Global Hemoglobinopathy Treatment Drugs Market, by Drug Type (Analgesics, Antibiotics, ACE Inhibitors, Hydroxyurea, and Others), by Disease Type (Thalassemia, Sickle Cell Disease, and Other Hb Variants Diseases), by Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 4.5 Billion in 2023 and is expected to exhibit a CAGR of 8.4% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The strategies by key market players like collaboration is expected to drive the global hemoglobinopathy treatment drugs market growth over the forecast period. For instance, on February 17, 2021, Novartis AG, a Switzerland-based global healthcare company, announced that it has entered into a grant agreement with the Bill & Melinda Gates Foundation, a U.S.-based private foundation founded by Bill Gates and Melinda French Gates. As part of the agreement, the foundation will provide funding support for the discovery and development of a single-administration, in vivo gene therapy to cure sickle cell disease (SCD). The project brings together Novartis drug discovery and gene therapy expertise with the Gates Foundation’s charitable objectives to expand access to healthcare in low-resource settings in an effort to address this potentially life-threatening genetic disease.
Global Hemoglobinopathy Treatment Drugs Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.
However, the COVID-19 pandemic had negative impact on the global hemoglobinopathy treatment drugs market, due to reduced patients visits and follow-ups of treatment during COVID-19. For instance, according to an article published by the International Journal of Nursing Studies on June 5, 2021, visiting restrictions had several consequences, mainly negative, for the patient's health, the health and well-being of family members and the provision of care. Among physical health consequences, reduced nutrition intake, decreased activities of daily living, and increased physical pain and symptoms were reported. Among mental health consequences for the patient, loneliness, depressive symptoms, agitation, aggression, reduced cognitive ability, and overall dissatisfaction were observed. For family members, worry, anxiety, and uncertainty occurred, and they reported an increased need for information from care providers. For care providers, visiting restrictions added the burdens of ethical dilemmas, learning new technical means to enable social interaction and an increased demand for communication with families and providing social support to both family members and patients.
Global Hemoglobinopathy Treatment Drugs Market: Key Developments
Increasing launch of new range of treatments that can improve the efficacy in treatment of hemoglobinopathy is expected to drive the market growth.
For instance, on August 24, 2022, Food and Drug Administration (FDA) has approved beti-cel (brand name Zynteglo), the first potentially curative gene therapy for people who require regular red blood cell transfusions to treat the condition. It is manufactured by bluebird bio, Inc., a U.S.-based biotechnology company that develops gene therapies for severe genetic disorders. Children’s Hospital of Philadelphia (CHOP), a U.S.-based charitable nonprofit organization will be one of the Qualified Treatment Centers (QTCs) offering the treatment. Approval was based on clinical trial data which showed that 89% of patients treated in the phase three trials no longer needed red blood cell transfusions after receiving gene therapy, while maintaining hemoglobin levels of at least 9 g/dL. The benefits extended across age groups (4 to 34 years) and in those with milder as well as more severe beta globin mutations.
Browse 32 Market Data Tables and 27 Figures spread through 160 Pages and in-depth TOC on Global Hemoglobinopathy Treatment Drugs Market, by Drug Type (Analgesics, Antibiotics, ACE Inhibitors, Hydroxyurea, and Others), by Disease Type (Thalassemia, Sickle Cell Disease, and Other Hb Variants Diseases), by Distribution Channel (Hospitals Pharmacies, Retail Pharmacies, and Online Pharmacies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/hemoglobinopathy-treatment-drugs-market-4059
Key Takeaways of the Global Hemoglobinopathy Treatment Drugs Market:
- Global hemoglobinopathy treatment drugs market is expected to exhibit a CAGR of 8.4% during the forecast period. Funding raised by government to early detection of hemogllobinopathy is expected to accelerate treatment of disease. For instance, on August 9, 2021, The Ministry of Tribal Affairs, division of Government of India. announced funds of 7.3 million for screening of tribal students in collaboration with The Indian Council of Medical Research (ICMR). Workshops have also been conducted in States in collaboration with Department of Biotechnology for mapping of incidences of Sickle Cell Trait.
- Among drug type, analgesics segment is expected to dominate the global hemoglobinopathy treatment drugs market over the forecast period, owing to launch of new drugs for effective treatment. For instance, on August 11, 2020, The U.S. Food and Drug Administration (FDA) has approved Olinvyk (oliceridine; Trevena) for the management of adults with acute pain severe enough to require an intravenous (IV) opioid analgesic and for whom alternative treatments are inadequate. Oliceridine is a full opioid agonist and is relatively selective for the mu-opioid receptor. It is indicated for short-term IV use in hospitals and other controlled clinical settings. Following an initial dose, the onset of analgesic effect is expected within 2 to 5 minutes. The approval was based on data from 2 pivotal phase 3 studies that evaluated the efficacy of oliceridine in 790 adult patients with moderate to severe acute pain. Findings from studies showed a statistically greater analgesic effect in the oliceridine 0.35mg and 0.5mg treatment groups vs placebo, as measured by the Summed Pain Intensity Differences over 48 hours (SPID-48) in APOLLO-1 and SPID-24 in APOLLO-2.
- Among region, North America is expected to be the dominant region in the global hemoglobinopathy treatment drugs market, owing to the increasing launches of newer treatments in the region. For instance, on April 3, 2023, Vertex Therapeutics, a U.S.-based biopharmaceutical company, and CRISPR Therapeutics, a Switzerland-based biotechnology company, have submitted its CRISPR-based ex vivo cell therapy exagamglogene autotemcel (exa-cel) for FDA approval, for sickle cell disease (SCD) and beta-thalassemia. A regulatory decision on the gene-editing candidate is expected within 8 to 12 months. The companies have also filed for approval in Europe and the UK.
- Major players operating in the global hemoglobinopathy treatment drugs market include Bristol-Myers Squibb Company, GlycoMimetics Inc., Pfizer Inc., Anthera Pharmaceuticals Inc., Eli Lilly and Company, Mast Therapeutics, Daiichi Sankyo Company Ltd., Novartis International AG, Bluebird Bio Inc., HemaQuest Pharmaceuticals Inc., Emmaus Medical Inc., Baxter International Inc., Prolong Pharmaceuticals, Medunik USA Inc., Sangamo Therapeutics, Inc., Global Blood Therapeutics, Alnylam Pharmaceuticals, and Acceleron Pharma, Inc.
