Acquired Methemoglobinemia Treatment Market - Forecast(2024 - 2030)

Acquired Methemoglobinemia Treatment Market Overview

Acquired Methemoglobinemia Treatment Market size is estimated to reach $432.4 million by 2027, growing at a CAGR of 4.3% during the forecast period 2022-2027. Acquired Methemoglobinemia can be delineated as a serious medical condition in which a certain percentage of oxygen-carrying protein hemoglobin gets converted into methemoglobin and inhibit the oxygen supply to essential tissues and organs. The disorder suddenly leads to hypoxia which erupts in seizures and eventually in potential demise. There are several causes of this disorder such as contaminated water, benzocaine, and excessive consumption of nitrate-rich foods (beans, squash, spinach, and others). On another hand, undergoing treatments that include anesthetics like lidocaine and benzocaine may increase the probability of acquired methemoglobinemia. Blue skin, the infrequent color of blood, shortness of breath, fatigue, and vomiting are some of the common symptoms that a person afflicted with this condition may experience. However, several effective treatment methods such as blood transfusion, methylene blue therapy, and ascorbic acid are in practice nowadays. Ascending usage of nitrate-rich products, proliferating topical anesthetic drugs, and mounting health consciousness among people are factors set to drive the growth of the Acquired Methemoglobinemia Treatment Market for the period 2022-2027.

Report Coverage

The report: “Acquired Methemoglobinemia Treatment Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Acquired Methemoglobinemia Treatment Market.

Key Takeaways

• Geographically, the North America Acquired Methemoglobinemia Treatment Market accounted for the highest revenue share in 2021. Furthermore, Asia-Pacific is poised to dominate the market over the period 2022-2027.
• Sincere efforts of scientists in research and development, accruing anesthetic procedures due to unprecedented stimulation in CVDs and strokes, and excess usage of vegetables like carrots and beans are said to be preeminent drivers driving the growth of the Acquired Methemoglobinemia Treatment Market. The high cost of treatments that are out of the price range of many households is said to reduce the market growth.
• Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Acquired Methemoglobinemia Treatment Market report.

Acquired Methemoglobinemia Treatment Market Share, By Geography (%) in 2021

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Acquired Methemoglobinemia Treatment Market Segment Analysis-By Disease Type

The Acquired Methemoglobinemia Treatment Market based on the disease type can be further segmented into inherited and acquired. The acquired segment held the largest share in 2021. The growth is owing to high prevalence as compared to congenital form. Generally, the inherited form of this disease occurs due to inherited genetic blemishes in which patient blood experiences unadorned scarcity of cytochrome 5 (an enzyme) which is accountable to alter methemoglobin into oxygen-carrying protein hemoglobin, and such cases are very sporadic. Whereas, acquired form has more occurrence rate as people’s lives in the modern-day world are surrounded by a number of factors such as exposure to oxidizing substances, consumption of polluted well water, and others that might lead to this disease. Moreover, the acquired form is estimated to be the fastest-growing segment with a CAGR of 5.6% over the forecast period 2022-2027. This growth is owing to enlarging consumption of nitrate-rich vegetables such as squash, beans, spinach, carrot, and others. On another hand, products with benzocaine presence, excess usages of anesthetics, and antibiotics like prilocaine and chloroquine have their fair share in the prevalence of this disease.

Acquired Methemoglobinemia Treatment Market Segment Analysis-By End User

The Acquired Methemoglobinemia Treatment Market based on end-user type can be further segmented into hospitals and other medical facilities (ASCs). The hospital segment held the largest share in 2021. The growth is owing to the far-reaching existence of hospitals with round-the-clock access to patients in both urban and pastoral areas. Hospitals are deemed to be the backbone of any country’s healthcare system as they are the first point of contact if someone wants to undergo some sort of treatment. In addition to that, top-flight medical practitioners, better infrastructure, and availability of all obligatory equipment required to execute various procedures are factors that provide hospitals an edge over other medical facilities. Furthermore, other medical facilities along with the hospital segment are estimated to be the fastest-growing segment with a CAGR of 6.1% over the forecast period 2022-2027. This growth is owing to the surging cost of healthcare. ASC procedures are quite cost-effective as compared to in-hospital procedures ambulatory surgical centers allow patients to discharge and go home within one day.

Acquired Methemoglobinemia Treatment Market Segment Analysis-By Geography

The Acquired Methemoglobinemia Treatment Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 40% of the overall market in 2021. The growth in this segment is owing to the factors such as top-quality healthcare infrastructure which might include hospitals, clinics, ASCs, and research facilities. In addition, high health consciousness is due to better literacy rates and living standards of people. Also, the widescale occurrence of top-of-the-line pharmaceutical companies such as Pfizer, Johnson & Johnson, Merck, and others have been a blessing to the American drug discovery portfolio. However, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to ascending pharmaceutical industry of countries like China and India. On another hand, the overall healthcare infrastructure is ameliorating as governments are allocating more funds to improve healthcare capabilities. On another hand, growing economic affluence has raised the living standards of people which in turn has made people quite cognizant regarding their health.

Acquired Methemoglobinemia Treatment Market Drivers

Augmenting consumption of nitrate-rich veggies is Anticipated to Boost Product Demand. 

Just like a coin, excess consumption of nitrate-rich vegetables such as carrots, squash, beans, spinach, and others have two sides or their fair share of good and bad health. These vegetables have become an inextricable part of the day-to-day diets of billions of people all over the world as they extend health benefits like cancer prevention due to zeaxanthin presence, weight loss, preventing inflammation, improving eyesight, and more. For instance, a report published in 2021 that China became the world's biggest spinach consumer with nearly 29 million tonnes of consumption. Similarly, growing consumption worldwide in the name of health maintenance is likely to drive the respective market as excess consumption of nitrate-rich foods increases the amount of methemoglobin which carries oxygen but doesn’t supply it to necessary tissues and leads to methemoglobinemia.

Proliferating usage of topical anesthetics and antibiotics is Expected to Boost Product Demand.

Spiking surgical procedures as the magnitude at which cardiovascular hitches such as cancer, heart attack, heart valve complications, and strokes are prevailing is mind-boggling. Millions of people all over the globe suffer from atrial fibrillation every year. Administering patient with sprays of tropical anesthetics lead to an adverse reaction and increases the risk of developing acquired methemoglobinemia. Therefore, enlarging the prevalence of cardiovascular hitches is a blessing in disguise for the acquired methemoglobinemia market. For instance, arrhythmia prevalence is anticipated to reach 12 million by 2050 in the U.S., whereas, more than 17 million cases in the European Union are projected by 2058. Similarly, mounting cancer incidences have heightened the demand for local anesthetics like benzocaine, pramoxine, dibucaine, and proxymetacaine as these drugs plays a significant role in numbing certain area of the body which is indeed a driver driving the respective market.

Acquired Methemoglobinemia Treatment Market Challenges

Unsafe procedures and costly treatments are Anticipated to Hamper Market Growth.

Covid-19 has driven many people over the edge of deprived lives as millions have lost their lives in the last two years. On another hand, for poor people who hardly make it to one-time food, the pandemic has resulted in a nightmare. As a result, many may find it impossible to undergo treatments which will ultimately hamper the growth of the respective market. Medicaid spending grew faster in 2020, increasing 9.2% to $671.2 billion compared to 3.0% growth in 2019, primarily driven by increased enrollment due to the pandemic. Medicaid hospital spending rose 6.7% in 2020, faster than in 2019, largely due to enrollment growth and increased Medicaid supplemental payments to hospitals, inpatient payments, and payments to mental health facilities. Also, treatments like methylene blue therapy are deemed not safe for patients who have G6PD disease.

Acquired Methemoglobinemia Treatment Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Acquired Methemoglobinemia Treatment Market. Key companies in this market are-

1. Mylan
2. GlaxoSmithKline
3. Octapharma
4. McGuff Company
5. Teligent Inc
6. Provepharm Life Solutions
7. Kedrion Biopharma
8. American Reagent
9. Abundance Naturally Ltd
10. Caledon Laboratories

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