USD 2.10 billion
Report ID:
SQMIG35D2091 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
62
|Figures:
75
Global Sickle Cell Disease Treatment Market size was valued at USD 2.10 billion in 2022 and is poised to grow from USD 2.55 billion in 2023 to USD 12.03 billion by 2031, growing at a CAGR of 21.4% during the forecast period (2024-2031).
Growing incidence of sickle cell diseases around the world is projected to primarily augment the demand for sickle cell disease treatment. The prevalence of sickle cell disease is especially high in Africa, the Middle East, and India owing to limited early detection, lack of awareness, and genetic predisposition. Increasing investments in the research and development of novel treatments for rare and chronic diseases are also expected to create new opportunities for sickle cell disease treatment companies in the future. Launch of new supportive initiatives by governments and non-profit organizations to promote awareness regarding sickle cell disease treatment will also create new business scope for market players going forward. Increasing availability of novel drugs and expansion of sickle cell disease treatment drug pipelines are also slated to contribute to sickle cell disease treatment market growth in the long run. However, safety issues with novel treatments, complex regulatory landscape for genetic treatments, and lack of awareness are some major constraints that are estimated to slow down the global sickle cell disease treatment industry through 2031 and beyond.
US Sickle Cell Disease Treatment Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.10 billion
Largest Segment
Pharmaceuticals
Fastest Growth
Pharmaceuticals
Growth Rate
21.4% CAGR
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Global Sickle Cell Disease Treatment Market is segmented on the basis of treatment type, end user, and region. By treatment type, the market is segmented into pharmaceuticals and supportive care. By end user, the market is segmented into hospitals, clinics, research institutes, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Treatment Type
Blood transfusion is projected to emerge as the segment with the largest sickle cell disease treatment market share in the future. High adoption of blood transfusions and proven efficacy of the same in managing sickle cell disease has allowed this segment to lead the overall sickle cell disease treatment demand outlook. Increasing blood donations around the world and lack of availability of other treatment alternatives are also expected to further aid the dominance of this segment in the long run. Use of blood transfusion also helps in reducing complications in the overall sickle cell disease treatment.
Meanwhile, the demand for pharmacotherapy to treat sickle cell disease is forecasted to increase at a rapid pace across the study period and beyond. Advancements in pharmaceutical technologies, growing investments in drug discovery and development, and rising emphasis on reducing complications in sickle cell disease are helping this segment generate new opportunities for sickle cell disease treatment providers in the future. Expansion of sickle cell disease treatment drug pipelines and increasing number of clinical trials to prove the efficacy of pharmacotherapy in the treatment of various diseases will offer lucrative business scope for sickle cell disease treatment companies through 2031.
Analysis by End User
Hospitals are forecasted to account for a major chunk of the global sickle cell disease treatment market outlook in the future. The increasing number of sickle cell disease treatment procedures being performed in hospitals and the growing rate of hospitalization in sickle cell disease are expected to aid the dominance of this segment over the coming years. Growing availability of multiple novel sickle cell disease treatment therapies and procedures in hospitals is also estimated to boost revenue generation for market players focusing on this segment going forward. Availability of hematologists, genetic counselors, nurses, and other healthcare professionals in hospitals also helps the high share of this segment.
On the other hand, the demand for sickle cell disease treatment in specialty clinics is forecasted to rise at an impressive CAGR over the coming years. Increasing use of advanced therapies and therapeutics for sickle cell disease treatment has resulted in many people approaching specialty clinics for their treatment. Rising investments in the development of multiple specialty clinics to reduce mortality rates and increase accessibility to novel treatment alternatives will also further create new business scope for sickle cell disease treatment market players in the long run. Development and adoption of advanced genetic therapies for sickle cell disease treatment will also help this segment bolster sickle cell disease treatment industry growth across the study period and beyond.
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North America is estimated to lead the demand for sickle cell disease treatment on a global level. High investments in medical research, presence of a developed healthcare infrastructure, and high healthcare expenditure make this region a prime market for sickle cell disease treatment companies. Increasing willingness of patients in the United States to spend more on advanced treatment alternatives and growing medical tourism in the country allows it to emerge as the top market for sickle cell disease treatment companies operating in North America. Robust investments and advancements in gene therapies and technologies are also expected to help the dominance of this region in the long run.
Surging prevalence of sickle cell disease in the Asia-Pacific region coupled with growing awareness regarding the same are making it a highly opportune market for sickle cell disease treatment companies. High emphasis in healthcare infrastructure development, growing healthcare expenditure of patients in this region, and increasing availability of novel treatment alternatives are creating an opportune setting for sickle cell disease treatment providers in this region. India and Japan are slated to be the top markets for sickle cell disease treatment companies to target in the Asia Pacific region through 2031 and beyond. Efforts of governments and non-profit health organizations to increase awareness regarding sickle cell disease will also bolster sickle cell disease treatment market growth over the coming years.
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Drivers
Rising Incidence of Sickle Cell Disease
Advancements in Genetic Research
Restraints
Limited Awareness and Diagnosis
Safety Concerns with Novel Treatments
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Sickle cell disease treatment providers should focus on investing heavily in research and development to come up with novel treatments and therapies. Sickle cell disease treatment companies can also focus on gaining approvals for their novel treatment products and therapies from regulatory bodies and governments. Collaborations and partnerships are also expected to emerge as highly popular strategies for market players looking to enhance their revenue generation potential in the future.
Top Player’s Company Profile
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing incidence of sickle cell disease and increasing advancements in genetic therapies and treatments are projected to drive the global sickle cell disease treatment market growth. However, limited awareness regarding sickle cell disease treatment and safety concerns for novel treatment alternatives and products are forecasted to impede sickle cell disease treatment demand outlook in the future. North America is expected to lead the global sickle cell disease treatment market outlook owing to high investments in medical R&D and the presence of key sickle cell disease treatment providers. Focusing on collaborations and personalized medicine trends will offer new business scope for sickle cell disease treatment companies in the long run.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2.10 billion |
Market size value in 2031 | USD 12.03 billion |
Growth Rate | 21.4% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Sickle Cell Disease Treatment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Sickle Cell Disease Treatment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Sickle Cell Disease Treatment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Sickle Cell Disease Treatment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35D2091