count), blood smear, and other popular methodologies. Owing to a primal diagnosis system in the North American region, hemoglobinopathies can be cured under time constraints. As per CDC, nearly 100,000 Americans are affected by SCDs. However, Asia-Pacific is estimated to offer lucrative growth opportunities over the forecast period of 2022-2027. It is owing to the establishment of improved healthcare infrastructure in middle- and lower-income countries, supported by the leading NGO and Health Associations in the forecast period of 2022-2027.

Competitive landscape:

The top 5 players in the Hemoglobinopathies industry are:

1. Abbott Diagnostics
2. Bio-Rad Labs
3. Danaher Corporation
4. Mindray Medical International
5. Nexcelom Bioscience LLC

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Why Choose IndustryARC?

IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website but also get personalized assistance on specific reports.

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