The Hemoglobinopathies Market size is estimated to reach $14.3 billion by 2027 and it is poised to grow at a CAGR of 10.2% over the forecast period of 2022-2027. Hemoglobinopathies is a hereditary and genetic disorder that affects the structure, function or production of the key hemoglobin.
Examples of hemoglobinopathies or types of hemoglobinopathies are thalassemia
of alpha and beta class, sickle cell disease and hemoglobin E and C disease
amongst others. Hemoglobinopathies can be or cannot be dangerous based on criticality. Hemoglobinopathies screening is a critical aspect in understanding
the criticality of the disease/condition. Hemoglobinopathies cannot be cured
permanently. However, it can be treated as per the stage and medical requirements by
using various therapeutics. Governments across the globe are trying to
understand the importance of Hemoglobinopathy fa results or fetal hemoglobin to
eradicate the condition from new-born.
Hemoglobinopathies Market Drivers
Massive Growth in the Cases of Hemoglobinopathies In 3rd World and Low-Income Nations:
As per a report by the American Society of Hematology - nearly 95% of children born in low- and middle-income countries are born with thalassemia. The prevalence of such conditions has spread through the developed nations owing to excessive migration in the timelines. Critically, race and ethnicity of the population play a key role in understanding the incidence and prevalence. For example, 1 in every 365 African-American births has SCD, while Hispanic-American birth with SCDs is 1 in every 16,300 births.
The Growing Awareness Regarding the Control of such Conditions/Diseases:
As per WHO, in all countries of the World, plans of action to manage and control Hb disorders are needed, covering community awareness and education, training of health care professionals and infrastructure development to strengthen diagnostic and transfusion services. WHO is playing a critical role in subsiding the incidence within South-East Asia where the genetic prevalence in 2020 for thalassemia stood at 2.5-15%.
Partnerships and Acquisitions
In September 2022, Azerbaijan Thalassemia Center and BGI China entered into a partnership to improve thalassemia screening in Azerbaijan. Such a change would be adapted with the help of genetic technology. In January 2022, Novo Nordisk entered into a definitive agreement to acquire Forma Therapeutics for nearly $1.1 billion via cash transaction. Forma Therapeutics is a clinical-stage biopharmaceutical company focused on sickle cell disease (SCD) and rare blood disorders.
The Major Players In The Market
The major players in the Hemoglobinopathies Market include Sysmex Corp, Pfizer, Siemens, PerkinElmer, Nexcelon Bioscience LLC, Novo Nordisk, BGI (Huada Biotechnology), Bio-Rad Labs, Mindray Medical International and Danaher Corporation.
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. An increase in investment and funding for the development of novel therapies to treat hemoglobinopathies would further boost the market growth over the forecast period of 2022-2027.