Growing prevalence of blood disorders has led to an upsurge in demand for the rare hematology globally. However, limited resources and disease-specific information available for development of improved treatment techniques is likely to impact growth of the global rare hematology market adversely. Transparency Market Research states that the global market of rare hematology is projected to reflect a CAGR of 6.2% over the forecast period.
Factors Fuelling Growth of the Global Market
Growth of the global rare hematology market is mainly bound with various macro-economic and micro-economic factors. Prevalence of blood related disorders such as leukemia, anemia, sickle cell anemia and myeloma continues to contribute towards the global market growth of rare hematology. Growing demand for conducting diagnosis process in comparatively short time has led the hematologists to concentrate on developing enhanced techniques of diagnosis. Moreover, the hematologists are mainly concentrating on the early diagnosis phase of blood disorder to develop techniques that successfully treat the patients. Attributed to such factors, the global market of rare hematology is projected to witness significant growth over the forecast period.
In order to improve and develop the diagnosis treatment procedures, the hematologists are focusing on leading extensive research related to the molecular biology and genetics. With a well understand various hematology disorders, the hematologist can develop improved and shorter the treatment techniques. Through the research conducted, the hematologist can conveniently identify the therapeutic targets, which helps in catering to the blood diseases to the molecular level. On the basis of the extensive research conducted, the hematologist are focusing on developing new techniques of treatment conducting in short time. Moreover, hundreds of clinical trials that are at the final phase have not received certification by the FDA and are yet to be approved and evaluated. American Society of Hematology, Myeloma Foundation and International National Hemophilia Foundation are various advocacy groups that also continues to provide support and resources for the clinicians, caregivers and patients.
Limited support for extensive research from the foundations that are focusing on specific diseases is expected to restraint the global market growth of rare hematology. The Kakkis EverLife Foundations states that various rare hematology drugs that were finalized for treatment have not received authorization by the FDA. Growing demand for the FDA approved drugs has led to growing investment in research and development for enhanced treatment process. In addition, various economic, social and political situations in the developing countries witness improper supervision of their treatment conditions.
Moreover, caregivers, researchers, patients and advocacy groups are incorporating to spread awareness related to blood diseases. Increasing awareness among the patient population is likely to benefit the drug developers as it enables the patient groups to register for clinical trials. In addition, extensive research on rare hematology diseases are increasingly gaining momentum in the developed countries including U.S. In 2016, the U.S. House of Representatives passed the 21st Century Cures Act that was mainly concentrating on integrating opinions of various patients, which could contribute towards progress of the clinical trials for these diseases. These factors are further expected to impact the global market growth of rare hematology positively.
Recombinant Factor Treatment to Generate Significant Revenues
With the growing need to treat blood related disorders has led the hematologists to opt for recombinant factor treatments. Based on treatment type, the recombinant factors segment is projected to witness the highest revenue growth, representing more than US$ 4,000 Mn by 2022-end. However, the plasma derived factors treatment type segment is projected to witness the fastest growth in the global market of rare hematology during the forecast period. By age, the adult segment is projected to witness a robust revenue growth, recording more than US$ 3,000 Mn by 2017-end. On the other hand, the pediatric age segment is projected to reflect a healthy CAGR through 2022.
Major players in the global market of rare hematology are Biogen Inc., Shire plc, Bayer Healthcare AG, Novo Nordisk A/S, Pfizer Inc., CSL Behring LLC, Celgene Corporation, PRA Health Sciences, Amgen Inc. and Alexion Pharmaceuticals, Inc.
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