Sickle Cell Disease Treatment Market Size Projections Exhibit a CAGR of 20%, Likely to Attain a Value of USD 12.38 Billion by 2032
The global sickle cell disease treatment market size is anticipated to grow from USD 2 billion to USD 12.38 billion in 10 years. The market will experience rapid growth due to the increasing research and innovation in sickle cell disease treatment during the forecast period.
Newark, Feb. 06, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 2 billion in 2022 global sickle cell disease treatment market will reach USD 12.38 billion in 2032. A genetic condition known as sickle cell disease (SCD) is indicated by aberrant haemoglobin in red blood cells. When a person inherits a mutated gene from both parents, they have this disorder. The defective gene produces red blood cells with abnormal morphology, which can result in several health issues. Sickle cell illness manifests as anaemia, exhaustion, and edoema in the hands and feet. Additionally, it makes kids more prone to illnesses and stunted growth. Diagnosis methods include blood tests, genetic testing, and neonatal screening. Although there isn’t a cure for sickle cell disease, there are several therapies that can help its sufferers live better and with fewer symptoms. Red blood cell counts that are normal can be raised with blood transfusions. In severe circumstances, a bone marrow transplant is also taken into consideration.
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Key Insight of the Global Sickle Cell Disease Treatment Market
North America will dominate the market during the forecast period.
North America boasts a state-of-the-art healthcare system, a thriving research and innovation ecosystem, and a broad pool of experts with specialized knowledge who foster innovation. Patient advocacy initiatives and broadly available health insurance facilitate increased knowledge, early diagnosis, and better access to healthcare services. Treatment advances for sickle cell disease are accelerated by government support for innovation and research.
In 2022, the blood transfusion segment dominated the market with the largest market share of 40% and market revenue of 0.80 billion.
The treatment type segment is divided into blood transfusion, pharmacotherapy, and bone marrow transplant. In 2022, the blood transfusion segment dominated the market with the largest market share of 40% and market revenue of 0.80 billion.
In 2022, the hospitals segment dominated the market with the largest market share of 47% and market revenue of 0.94 billion.
The end user segment is divided into hospitals, specialty clinics, and others. In 2022, the hospitals segment dominated the market with the largest market share of 47% and market revenue of 0.94 billion.
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Advancement in market
The UK regulator has approved a medication that uses the CRISPR-Cas9 gene-editing technique of pharmaceuticals. The decision represents yet another high point for biotechnology that has been heralded as revolutionary in the ten years since its discovery. The treatment, Casgevy, will address β-thalassemia and sickle-cell disease in the blood. Patients with β-thalassaemia, sometimes referred to as sickle-cell disease or sickle-cell anaemia, frequently need frequent blood transfusions and might experience crippling agony.
Driver: Growing knowledge regarding sickle cell disorders.
The number of sickle cell disease cases reported has increased due to increased knowledge of the condition and easier access to healthcare facilities that increase the likelihood of an early diagnosis. Officially, the number of sickle cell disease patients has increased. This can be attributed to birth screening, genetic counselling, and other awareness campaigns. The ability to screen newborns enables early detection and treatment. Genetic counselling lowers the risk of the disease being passed on by enabling people to make knowledgeable decisions about family planning. Enhanced cognizance, enabled by instructional initiatives, prompts identification and preventive healthcare for individuals. As a result, rising knowledge of sickle cell disease will prompt people to look for therapies, further expanding and developing the worldwide market.
Restraints: The adverse effects of sickle cell disease treatments.
Adverse drug reactions, such as gastrointestinal issues and hair loss, can impede the market’s expansion. Certain therapies increase the vulnerability to infections. Finding eligible donors and navigating complicated procedures are two problems associated with bone marrow transplants. Since these difficulties lower people’s quality of life, many choose not to seek such treatments. Consequently, the market’s expansion may be constrained by the possible adverse effects of therapies. Moreover, the market’s expansion may be hampered by patients’ ignorance of available treatment options or their inability to obtain them.
Opportunities: growing innovation and research.
Current studies concentrate on finding new medicines, improving existing ones, and investigating cutting-edge strategies like gene therapy and gene editing. The scientific community is working to create more efficient and healing solutions. Furthermore, searching for personalized or customized medicine may lead to more effective treatment regimens specifically designed for each patient. Cooperation across borders is advancing knowledge of SCD variants and treatment outcomes. Given all these medical advancements, future market participants will have plenty of opportunities.
Challenges: Lack of access to treatment.
Lack of Specialized care, given its limited and restrictive nature in certain geographical areas, challenges the market. Geographic disparities contribute to difficulty reaching healthcare resources, particularly for individuals from remote areas. The lack of necessary resources in regions with inadequate healthcare infrastructure hampers access to life-saving healthcare services. Financial barriers, including high healthcare costs and lack of insurance coverage, restrict individuals’ access to essential medical services, furthering the challenge to the market’s growth in the future.
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Some of the major players operating in the global sickle cell disease treatment market are:
• Agios Pharmaceuticals
• Bristol-Myers Squibb
• CRISPR Therapeutics
• Editas Medicine
• Emmaus Life Sciences, Inc.
• Global Blood Therapeutics, Inc.
• Medunik USA Inc.
• Novartis AG
• Novo Nordisk
• Vifor Pharma
Key Segments covered in the market:
By Treatment Type
• Blood Transfusion
• Bone Marrow Transplant
By End User
• Specialty Clinics
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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