Bleeding Disorder Therapeutics Market Overview
The Bleeding Disorder Therapeutics market size is estimated to reach $20.7 billion by 2027, growing at a CAGR of 6.8% during the forecast period 2022-2027. Bleeding disorders are a group of conditions that causes deterioration of the body’s blood clotting abilities by affecting the hemostasis network. This can lead to rapid and prolonged bleeding, even after a minor injury. Moreover, in some cases, bleeding can occur on its own. Some of the major causes of a bleeding disorder include Von Willebrand disease, Hemophilia A, Hemophilia B, Congenital Platelet Function Defects, and Prothrombin Deficiency. The global increase in the prevalence of Hemophilia is anticipated to drive the market for bleeding disorder therapeutic products during the forecast period. However, the high cost of acquiring treatment in developing as well as developed regions is challenging the growth of the Bleeding Disorder Therapeutics industry.
Bleeding Disorder Therapeutics Market Segment Analysis-By Application
Based on Application, the Bleeding Disorder Therapeutics Market is segmented into Acquired Platelet Function Defects, Congenital Platelet Function Defects, Disseminated Intravascular Coagulation (DIC), Prothrombin Deficiency, Factor V Deficiency, Factor VII Deficiency, Factor X Deficiency, Factor XI Deficiency (Hemophilia C), Glanzmann Disease, Hemophilia A, Hemophilia B, Idiopathic Thrombocytopenic Purpura (ITP), and Von Willebrand Disease. The Von Willebrand Disease segment is anticipated to have the largest share of the market in 2021 and is poised to dominate the market during the forecast period 2022-2027 owing to their increasing prevalence among the population. The people suffering from the disease have low levels of Von Willebrand factor, a protein that helps the blood to clot. The Acquired platelet function defects segment is projected to grow the fastest at a CAGR of 7.5% owing to the rise in prevalence of blood cancer. Moreover, the disease can also be caused by prolonged use of drugs such as aspirin, ibuprofen, penicillin, and prednisone.
Bleeding Disorder Therapeutics Market Segment Analysis-By Drug Class
The Bleeding Disorder Therapeutics Market based on Drug Class can be further segmented into Plasma-derived Coagulation Factor Concentrates, Recombinant Coagulation Factor Concentrates, Desmopressin, Antifibrinolytics, Fibrin Sealant, and Others. The Recombinant Coagulation Factor Concentrates segment accounted for the largest share of the market in 2021 owing to their high usage rate among patients suffering from conditions such as von Willebrand Disease, Hemophilia, and Glanzmann’s Thrombasthenia. These coagulation factors are made in a laboratory environment by using recombinant DNA technology. They are then concentrated into a powder form that is thoroughly mixed with sterile water in order to be injected into the patient. The Plasma-derived Coagulation Factor Concentrates segment is also anticipated to witness significant growth with a CAGR of 7.7% during the forecast period owing to its ability to treat bleeding episodes and avoid major post-surgery bleeding in patients with the disorder.
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Bleeding Disorder Therapeutics Market Segment Analysis-By Geography
The Bleeding Disorder Therapeutics Market based on Geography can be segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. The North American segment is projected to dominate the Bleeding Disorder Therapeutics market during the forecast period 2022-2027 with a market share of 34% owing to the presence of highly developed healthcare infrastructure, high patient awareness levels, growing geriatric population, rising target patient population, and increasing per capita healthcare expenditure in the region. Moreover, the presence of key industry players such as Biogen, CSL Behring, Pfizer, and Baxter International in North America ensures lower costs, higher innovation, and more options for the end-users. The Asia Pacific region is predicted to register the fastest growth owing to the rising government healthcare spending in emerging economies such as China and India.
Bleeding Disorder Therapeutics Market Drivers
Increase in Geriatric Population is Projected to Drive Market Growth
There were around 727 million persons over the age of 65 in 2020 and constituted 9.3% of the overall population. The geriatric population is predicted to reach 16% by 2050. This is driving the market for bleeding disorder therapeutics as changing renal function, modification in immune regulation and a multitude of other disease processes that occur with aging can give rise to acquired bleeding disorders. Moreover, the geriatric population is more prone to cardiovascular disorders, bone fractures, and other such conditions that may need major surgical procedures. This is increasing the demand for bleeding disorder therapeutics as they are crucial to prevent excessive bleeding after surgery for people suffering from bleeding disorders. Besides, there are also some rare bleeding disorders such as acquired hemophilia that predominantly affect the elderly.
The rise in Prevalence of von Willebrand Disease is Anticipated to Product Demand
Von Willebrand disease is the most common bleeding disorder in the US. According to the Centers for Disease Control (CDC), around 1% of the entire US population (3.2 million) suffer from the disease. Almost 85% of the people with the disease have Type 1 Von Willebrand disease. Moreover, according to the CDC, 93% of women with the disease experience heavy menstrual bleeding while 53% of males experience nosebleeds. Furthermore, 45% of women and 50% of men experienced excessive bruising. Besides, 40% of women and 47% of men experienced excessive bleeding after surgical procedures. This is driving the market as Bleeding Disorder Therapeutics can help control these symptoms.
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Bleeding Disorder Therapeutics Market Challenges
The Side-Effects of the Medication is Anticipated to Hamper Market GrowthThe adverse effects of bleeding disorder therapeutics is anticipated to restrict the market growth during the forecast period. For instance, the use of coagulation factor concentrates in the treatment of hemophilia may lead to the development of alloantibodies that work against factor VIII or factor IX. The development of such alloantibodies occurs in around 15% to 35% of patients suffering from hemophilia A. Even though around 50% of the factor VIII or factor IX inhibitors are low tier, the high tier inhibitors can lead to increased severity of hemophilia, resulting in a greater risk of excessive bleeding to the patient. Moreover, treatment using plasma-derived products can increase risks of transmitting blood-borne pathogens such as prions and HIV, if the screening process is not conducted appropriately.
Covid-19 Pandemic and Subsequent Restrictions is Projected to Limit Growth Opportunities
The rapid spread of the Covid-19 virus and the increased cases of hospitalizations have led to a significant reduction in surgical procedures taking place in hospitals and clinics. This has significantly decreased the demand for bleeding disorder therapeutics as they are prescribed to patients with mild or severe bleeding disorders after surgeries. Moreover, the number of people visiting hospitals has also reduced owing to the fear of contracting the Covid-19 virus from the hospital environment. This is leading to a large number of people being undiagnosed with bleeding disorders. Besides, the reduction in dental appointments has also impacted demand for Bleeding Disorder Therapeutics as they are consumed by patients after dental procedures to avoid excessive bleeding from gums.
Bleeding Disorder Therapeutics Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Bleeding Disorder Therapeutics Market. The top 10 companies in the industry include:
1. Novo Nordisk
2. Bayer AG
3. Baxter International Inc
4. Alnylam Pharmaceuticals
5. Pfizer
6. Xenetic Biosciences
7. Bristol-Myers Squibb Company
8. Sanofi
9. Amgen
10. Janssen Global Services
Partnerships/Product Launches:
In November 2020, Pfizer announced the initiation of the Phase III BASIS study of the investigational therapy, marstacimab, for treating people with severe hemophilia A or B. It secured fast track status from the US Food and Drug Administration (FDA) for use in combination with inhibitors as a potential treatment for hemophilia A and B.
In April 2020, The FDA approved Sevenfact for the treatment and control of bleeding episodes occurring in adults and adolescents 12 years of age and older with hemophilia A or B with inhibitors (neutralizing antibodies). Sevenfact contains an active ingredient expressed in genetically engineered rabbits.
In February 2020, Novo Nordisk announced the launch of a long-acting recombinant factor VIII product for the prevention and treatment of bleeding in individuals with hemophilia A called ESPEROCT. The new therapy is specifically indicated for routine prophylaxis to reduce the frequency of bleeding episodes, on-demand treatment, control of bleeding episodes, and perioperative management of bleeding.
Key Takeaways:
Geographically, the North American Bleeding Disorder Therapeutics market accounted for the largest share in 2021 owing to the presence of well-developed healthcare infrastructure and the rising target patient population.
The rise in the number of patients with von Willebrand disease is predicted to drive the market during the forecast period. However, major side effects associated with the use of bleeding disorder therapeutics are challenging growth opportunities.
Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Bleeding Disorder Therapeutics Market Report.
Relevant Links:
Hemophilia Management Market
https://www.industryarc.com/Report/16897/hemophilia-management-market.html
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