According to Coherent Market Insights, the rest of the world factor VIII deficiency treatment market was valued at US$ 2,039.4 million in 2018 and is expected to exhibit a CAGR of 4.7% over the forecast period (2019-2027).
Key Trends and Analysis of the Factor VIII Deficiency Treatment Market:
Key trends in market are rising cases of bleeding disorders or Hemophilia and increasing product approvals and launches coupled with novel development of treatment by the players are expected to propel the market growth.
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Increasing incidences of bleeding disorders or hemophilia is expected to boost growth of the market over the forecast period. For instance, according to the World Federation of Hemophilia report 2018, over 337,000 people suffered from bleeding disorders globally, out of which 210,454 people were diagnosed with hemophilia. Moreover, according to the World Federation of Hemophilia 2018 statistics, there were around 2,653 patients suffering from hemophilia in Australia and 2,152 were diagnosed with hemophilia A in 2018.
Increasing product approvals and product launches are other factors that are expected to boost growth of the market. For instance, in August 2018, Bayer AG, received the U.S. Food and Drug Administration approval for its new hemophilia A treatment product, Jivi with flexible dosing regimen. It is used for treating bleeding in adults and adolescents (12 years of age and above), who are previously treated for hemophilia A. Moreover, in February 2018, Shire, a subsidiary of Takeda, received approval from the Ministry of Food and Drug Safety for Adynovate, for its long-lasting factor VIII gene recombinant for hemophilia A treatment.
Furthermore, key players operating in the market are focusing on development of novel drug delivery therapy for treatment of Factor VIII deficiency. For instance, in 2016, researchers from the Cockrell School of Engineering at The University of Texas, Austin, developed biodegradable delivery system for the hemophilia treatment, a capsule for people suffering from Factor VIII deficiency. This system is affordable and less painful than the other conventional injections or infusions.
However, high cost of treatment therapies are expected to restrain the market growth over the forecast period. For instance, according to the Hemophilia Federation India 2016 report, factor VIII deficiency treatment cost in India is around US$ 300 – US$ 500. However average adult requires 1,000 – 1,500 units of blood per dose in case of bleeding and two such doses need to be given at one time, which is not affordable by middle-income population. Thus, it is expected to be a restraining factor for growth of the market in India.
Key Market Takeaways:
- The rest of the world factor VIII deficiency treatment market is expected to exhibit a CAGR of 4.7% during the forecast period (2019-2027), attributed to rising cases of hemophilia. For instance, according to the National Hemophilia Foundation 2018 report, one in 10,000 people are born with hemophilia A due to deficiency of clotting factor VIII, and one in 50,000 people are born with hemophilia B due to lack of clotting factor IX. Moreover, according to the World Federation of Hemophilia 2018 statistics, in China, around 18,712 people suffered from hemophilia A and 16,158 people were diagnosed with hemophilia A in 2018.
- Key players in the market are focused on acquisition and collaboration strategies to enhance their product portfolio, which in turn is expected to propel the market growth over the forecast period. For instance, in October 2019, Novo Nordisk A/S and Bluebird Bio entered into a three-year research collaboration to develop next-generation Vivo genome editing treatment for genetic diseases such as hemophilia. As part of the research collaboration, Bluebird Bio and Novo Nordisk A/S focus on development of gene therapy for the treatment of people with hemophilia A.
Key players operating in the rest of the world factor VIII deficiency treatment market include Baxter International, Inc., Biogen, Inc., Bayer AG, CSL Behring, Ferring B.V., F. Hoffmann-La Roche AG, Pfizer, Inc., Kedrion, and Novo Nordisk A/S.
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