Newark, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the hemoglobinopathies market will grow to USD 6.22 billion in 2022 and reach USD 13.29 billion by 2032. In just ten years, the increased focus of the government, the increasing prevalence of hemoglobinopathies in developing and low-income countries, the high prevalence of chronic blood-related medical conditions, such as Sickle Cell Disease (SCD) and thalassemia, increased focus of the government, and the initiatives such as newborn screening for detection of potential disorders.
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Key Insight of the Hemoglobinopathies Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in hemoglobinopathies. Key factors favouring the growth of the chatbot market in North America include the increasing prevalence of hemoglobinopathies in developed countries, high-level diseases, various government support initiatives, and NGO funding. Further, the rising expenditure for developing healthcare infrastructure, rising investments for research and development activities, and rising personal disposable income are expected to drive market growth in this region.
The red blood cell (RBC) count test segment is expected to augment the Hemoglobinopathies market during the forecast period.
The diagnosis segment is divided into red blood cell (RBC) count test, genetic testing, high-performance liquid chromatography (HPLC) test, haemoglobin isoelectric (Hb IEF) focusing, haemoglobin electrophoresis (Hb ELP) test, and haemoglobin solubility test. The red blood cell (RBC) count test segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing prevalence of chronic disorders such as anaemia and diabetes.
The thalassemia segment is anticipated to dominate the market by 52.16% in 2032.
The type segment is divided into thalassemia, sickle cell disease, and others. The thalassemia segment is anticipated to dominate the market in the forthcoming years due to the increasing investments in R&D initiatives by pharmaceutical & biotechnology businesses. Further, thalassemia is a genetic blood condition in which the human body produces abnormal haemoglobin. It causes many blood cells to be destroyed, resulting in anaemia.
The blood transfusion segment market size was USD 2.01 billion in 2022
The therapy segment is divided into bone marrow transplant, blood transfusion, iron chelation therapy, and others. The blood transfusion segment market size was USD 2.01 billion in 2022 due to the increasing use of blood transfusion in the adult, pediatric and elderly populations.
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Market Dynamics
Driver: The rising incidence of hemoglobinopathies globally:
The high prevalence of hemoglobinopathies, particularly sickle cell disease and thalassemia, is one of the driving factors of market growth. Moreover, the high prevalence of various disorders, increasing awareness, and screening efforts are also helping to boost market growth. Further, recent advancements in therapeutic approaches are attaining huge interest, coupled with the rise in awareness of sickle cell diseases are also helping to boost the market growth.
Restraint: The high cost of treatment:
The high cost of treatment, particularly for new and innovative therapies, and limited access to care and treatment in certain regions are restraining the market growth. Moreover, the population's lack of awareness about hemoglobinopathy diseases, especially in underdeveloped countries, is the restraining factor of market growth. Additionally, the availability of diagnostics alternatives used in hemoglobinopathies and the lack of proper diagnostic test equipment in low and middle-class economies are expected to hinder market growth.
Opportunity: The increase in the investment for RD:
The growing R&D activities and the rapid technological advancements in the healthcare sector are one of the opportunity factors for market growth. Further, favourable governmental plans, policies, and initiatives for hemoglobinopathies are propelling market growth. The increasing awareness of the vast presence of hemoglobinopathies therapy solutions is also helping to stimulate market growth. Besides, the rise in implementing the latest technologies in the medicine & pharmaceutical sector is expected to drive market growth during the forecast period. Further, favourable government initiatives are expected to propel the market growth over the forecast period with the growing demand for blood transfusion and related products and the increasing prevalence of haemoglobinopathies.
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Some of the major players operating in the Hemoglobinopathies market are:
• Gamida Cell
• Alnylam Pharmaceuticals, Inc
• Sangamo Therapeutics
• Global Blood Therapeutics, Inc.
• Acceleron Pharma, Inc.
• Biogen
• Prolong Pharmaceuticals, LLC.
• CELGENE CORPORATION
• Emmaus Life Sciences, Inc.
• Genetix Biotech Asia Pvt. Ltd
• Biogen
• Bio-Rad Laboratories, Inc.
• Abbott
• Nexcelom Bioscience LLC.
• Bristol-Myers Squibb Company
• Optinova
• Sysmex Corporation
• Danaher
Key Segments cover in the market:
By Diagnosis:
• Red Blood Cell (RBC) Count Test
• Genetic Testing
• High-Performance Liquid Chromatography (HPLC) Test
• Hemoglobin Isoelectric (Hb IEF) Focusing
• Hemoglobin Electrophoresis (Hb ELP) Test
• Hemoglobin Solubility Test
By Type:
• Thalassemia
• Sickle Cell Disease
• Others
By Therapy:
• Bone Marrow Transplant
• Blood Transfusion
• Iron Chelation Therapy
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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