According to a report by Grand View Research, Inc., global rare hemophilia factors market is anticipated to value USD 336.3 million by 2025. Growing adoption of prophylactic treatments by patients can fuel growth of market. Prophylaxis is likely to offer several advantages such as reduced incidence of joint pain and reduced joint damage. In addition, it can prevent bleeding episodes and improve quality of life among patients suffering from rare hemophilia disorders.
Increasing number of factor concentrates gaining approvals from regulatory authorities such as United States (U.S.) food and drugs administration (FDA) can drive market growth. Rising adoption of prophylaxis treatment by patients can fuel growth of market over next few years. Patients having rare hemophilia factor disorders can be recommended prophylactic treatment to improve quality life by preventing bleeding episodes. This, in turn, can boost market growth. Continual R&D activities by market players to develop new factor concentrates can spur growth of market. Supportive initiatives from governments globally to promote diagnosis and treatment rates can escalate growth of market during the forecast period (2014 to 2025).
Full Research Report On Rare Hemophilia Factors Market Analysis:
The rare hemophilia factors market can be segregated on the basis of type, treatment, and region. Based on type, the market can be categorized into factor i, factor ii, factor v, factor vii, factor x, factor xi, factor xiii. Growing awareness regarding rare hemophilia deficiencies is predicted to increase over next few years owing to initiatives taken by organizations such as the world federation of hemophilia (WFH). In 2016, factor vii deficiency segment account for largest market share. The segment is likely to maintain its position over the forecast period while accounting for highest CAGR over the forecast period. Availability of treatment options such as NovoSeven (manufactured by NovoNordisk, Denmark) and recombinant factor VIIa (rFVIIa) can drive growth of market.
Based on treatment, the market can be classified into fresh frozen plasma, factor concentrates, cryoprecipitate, and others. In 2016, fresh frozen plasma segment dominated the market and accounted for largest market share. It can contain all clotting factors and blood proteins. In addition, fresh frozen plasma can manage bleeding episodes in rare hemophilia deficiencies due to limited availability and affordability of factor concentrates. The segment is likely to exhibit market share of 53% by 2025.
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On the contrary, factor concentrates segment is likely to expand at highest CAGR of5.7% during the forecast period. Factor concentrates can be considered as safest and most effective treatment option. The method is predicted to gain preference over other options such as fresh frozen plasma and cryoprecipitate as it can allow replacement of specific defective or deficient protein without adverse effects.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. In 2016, North America dominated the market and accounted for largest market share. Supportive initiatives from governments globally to increase rate of diagnosis & reduce treatment costs can fuel growth of market. In addition, rising research activities to improve management of rare hemophilia condition can further augment market growth. Moreover, high prevalence of major market players in the region can boost growth of market.
In Asia Pacific, the market is expected to witness highest growth rate of 5.5% over the forecast period attributed to growing population. In addition, growing cases of autosomal recessive disorders due to consanguineous marriages in countries such as China, India, and Pakistan. Supportive initiatives from academic institutions, advocacy groups, and other non-profit organizations can drive growth of market in the region.
Similarly in Europe, the market can grow well over the forecast period attributed to initiatives taken by international rare diseases research consortium (IRDiRC) to develop therapies for curing diseases such as rare hemophilia. In addition, provision of funds for R&D activities can drive growth of market in the region.
Some of the leading companies offering rare hemophilia factors are Bayer healthcare; Novo Nordisk; Biogen; Pfizer, Inc.; and Bio Products Laboratory Ltd. Most companies are likely to adopt business strategies such as agreements & joint ventures, collaborations, and promotions to increase visibility of their products.
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