global sickle cell disease treatment market size was valued at USD 1.52 billion in 2021 and is expected to surpass USD 6.94 Billion By 2030, growing at a CAGR of 18.8% during the forecast period.
Polaris Market Research recently published [115+ Pages] research report on “Sickle Cell Disease Treatment Market Share, Size, Trends, Industry Analysis Report, By Treatment (Blood Transfusion, Pharmacotherapy, Bone Marrow Transplant); By End-Use; By Region; Segment Forecast, 2022 – 2030” in its research database.
According to the research report, the global sickle cell disease treatment market size was valued at USD 1.52 billion in 2021 and is expected to surpass USD 6.94 Billion By 2030, growing at a CAGR of 18.8% during the forecast period.
What is Sickle Cell Disease Treatment? How Big is Sickle Cell Disease Treatment Market Size?
Sickle cell disease is a conferred disorder that impacts the shape of red blood cells that carry oxygen throughout the body. Treatments might involve blood transfusion and medications. The rapidly increasing demand for the sickle cell disease treatment market can be attributed to patients experiencing one-sided paralysis, difficulty walking or talking, and severe headaches. In sickle cell disease, some red blood cells are shaped like sickles or crescent moons, and they are inflexible and sticky, which can retard or obstruct blood flow.
The absence of treatments and the unfulfilled needs of patients has propelled the government to take active steps. The government concentrates on the speedy approval of research grants to inspire pharmaceutical companies to advance new therapies for the disease. Considerable growth in the number of persons agonizing from sickle cell disease represents one of the significant factors impacting the demand for new medications that can cure the conditions productively.
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Growth Driving Factors
The growing prevalence of sickle cell disease, particularly in Africa, is one of the prominent factors anticipated to initiate the market’s growth. As per the UN, approximately 20-25 million people are residing with SCD globally. The sickle cell disease treatment market size is expanding as regions like sub-Saharan Africa have the highest prevalence of the disease, where almost 240,000 children are born with the disease each year.
In 2017, FDA sanctioned Emmaus Life Sciences product Endari for sickle cell disease patients aged five years and older. Till then, there was an acute lack of focus or innovation on developing a treatment, as Endari was the first sickle cell disease treatment sanctioned in years since hydroxyurea. The sickle cell disease treatment market sales are soaring because of a massive wave of innovation, with three products sanctioned for the disease treatment since 2017. They are Endari, Oxbryta, and Adakveo.
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Recent Developments
In August 2022, Pfizer Inc. and Global Blood Therapeutics Inc. announced an MoU within which Pfizer will acquire GBT for an expected $5.4 billion. GBT is a pharmaceutical and biotechnology firm dedicated to the discovery, progression, and issuance of life-altering treatment choices that provide hope to underprivileged patient populations commencing with sickle cell disease.
Segmental Analysis
Based on treatment, the blood transfusion segment is anticipated to see the most rapid growth. The increasing sickle cell disease treatment market demand for blood transfusion, as well as the growing prevalence of SCD, are propelling the expansion of the market. A blood transfusion lessens the body’s supply of hemoglobin S red blood cells.
Based on end use, the hospital segment accounted for the highest market share, the most significant cause being hospitalization, deeming for approximately 200,000 ER visits in the US each year. This is predicted to benefit hospital segment expansion in the coming years. The sickle cell disease treatment market trends include the increasing number of clinics shifting the clinic sector ahead. Additionally, SCD is connected to several symptoms, increasing the patient’s hospital visits.
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Geographic Overview
North America held the largest sickle cell treatment market share as this disease is a prominent issue in the healthcare business due to its high incidence in that region. The disease treatment is assumed and originated in Africa. As per the CDC, SCD influences approximately 100,000 people in the US. SCD impacts approximately 1 in every 365 Black or African American babies.
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Frequently Asked Questions
Polaris Market Research has segmented the sickle cell disease treatment market report based on treatment, end-use, and region:
By Treatment Outlook
By End Use Outlook
By Region Outlook
Sickle Cell Disease Treatment Market Report Highlights
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Dec 06, 2022
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