PUBLISHER: The Business Research Company | PRODUCT CODE: 1426352
PUBLISHER: The Business Research Company | PRODUCT CODE: 1426352
Hemochromatosis is a genetic disorder marked by the excessive absorption and storage of iron throughout the body, affecting organs such as the liver, heart, pancreas, and joints and potentially leading to severe health complications. The primary goal of treatment is to manage iron levels and prevent associated complications, emphasizing early detection of the disease.
Two main types of hemochromatosis exist such as hereditary hemochromatosis and acquired hemochromatosis. Hereditary hemochromatosis (HH) is a genetic disorder characterized by the abnormal absorption and accumulation of iron. Various treatments, including therapeutic phlebotomy and iron chelation therapy, are employed to manage this condition. These treatments are utilized by different end-users such as hospitals and surgical centers in the effort to address and mitigate the effects of excessive iron accumulation in the body.
The hemochromatosis (iron overload) disease treatment market research report is one of a series of new reports from The Business Research Company that provides hemochromatosis (iron overload) disease treatment market statistics, including hemochromatosis (iron overload) disease treatment industry global market size, regional shares, competitors with hemochromatosis (iron overload) disease treatment market share, detailed hemochromatosis (iron overload) disease treatment market segments, market trends and opportunities, and any further data you may need to thrive in the hemochromatosis (iron overload) disease treatment industry. This hemochromatosis (iron overload) disease treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The hemochromatosis (iron overload) disease treatment market size has grown steadily in recent years. It will grow from $26.85 billion in 2023 to $27.91 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth observed during the historic period in the context of hemochromatosis can be attributed to several factors. These include heightened clinical awareness and improved diagnostic methods, advancements in therapeutic approaches, the increased use of genetic screening leading to early detection, the prevalence of hereditary hemochromatosis, and ongoing research efforts, including participation in clinical trials. These factors collectively contributed to advancements in understanding, diagnosing, and treating hemochromatosis during the historical period.
The hemochromatosis (iron overload) disease treatment market size is expected to see steady growth in the next few years. It will grow to $31.69 billion in 2028 at a compound annual growth rate (CAGR) of 3.2%. The anticipated growth in the forecast period for hemochromatosis can be attributed to several key drivers. These include the adoption of personalized medicine approaches tailored to individual patients, ongoing advancements in therapeutic innovation, an increase in screening and awareness programs, collaborative efforts in genetic research, and the influence of global health initiatives. Major trends expected in the forecast period include a heightened focus on patient education and awareness, the exploration of genetic and molecular therapies for hemochromatosis, the integration of telemedicine and remote monitoring services, the implementation of digital health platforms, and efforts to globally expand accessibility to treatment. These trends collectively contribute to the projected growth and evolution of approaches to manage hemochromatosis in the coming period.
The rise in the prevalence of anemia is anticipated to be a significant driver propelling the growth of the hemochromatosis (iron overload) disease treatment market in the foreseeable future. Anemia, a blood disorder characterized by a decrease in the number of red blood cells (RBCs) or a reduction in hemoglobin levels, impairs the transportation of oxygen to the body's organs and tissues. Treatment for hemochromatosis (iron overload) aims to prevent anemia by utilizing iron chelator medications, effectively averting complications and organ damage associated with blood disorders. For instance, statistics from the Leukemia Foundation in June 2021 indicated that over 110,000 individuals were diagnosed with blood disorders in Australia. Projections suggest that nearly 275,000 Australians could be affected by blood disorders by the year 2035. This upsurge in anemia's prevalence serves as a catalyst driving the expansion of the hemochromatosis (iron overload) disease treatment market.
The increasingly stressful lifestyle prevalent today is expected to significantly contribute to the growth of the hemochromatosis (iron overload) disease treatment market. Stressful lifestyles exert profound effects on both physical and mental health, with prolonged exposure to high stress levels potentially leading to various health conditions, including hemochromatosis (iron overload) disease. Treatment for this condition, characterized by excessive iron accumulation in the body, not only addresses the physical aspects of the disease but also plays a pivotal role in alleviating the emotional and psychological stress often associated with managing a chronic health condition. For instance, data from the American Psychiatric Association in December 2022 revealed that over one in four Americans (26%) anticipated experiencing increased stress levels at the commencement of 2023, a rise from one in five (20%) reported in the previous year. This escalation in stressful lifestyles acts as a driving force propelling the hemochromatosis (iron overload) disease treatment market.
The presence of uncommon genetic mutations associated with hemochromatosis is anticipated to act as a significant restraint on the growth of the hemochromatosis (iron overload) disease treatment market during the forecast period. These rare genetic mutations not only influence the severity of iron overload but also impact the efficacy of treatment methodologies for hemochromatosis, particularly when the condition is intertwined with other health complications such as liver disease. For instance, statistics from the National Library of Medicine in March 2023 revealed the prevalence of uncommon genetic mutations such as C282Y and H63D, which are observed in over 90% of cases in the United States. The complexities arising from these uncommon genetic mutations significantly hinder the progress and effectiveness of treatments within the hemochromatosis (iron overload) disease treatment market.
Key players within the hemochromatosis (iron overload) disease treatment market are actively focused on developing distinctive treatment approaches, particularly iron chelator medications, to cater to the escalating demand for efficacious therapies and gain a competitive edge in the industry. Iron chelator medications play a pivotal role in managing hemochromatosis (iron overload) disease by binding surplus iron within the body, aiding its elimination through the formation of stable complexes with iron ions. For example, in September 2021, Chiesi Farmaceutici S.p.A., a prominent Italian pharmaceutical company, introduced FERRIPROX (deferiprone) in Brazil. This product marked the first iron chelation therapy launched in 15 years and gained approval from the Food and Drug Administration (FDA) in the United States. FERRIPROX serves as an iron chelator therapy aimed at addressing excess iron levels resulting from blood transfusions in patients diagnosed with thalassemia syndromes, sickle cell disease, or other anemias. By reacting with surplus iron and facilitating its excretion via feces and urine, Ferriprox aids in the removal of excess iron from the body.
In August 2022, CSL Limited, an Australian biotechnology company specializing in drug manufacturing for hemochromatosis (iron overload) disease, completed the acquisition of Vifor Pharma for an undisclosed sum. This strategic acquisition is set to reinforce CSL's dedication to patient care by providing state-of-the-art medications and extending its presence in the realms of nephrology and iron deficiency treatments. Vifor Pharma, based in Switzerland, is a pharmaceutical company renowned for its expertise in offering treatments designed specifically for hemochromatosis (iron overload) disease.
Major companies operating in the hemochromatosis (iron overload) disease treatment market report are Pfizer Inc., AbbVie Inc., Novartis AG, Fresenius Kabi AG, Abbott Laboratories, Merck KGaA, Laboratory Corporation, Quest Diagnostics, Chiesi Farmaceutici S.p.A., Apotex Inc., Shire plc, CSL Vifor, ARUP Laboratories, Myriad Genetics Inc., Fulgent Genetics, Ionis Pharmaceuticals Inc., Invitae Corp., Abcam plc., GeneDx, Ambry Genetics, La Jolla Pharmaceutical Company, Silence Therapeutics, PreventionGenetics, DisperSol Technologies LLC., Hinoman Ltd.
North America was the largest region in the hemochromatosis (Iron Overload) disease treatment market in 2023. The regions covered in the hemochromatosis (iron overload) disease treatment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the hemochromatosis (iron overload) disease treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The hemochromatosis (iron overload) disease treatment market consists of revenues earned by entities by providing genetic testing services, transplantation services, and blood testing and collection services. The market value includes the value of related goods sold by the service provider or included within the service offering. The hemochromatosis (iron overload) disease treatment market also consists of sales of vitamin C supplements, blood pressure drugs, and iron-free supplements. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hemochromatosis (Iron Overload) Disease Treatment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hemochromatosis (iron overload) disease treatment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hemochromatosis (iron overload) disease treatment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hemochromatosis (iron overload) disease treatment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.