Newark, NJ, Sept. 30, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global hemoglobinopathies market is expected to grow from USD 6.35 billion in 2019 to USD 13.72 billion by 2027, at a CAGR of 10.1% during the forecast period 2020-2027.
Some of the key factors that are driving the global hemoglobinopathies market are rising cases of hemoglobinopathies, increasing government initiatives for spreading awareness regarding hemoglobin variant diseases, growing R&D activities for developing novel therapeutics, rising cases of hemoglobin disorders such as thalassemia, Sickle Cell Disease (SCD), Hb C, & Hb E, unmet treatment needs, absence of a permanent cure, improvement in healthcare infrastructure, and rising cases of blood cancer.
Hemoglobinopathy is a genetic disorder that can result in defective globin chains. They are single-gene inherited disorders of which SCD is the most common. There is a high occurrence of Hemoglobinopathies in the Mediterranean, Southeast Asia, and Africa. If left untreated, hemoglobinopathy can lead to organ dysfunction, anemia, and even death in critical cases. Thalassemias, sickle cell anemia, hemoglobin S-C and hemoglobin C are some of the common hemoglobinopathies diseases. Typically, they are found by tests such as red blood cell count, hemoglobin isoelectric focusing, high performance liquid chromatography, etc.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the hemoglobinopathies market. With less disposable income and broken supply chains for equipment & tools, the market's growth is expected to slow down. Other factors that restrict market growth are diagnostic alternatives to hemoglobinopathies and an insufficient number of proper diagnostics test kits.
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Key players operating in the global hemoglobinopathies market include Alnylam Pharmaceuticals, Gamida Cell, Sanofi, Global Blood Therapeutics, Sangamo Therapeutics Inc., Bluebird Bio Inc., Prolong Pharmaceuticals, Celgene Corporation, and Emmaus Life Sciences Inc., among others. To gain a significant market share in the global hemoglobinopathies market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Global Blood Therapeutics and Bluebird Bio Inc. are some of the biggest players in the global hemoglobinopathies market.
- For instance, bluebird bio's LentiGlobin therapy proposed for the treatment of sickle cell disease was given an accelerated assessment in July 2018 by the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP).
Sickle cell disease dominated the market and held the largest market share of 38.4% in the year 2019
On the basis of type, the market has been segmented into sickle cell disease, thalassemia, and others. Sickle cell disease dominated the market and held the largest market share of 38.4% in the year 2019. The large share of this segment was attributed to the increasing patient awareness about disorders and improvements in diagnosis & treatment. This segment is also expected to expand at a significant CAGR during the forecast period.
Red blood cell (RBC) count test segment dominated the market and valued at USD 1.2 billion in the year 2019
Based on diagnosis, the global market has been divided into genetic testing, red blood cell (RBC) count test, hemoglobin isoelectric (Hb IEF) focusing, hemoglobin by high performance liquid chromatography (HPLC) test, hemoglobin solubility test, and hemoglobin electrophoresis (Hb ELP) test). Red blood cell (RBC) count test segment dominated the market and valued at USD 1.2 billion in the year 2019. The red blood cell (RBC) count test is the most commonly used first-line screening method.
Blood transfusion dominated the market and held the largest market share of 29.3% in the year 2019
Based on therapy, the hemoglobinopathies market has been segmented into blood transfusion, bone marrow transplant, iron chelation therapy, and others. Blood transfusion dominated the market and held the largest market share of 29.3% in the year 2019. The large share of this segment is attributed to factors like its high acceptance, high success rate, and rising government initiatives for increasing blood donations.
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Regional Segment Analysis of the Hemoglobinopathies Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global hemoglobinopathies market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 45.25% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as increasing R&D investments by major players, good reimbursement scenario, presence of advanced healthcare infrastructure, increasing prevalence of blood disorders, supportive government programs, and rising awareness among patients & healthcare professionals regarding hemoglobinopathies-related genetic testing. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to factors like the introduction of low-cost, indigenously-manufactured diagnostic kits for sickle cell disease & thalassemia, rising patient awareness levels, unmet clinical needs, and developing healthcare infrastructure.
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About the report:
The global hemoglobinopathies market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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