The global rare hemophilia factors market size is anticipated to reach USD 336.3 million by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 5.1% during the forecast period. Several factor concentrates gaining marketing approvals from regulatory bodies such as the U.S. FDA are expected to provide a significant push to the market. In addition, growing adoption of prophylaxis treatment by patients is expected to boost the growth of the market in coming years. Patients with severe rare hemophilia factor disorders are recommended prophylactic treatment to avoid bleeding episodes and improve quality of life.
Favorable government initiatives and mandates to increase diagnosis and treatment rates are escalating the growth of the market. For instance, the U.S. Congress enacted the Orphan Drug Act (ODA) in 1983. From 1983 to 2015, around 3,647 drugs were designated the status of orphan drugs and 554 drugs were approved by the U.S. FDA. Several key market players in the market are focusing on R&D to launch new products and solutions for the treatment of rare hemophilia factor disorders. For instance, in October 2015, FDA approved Coagadex for treatment of hereditary factor X deficiency. Introduction of new factor concentrates is likely to bolster market growth over the forecast period.
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Further key findings from the study suggest:
• Based on type, factor VII accounted for the largest share in 2016, owing to higher prevalence of this deficiency
• Factor concentrates is anticipated to be the most promising segment, registering a CAGR of 5.7% over the forecast period. This type of treatment is considered to be the safest and most effective treatment for rare hemophilia factor disorders
• Fresh frozen plasma is estimated to command just over 53.0% of the market value by 2025
• Asia Pacific rare hemophilia factors market is expected to exhibit the highest CAGR of over 5.5% during the same period. The growth of the region can be attributed to wide base of population and high number of consanguineous marriage
• Some of the key players in the market are Novo Nordisk; Biogen; Bayer healthcare; Pfizer, Inc.; Baxalta; CSL Behring; and Bio Products Laboratory Ltd.
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