Dublin, July 31, 2023 (GLOBE NEWSWIRE) -- The "Hemoglobinopathies Competitive Landscape and Market Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Hemoglobinopathies Market is poised for significant growth, projected to advance at an impressive CAGR of 8.19% through 2022 to 2027. The market is expected to reach a valuation of USD 12.21 million by 2027.
This upward trend can be attributed to the escalating prevalence of various hemoglobin disorders, such as sickle cell anemia, hemoglobin C disease, hemoglobin S-C disease, thalassemia, and others, across the globe. Furthermore, the market is benefiting from the increasing focus of governments and healthcare organizations on rare diseases, including sickle cell anemia and thalassemia. The presence of a robust pipeline of Hemoglobinopathies treatments and the surge in drug approvals and launches also contribute to the market's growth.
The World Health Organization's (WHO) estimate that over 300,000 babies are born each year with severe forms of hemoglobinopathies worldwide, with the majority in low and middle-income countries. Approximately 5% of the global population are healthy carriers of a gene for sickle-cell disease (SCD) or thalassemia. Notably, these conditions are most prevalent in tropical regions, but due to population migration, they are spreading to various countries. In the US, for instance, sickle cell anemia affects approximately 100,000 people every year. The prevalence is particularly high among Black or African-American births, with 1 out of every 365 births being affected.
Additionally, the clinical trials of hemoglobinopathies have the potential to significantly advance drug development. Vertex Pharmaceuticals Incorporated is conducting a Phase IIIb study to evaluate the efficacy and safety of a single dose of autologous CRISPR Cas9 modified CD34+ human hematopoietic stem and progenitor cells (CTX001) in subjects with transfusion-dependent ?-thalassemia or severe sickle cell disease, which is anticipated to be completed by February 2025.
Despite the positive outlook, the market faces challenges that could hinder its growth. High costs associated with drug development and launches are a significant constraint. Additionally, low awareness regarding hemoglobinopathies, especially in certain regions, poses a challenge to market expansion. Moreover, the stringent regulatory approval process may further slow down the market's progress. However, the rising investment in the development of novel therapies and increasing awareness initiatives by both governments and key players create opportunities for market growth in the coming years.
In terms of geographical dominance, Europe is projected to lead the global hemoglobinopathies market. The region's strong market presence can be attributed to the increasing prevalence of various hemoglobin disorders, such as sickle cell anemia and thalassemia, and the presence of key players in the region. Additionally, the rising number of new drug approvals and launches further boosts the market's growth.
Hemoglobinopathies Market Company Profiles
- Global Blood Therapeutics, Inc.
- Sanofi, bluebird bio, Inc.
- Bristol-Myers Squibb Company
- Emmaus Medical, Inc
- Novartis
- Merck KGaA
- Chiesi USA, Inc.
- ApoPharma Inc.
- Alvogen
For more information about this report visit https://www.researchandmarkets.com/r/qpj4yp
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