Exciting Growth Prospects for Hemoglobinopathies Market by 2031

Hemoglobinopathies Market Size By Indication Type (Sickle Cell Disease, Alpha Thalassemia, & Beta Thalassemia), By End-Users (Hospitals, Diagnostic Laboratories & Clinics), By Test Type (Red Blood Cell (RBC) Count Test, Hemoglobin Isoelectric (Hb IEF) Focusing, Hemoglobin Solubility Test), By Geographic Scope And Forecast published by Verified Market Research.

Hemoglobinopathies Market Experiences Rapid Growth, Set to Scale New Heights in the Forecast Period from 2024 to 2031

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Global Hemoglobinopathies Market Size and Forecast

Hemoglobinopathy is a hereditary condition that produces structural defects in hemoglobin molecules, particularly globin chains that are faulty. Hemoglobinopathies are inherited single-gene illnesses, the most prevalent of which is sickle cell disease. Hemoglobinopathies are very common in Africa, Southeast Asia, and the Mediterranean basin. Critical cases of hemoglobinopathies can result in anemia, organ failure, or death if left untreated. To determine the presence of hemoglobinopathies, diagnostic techniques such as gel electrophoresis and complete blood count are utilized. Because there is no permanent solution for the disease, there is an increasing desire for new pharmaceutical product improvements.

The market is predicted to increase due to the rising prevalence of diseases such as sickle cell disease (SCD) and thalassemia, as well as the presence of a robust product pipeline for the treatment of hemoglobinopathies. Thalassemia affects approximately 4.4 out of every 10,000 live births worldwide. In addition, India has roughly 40 million thalassemia carriers. Furthermore, the WHO estimates that about 330,000 newborns are born each year with hemoglobin abnormalities. Lack of awareness, unmet needs in the treatment of sickle cell disease and thalassemia, and the lack of a permanent cure are all major factors contributing to the high frequency of hemoglobinopathies.

Furthermore, over the projection period, the rising prevalence of hemoglobinopathies in developing and low-income nations is expected to promote market growth. According to a survey issued by the American Society of Hematology, more than 95 percent of infants born with thalassemia are from low- and middle-income nations, with less than 5% living in North America and Europe. In low-income nations, lack of awareness and high unmet needs linked to diagnosis and treatment are two main factors contributing to the rise in prevalence.

In addition, increased investment in the development of innovative medicines is likely to boost the market growth in the future years. Using cutting-edge technological platforms, major pharmaceutical companies are collaborating to create innovative therapies for hemoglobinopathies. Sangamo Treatments, Inc. and Bioverativ, for example, have teamed up to explore hemoglobinopathies therapeutics. Furthermore, rising regulatory approvals for innovative medicines are likely to promote market growth. Reblozyl, Adakveo, Zynteglo, and Oxbryta, for example, were approved by the FDA in 2019 for the treatment of hemoglobin problems.

Global Hemoglobinopathies Market Segmentation

Based on regional analysis, the global hemoglobinopathies market is classified into four regions: North America, Europe, Asia Pacific, and the Rest of the World. Because of its strong healthcare infrastructure and the high prevalence of thalassemia in Mediterranean nations like Cyprus and Greece, Europe is expected to be the leading regional market in the worldwide hemoglobinopathy market in 2016. Over the forecast period, the European hemoglobinopathy market is expected to grow at a CAGR of 7.9%. In terms of CAGR, the Asia Pacific and the Middle East, and Africa are expected to be the fastest-growing markets. Over the forecast period, the North American hemoglobinopathy market is expected to grow at a 7.6% CAGR.

Key Players

Bio-Rad Laboratories Inc., Danaher Corporation, Abbott Diagnostics, Mindray Medical International Ltd., Nihon Kohden Corporation, PerkinElmer Inc., Nexcelom Bioscience LLC., Siemens Healthineers, Pfizer, Inc., and Sysmex Corporation.

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