Thalassemia Treatment Market: Growth Factors Details for Business Development, Key Companies, Current Trends Challenges and Forecast By 2023
According to MRFR analysis, Thalassemia Treatment Market is expected to register a CAGR of 10.4% during the forecast period of 2019 to 2025 and was valued at USD 1890.4 Million in 2018.
Thalassemia is an inherited blood disorder that is characterized by inadequate hemoglobin and fewer red blood cells in the body than normal. Hemoglobin is the substance in red blood cells that allows them to carry oxygen. The inadequate hemoglobin and fewer red blood cells of thalassemia may cause anemia.
The growth of the Global Thalassemia Treatment Market is driven by various factors such as rising incidence of thalassemia, increasing pipeline drugs in thalassemia, rise in awareness regarding available treatment options for the treatment of thalassemia, growing public awareness related to preventive care and rise in demand for improved curative gene therapy. However, stringent regulatory policies and high treatment costs are expected to curb the growth of the global thalassemia treatment market.
The global thalassemia treatment market is currently dominated by several market players. The key players are involved in product launches and strategic collaborations to strengthen their market positions.
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The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the increasing prevalence of thalassemia and rising per capita healthcare expenditure. The thalassemia treatment market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European thalassemia treatment market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The thalassemia treatment market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Increasing government initiatives to promote the thalassemia treatment technique is expected to boost the growth of the thalassemia treatment market in Asia-Pacific and is expected to be the fastest-growing. The thalassemia treatment market in the Middle East & Africa has been divided into the Middle East and Africa.
Thalassemia Treatment Market Segmentation
The Global Thalassemia Treatment Market has been segmented based on type, treatment, and end-user.
The market, based on type, has been divided into alpha-thalassemia and beta-thalassemia. The alpha-thalassemia segment is likely to be the fastest during the forecast period as there is an increased incidence of alpha-globin disorders in the US and other Western nations.
The global thalassemia treatment market has been segmented based on treatment, into blood transfusions, iron chelation therapy, folic acid supplements, gene therapy, and bone marrow transplants. The blood transfusions segment is expected to be the fastest market as low risks are involved due to careful blood screening. For instance, about 56,000 population have major thalassemia, and there are at least 30,000 people that need regular blood transfusions to survive and 5,500 die perinatally due to alpha-thalassemia major. As a result, increasing the need for blood transfusions would boost the growth of the thalassemia treatment market.
The end-user segment of the market includes hospitals and clinics, diagnostic laboratories, and others. The hospitals and clinics segment is expected to hold the largest share of the market due to the increase in the number of hospital admissions for the treatment of thalassemia across the globe.
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Some of the Key Players in the Global Thalassemia Treatment Market are Novartis AG (Switzerland), Kiadis Pharma (Netherlands), Sangamo Therapeutics (US), Gamida Cell (Israel), Acceleron Pharma, Inc. (US), CELGENE CORPORATION (US), and Bluebird Bio, Inc. (US).