Hemophilia Treatment Market Size

Hemophilia Treatment Market Size

Hemophilia Treatment Market size surpassed USD 11.1 billion in 2021 and is projected to register around 5% CAGR between 2022 and 2028. The hemophilia treatment has enhanced significantly over the past few years, owing to the advent of novel products. Several government and non-government organizations are coming forth to promote awareness related to symptoms, diagnosis, and hemophilia treatment.

For instance, the World Federation of Hemophilia (WFH) is actively operating to improve and sustain care for individuals with inherited bleeding disorders worldwide. Such government bodies are working to ensure that patients have access to world-class care and recognition of their condition.

The notable hemophilia prevalence is demanding the high need for quality hemophilia treatment. Hence, numerous nations are emphasizing to establish novel strategies to enhance access to quality care for people living with hemophilia. In Germany, innovative methods have been introduced to improve the monitoring of such ailments and other related conditions. Additionally, in recent years, the awareness related to the importance of early-stage diagnosis and treatment and its potential effect is surging positively across European countries, thereby boosting the demand for a product that will simulate the market revenue significantly.
 

Hemophilia treatment comprises the administration of medications through intravenous or nasal route in order to prevent frequent internal bleeding that may cause arthritis or destruction of the joint, or infection. It is an inherited bleeding disease that may lead to continuous bleeding or oozing after an injury or surgery. In critical conditions, prolonged bleeding occurs after minor trauma or even in the absence of injury.
 

However, the high cost associated with the hemophilia treatment may adversely affect the market growth. As per the National Hemophilia Foundation, the average cost for hemophilia treatment is around USD 300,000 a year that makes a significant impact on the procedure margins, especially in today's capitated reimbursement environment. The market growth can be hampered in developing countries having comparatively low-income levels attributed to high costs related to clotting factor therapies.
 

However, the government in certain developing countries is undertaking several initiatives to reduce the cost of the treatment. In addition to this, a lack of awareness in developing and under-developed regions may restrict the industry growth.
 

The emergence of COVID-19 pandemic slightly impacted the hemophilia treatment market negatively owing to disruption in global supply chain and logistics. The impact of the coronavirus outbreak on the industry peaked during early 2020 wherein, patients suffering from such ailments were at a higher risk of suffering from coronavirus as they were more prone to infectious diseases.
 

However, intensive efforts were being undertaken by several organizations, hospitals, and hematologists to navigate the COVID-19 public health crisis. For instance, in concern with the outbreak of the coronavirus, the American Society of Hematology provided a forum for the exchange of information that is beneficial, precise, and up to date to assist hematologists. Hence, such changes in practices are expected to help in restoring the treatment volume post-COVID-19 pandemic.