The Sickle Cell Disease Treatment Market Size Is Expected To Reach $5 Billion By 2028 As Per The Business Research Company’s Sickle Cell Disease Treatment Global Market Report 2024
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LONDON, Feb. 27, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s Sickle Cell Disease Treatment Global Market Report 2024, the sickle cell disease treatment market has experienced rapid growth, driven by advancements in treatment modalities and a growing emphasis on addressing the unmet needs of patients. With a projected compound annual growth rate (CAGR) of 20.0%, the sickle cell disease treatment market is expected to reach $2.95 billion in 2024, marking a significant leap forward in its expansion. Looking ahead, the market is poised for even more substantial growth, with a projected market size of $5.75 billion by 2028, at a CAGR of 18.1%. This growth trajectory reflects the rising adoption of blood and bone marrow transplants as well as the introduction of innovative treatment options.
Rising Blood and Bone Marrow Transplants
One of the key drivers of the sickle cell disease treatment market is the increasing utilization of blood and bone marrow transplants. Bone marrow transplants, in particular, have shown promising results in treating sickle cell disease by infusing healthy bone marrow cells into patients after their diseased bone marrow has been treated to remove abnormal cells. The replacement cells can be sourced from the patient’s own body (autologous transplant) or from a donor (allogeneic transplant).
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Innovative Treatment Options
Major players in the sickle cell disease treatment market are driving innovation by developing novel treatment options to address the complex needs of patients. These companies are investing in research and development to introduce new drugs and therapies that offer improved efficacy and safety compared to existing treatments. For example, Global Therapeutics Inc. received rapid approval from the U.S. FDA for Oxbryta (voxelotor) tablets in December 2021. Oxbryta is the first FDA-approved medication specifically designed to prevent sickle hemoglobin polymerization, the underlying cause of sickling and red blood cell destruction in sickle cell disease. This breakthrough drug works by increasing the production of fetal hemoglobin (HbF), thereby reducing the severity of symptoms and improving patient outcomes. Similarly, Pfizer Inc.’s acquisition of Global Blood Therapeutics Inc. in October 2022 underscores the company’s commitment to expanding its sickle cell disease portfolio and addressing the needs of underserved patient populations.
Market Landscape and Opportunities
The sickle cell disease treatment market is characterized by the presence of several major players, including Sun Pharmaceutical Industries Ltd., Pfizer Inc., and Novartis AG. These companies are focusing on adopting new product approvals and strategic acquisitions to strengthen their market position and expand their product offerings. North America leads the sickle cell disease treatment market, accounting for the largest share of total revenue in 2023.
The market is segmented by treatment modality, disease type, route of administration, and end-user, with bone marrow transplant emerging as a prominent treatment modality and hospitals as a key end-user.
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In conclusion, the sickle cell disease treatment market is experiencing rapid growth, fueled by the increasing adoption of blood and bone marrow transplants and the introduction of innovative treatment options. As companies continue to invest in research and development and regulatory agencies expedite the approval process for new drugs, the sickle cell disease treatment market is expected to witness significant expansion in the coming years. With ongoing advancements and strategic initiatives, the future of the sickle cell disease treatment market looks promising, offering vast opportunities for growth and development in addressing the complex needs of patients living with this lifelong condition.
Sickle Cell Disease Treatment Global Market Report 2024 by The Business Research Company provides insights on the sickle cell disease treatment market size, sickle cell disease treatment market segments, sickle cell disease treatment market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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