Transparency Market Research estimates that the market will exhibit a promising 5.4% CAGR over the period between 2016 and 2024, rising from a valuation of US$15.8 bn in 2015 to US$25.1 bn by 2024.
The global hemophilia drug treatment market features an exceedingly consolidated vendor landscape, with the top three companies, namely Novo Nordisk A/S, Shire Plc., and Pfizer Inc., collectively accounting for a nearly 49% of the market in 2015, observes Transparency Market Research in a recent report. Focus on research and development activities aimed at the discovery of new drug candidates and strategic mergers and acquisitions with the view of expanding geographical reach and enhancing product portfolios are amongst the key strategies adopted by companies to beat competition.
This 188 page report gives readers a comprehensive overview of the hemophilia treatment drugs market.
North America to Retain Position as Dominant Market for Hemophilia Treatment Drugs
Of the key hemophilia treatment drug varieties available in the global market, including desmopressin, plasma derived coagulation factor concentrates, recombinant coagulation factor concentrates, and antifibrinolytic agents, the segment of recombinant coagulation factor concentrates presently dominates. Their dominance is chiefly attributable to their low risk of causing blood-related infections.
The segment is also poised to lead through the forecast period, acquiring nearly 47% of the overall market by 2024.
From a geographical perspective, the hemophilia treatment drugs market is presently the most lucrative and significant market for hemophilia treatment drugs, mostly owing to the high disposable incomes of patients and a well-established healthcare infrastructure. The region is likely to remain the leading contributor of revenue and business to the global hemophilia treatment drugs market on account of the presence of leading vendors and a rising population of hemophilia patients.
The region is expected to acquire a nearly 41% of the global market by 2024.
Development of Novel Drugs Varieties to Drive Market
The rising prevalence of hemophilia is the primary driver of the global hemophilia treatment drugs market. Technological advancements in hemophilia drug innovation, along with the development of novel coagulating factors promising long-lasting clotting, are anticipated to contribute towards the growth of the market in the near future.
An instance of one of the novel long-lasting clotting agents being developed is the drug emicizumab by Roche Pharmaceuticals.
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Clinical studies have demonstrated that people treated with emicizumab prophylaxis showed a statistically significant decline in the number of bleeds over a certain period as compared to people who received no prophylactic treatment. The demand for this type of treatment is expected to rise with time with rising consumer awareness about its benefits.
High Costs Restrain Sale of Drugs in Developing and Lesser-developed Economies
The high cost of hemophilia drugs is one of the key challenges hindering the overall development of the hemophilia treatment drugs market, especially across developing and lesser-developed economies. The market also faces the challenge of low diagnosis rate.
Despite availability of generic testing for hemophilia, lack of awareness among patients restricts the potential patient base of the market, especially in remote parts of the world.
This review of the market is based on a recent market research report published by Transparency Market Research, titled “Hemophilia Treatment Drugs Market (Product - Recombinant Coagulation Factor Concentrates, Plasma Derived Coagulation Factor Concentrates, Desmopressin, and Antifibrinolytic Agents; Disease Indication - Hemophilia A, Hemophilia B, Acquired Hemophilia, and Hemophilia C; Distribution Channel - Hospital Pharmacies, Retail Pharmacies, and E-commerce) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
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