Feb 24, 2021   SOURCE: PR NewsWire

Hemoglobinopathies Market Size Worth $15.7 Billion By 2028 | CAGR: 10.8%: Grand View Research, Inc.

SAN FRANCISCO, Feb. 24, 2021 /PRNewswire/ -- The global hemoglobinopathies market size is expected to reach USD 15.7 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.8% from 2021 to 2028. Increasing awareness regarding hemoglobinopathies and government initiatives to diagnose the diseases at an early stage are expected to propel the market growth over the forecast period. Moreover, increasing R&D investment, the presence of a promising drug pipeline, and technologically advanced diagnostics platforms are expected to boost the growth of the market.

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Key suggestions from the report:

    --  Based on type, sickle cell disease accounted for the largest share of
        56.6% in 2020 and is anticipated to maintain its lead over the forecast
        period
    --  The newborn patient population with sickle cell anemia is anticipated to
        reach 400,000 by 2050. Half of the global sickle cell anemia burden is
        present in India, Nigeria, and the Democratic Republic of the Congo
    --  By therapy, in the thalassemia segment, the blood transfusion segment
        held the largest market share in 2020 and is estimated to dominate the
        market throughout the forecast period
    --  Asia Pacific is expected to witness the fastest growth over the forecast
        period owing to a large potential patient base and high unmet medical
        needs in the region
    --  North America held the largest market share in 2020 due to government
        initiatives focusing on the development of new therapies and better
        reimbursement scenario

Read 120 page research report with ToC on "Hemoglobinopathies Market Size, Share & Trends Analysis Report By Type (Thalassemia, Sickle Cell Disease, Other Hemoglobin (Hb) Variants), By Diagnosis, By Therapy, By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/hemoglobinopathies-market

The development of novel curative technologies, such as CRISPR/Cas9 and hematopoietic stem cell transplantation, coupled with a promising pipeline, is expected to propel market growth. Moreover, the presence of regulatory agencies, such as the FDA, which are working toward improving drug approval rate by granting accelerated approval for hemoglobinopathies drugs, is expected to drive the market. For instance, in 2019, the FDA has approved four novel drugs: Reblozyl by Bristol-Myers Squibb Company, Adakveo by Novartis AG, Zynteglo by bluebird bio, Inc., and Oxbryta by Global Blood Therapeutics, Inc. for the treatment of hemoglobinopathies.

Initiatives such as the Sickle Cell Awareness Initiative (SCAI) are working toward educating the people about the disease, which will increase the diagnosis and treatment rate. SCAI also raises funds for individuals affected with sickle cell diseases (SCDs) and provides research funding. Moreover, governments of Middle Eastern and Asian countries provide funds for R&D of hemoglobinopathies treatment. For instance, various programs undertaken by governments, such as thalassemia screening in neonates and providing medicines, are impacting the market growth positively.

The high patient population in low-income countries has encouraged market players and non-profit organizations to launch several initiatives to improve the access to the therapy. For instance, in February 2019, the Access to Excellent Care for Sickle Cell Patients Pilot Program (ACCEL) was launched by Global Blood Therapeutics, Inc. in order to provide research funding for novel SCD projects, with an aim to expand the access to optimal healthcare for sickle cell disease.

Biopharmaceutical companies are collaborating with nonprofit organizations to promote public awareness about hemoglobinopathies. For instance, in June 2018, the Sickle Cell Disease Association of America partnered with Emmaus Life Sciences, Inc. to provide online educational tools to sickle cell patients, friends, clinicians, caregivers, and researchers for spreading awareness about complications associated with SCD.

An increase in investment and funding for the development of novel therapies to treat hemoglobinopathies will further boost the market growth over the forecast period. The National Heart, Lung, and Blood Institute (NHLBI) has significantly invested in research & development in sickle cell disease. The NHLBI supports research work through various initiatives. Furthermore, private funding such as the Bronx Blood Research Fund (BBRF) provides a platform for research and management of thalassemia and other hemoglobinopathies.

Gene therapy has emerged as a promising treatment option for managing hemoglobin disorder as it targets the underlying genetic cause of the condition through the administration of one-time gene therapy and significantly reduces the need for blood transfusions. The current pipeline of gene therapy products includes CTX001 (CRISPR Therapeutics), BIVV003 (Sangamo Therapeutics, Inc. & Bioverativ Inc), and HGB-206 (bluebird bio, Inc).

Grand View Research has segmented the global hemoglobinopathies market on the basis of type, diagnosis, therapy, and region:

    --  Hemoglobinopathies Type Outlook (Revenue, USD Million, 2017 - 2028)
        --  Thalassemia
        --  Sickle Cell Disease
        --  Other Hemoglobin (Hb) Variants
    --  Hemoglobinopathies Diagnosis Outlook (Revenue, USD Million, 2017 - 2028)
        --  Thalassemia
            --  Blood Test
            --  Genetic Test
            --  Prenatal Genetic Test
            --  Pre-implantation Genetic Diagnosis
            --  Electrophoresis
            --  Others
        --  Sickle Cell Disease
            --  Blood Test
            --  Genetic Test
            --  Prenatal Genetic Test
            --  Electrophoresis
            --  Others
        --  Other Hemoglobin (Hb) Variants
            --  Blood Test
            --  Genetic Test
            --  Prenatal Genetic Test
            --  Electrophoresis
            --  Others
    --  Hemoglobinopathies Therapy Outlook (Revenue, USD Million, 2017 - 2028)
        --  Thalassemia
            --  Blood Transfusion
            --  Iron Chelation Therapy
            --  Bone Marrow Transplant
            --  Others
        --  Sickle Cell Disease
            --  Blood Transfusion
            --  Hydroxyurea
            --  Bone Marrow Transplant
            --  Others
        --  Other Hemoglobin (Hb) Variants
            --  Blood Transfusion
            --  Hydroxyurea
            --  Iron Chelation Therapy
            --  Bone Marrow Transplant
            --  Others
    --  Hemoglobinopathies Regional Outlook (Revenue, USD Million, 2017 - 2028)
        --  North America
            --  U.S.
            --  Canada
        --  Europe
            --  U.K.
            --  Germany
            --  France
            --  Italy
            --  Spain
            --  Russia
        --  Asia Pacific
            --  India
            --  China
            --  Japan
            --  Singapore
            --  Australia
            --  South Korea
        --  Latin America
            --  Argentina
            --  Brazil
            --  Mexico
        --  Middle East & Africa
            --  Saudi Arabia
            --  United Arab Emirates
            --  South Africa

List of Key Players of Hemoglobinopathies Market

    --  Sangamo Therapeutics, Inc.
    --  Global Blood Therapeutics, Inc.
    --  bluebird bio, Inc.
    --  Emmaus Life Sciences Inc.
    --  Pfizer, Inc.
    --  Novartis AG
    --  Prolong Pharmaceuticals, LLC
    --  Bioverativ Inc.
    --  Gamida Cell

Find more research reports on Pharmaceuticals Industry, by Grand View Research:

    --  Thalassemia Market- The global thalassemia market size was valued at USD
        1.72 billion in 2016 and is estimated to expand at a CAGR of 10.8% from
        2016 to 2022.
    --  Sickle Cell Disease Treatment Market- The global sickle cell disease
        treatment market size was valued at USD 2.1 billion in 2017 and is
        anticipated to exhibit a CAGR of 14.3% from 2018 to 2023.
    --  Blood Transfusion Diagnostics Market- The global blood transfusion
        diagnostics market size was valued at USD 3.5 billion in 2019 and is
        projected to expand at a compound annual growth rate (CAGR) of 6.6% from
        2020 to 2027.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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