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Cognizance into Rare Hematology Disorders Market and it’s growth prospects

Author : Rahul Sankrityayan | Published Date : 2019-07-24 

Rare Hematology Disorders Market is projected to experience significant growth from 2019 to 2025. Rare hematology disorders market will witness high growth during the forecast period due to rising prevalence of various rare blood disorders such as hemophilia, sickle cell anemia, thalassemia, Von Willebrand disease, and other blood cancers (leukemia, lymphoma, and myeloma). According to the National Hemophilia Foundation (NHF), in the U.S., Hemophilia A affects 1 in 5,000 male births and approximately 20,000 people are suffering from hemophilia presently in the country. Nearly 75% of individuals suffering from hemophilia globally either receive inadequate treatment or have no access to the treatment. Thus, rise in number of people suffering from blood disorders will create significant demand for rare hematology disorders treatment market over the estimated period.

Several government initiatives to enhance public awareness regarding blood related conditions in underdeveloped economies will augment the global rare hematology disorders market growth in the coming years. Organizations such as the American Society of Hematology (ASH), increasing precision medicine efforts in the area of hematology to provide enhanced immunologic treatment for growing hematologic malignancies will positively impact the industry growth. Government efforts to enhance public health coupled with various awareness and diagnostic programs in the developing economies will result in boosting the rare hematology disorders treatment market growth over the projected timeframe.

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However, high cost of treatment is unaffordable for the middle- and lower-income class families, thereby impeding the demand for hematology disorders treatment. Furthermore, limited government support for conducting extensive research on specific blood-related diseases will hinder the rare hematology disorders treatment market growth over the forthcoming years.

Plasma disorders treatment will show momentous growth over the projected timeframe due to the growing incidence of blood disorders such as hemophilia, acquired hemophilia, and Von Willebrand disease. Hemophilia A is a common hematology disorder and its pervasiveness rate is high in developing and underdeveloped economies. Additionally, according to the National Hemophilia Foundation (NHF), Von Willebrand disease is one of the most prevalent bleeding disorders, affecting up to 1% of the U.S. population. Growing awareness among the population regarding the treatment and medications for plasma disorders will result in rising adoption rate of plasma disorder drugs, thereby boosting the business growth.

Recombinant factor segment held a significant revenue size in 2018 and is anticipated to witness lucrative growth over the forecast years due to the growing need to treat blood-related disorders globally. Treatment of rare blood disorders is mainly based on the replacement of the clotting deficient factor by using specific recombinant factor concentrates. Rise in production of recombinant products has provided growth opportunity to treat rare hematology disorders, leading to industry growth. Increasing adoption of recombinant factor concentrates in the treatment of rare hematology disorders will further drive segmental growth during the projected timeframe.

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Rare hematology disorder treatment among the geriatric population base will show momentous growth over the projected timeframe. An overall occurrence of anemia ranges between 10% to 24% among the senior adults. As the age of patient increases, the need for hematology disorder care also increases. Thus, the growing population of geriatric age group will increase the chances of developing rare blood disorders among adults, thereby boosting the demand for hematology disorder treatment in the forecast timeframe.

U.S. rare hematology disorders market is estimated to witness lucrative growth over the forecast period owing to continuous development of innovative technology in the area of hematology. The U.S. has focused on improving the adoption of novel therapeutics for different types of hematology malignancies treatment, thus augmenting the market demand. Moreover, recent technological advancements to develop innovative products and growing prevalence of blood-related diseases will significantly drive the hematology disorders treatment market industry growth in the country.

Rare hematology disorders market will witness substantial growth in India during the forecast period due to the growing incidence of various rare hematology disorders. Rise in healthcare expenditure, growing awareness among people regarding the rare hematology disorders and high rate of patients affected with hemophilia will augment the business growth. Moreover, supportive government initiatives to build the necessary infrastructure and recent technological advancements will accelerate India rare hematology disorders treatment market growth over the forecast timeframe.

Few major companies operating in the global rare hematology disorders market include Shire, Biogen, Bayer AG, Novo Nordisk A/S and CSL Behring among others. The industry players are implementing numerous strategic initiatives such as collaborations, mergers & acquisitions, partnerships, and new product launch to enhance financial stability and company’s growth. For instance, in March 2018, Amgen received the U.S. FDA approval for Blincyto (blinatumomab), a cancer drug used in the treatment of minimal residual disease with B-cell precursor acute lymphoblastic leukemia for adults and children. The strategy strengthened the company’s rare hematology disorders market product portfolio as well as helped in gauging high number of customers.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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