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Rising awareness towards rare diseases, Rising R&D leading to the introduction of new drugs, cost-efficient therapeutic approach
NEW YORK, NEW YORK, UNITED STATES, October 18, 2021 /EINPresswire.com/ — The global Immune thrombocytopenia market was valued at USD 2.18 billion in 2019 and is expected to reach USD 3.68 billion by the year 2027, at a CAGR of 6.7%. The global Immune thrombocytopenia market is growing at a substantial pace owing to the growing demand therapy for rare diseases such as immune thrombocytopenia, favorable government initiatives taken up by the authorities, availability of financial support for research and development. With the advent of technology, research has contributed significantly to the number of updates and development of treatment for the disorder. Researchers in emerging economies provide the untapped potential for the market to grow. Furthermore, it has highlighted the necessity of developing new therapies for this disorder; and is expected to have high demand in the near future. Market players, in collaboration with research centers, invest a handful of the amount in their R&D, which would fuels up the market growth by a large margin. Previously, limited clinical and laboratory parameters were available to define and classify the disease. However, significant standardization has enabled the alignment of research studies and guidance in the management of patients suffering from disorders. For instance, In January 2020, Rigel Pharmaceuticals, Inc. announced the launch of TAVLESSE in Europe with its collaborative partner Grifols S.A. The product was launched in Germany and the United Kingdom. The European Commission in January 2020 approved it for the treatment of chronic immune thrombocytopenia in adult patients who are refractory to other treatments. A cost-effective therapeutic approach and strategies for drug development are being adopted by market players. Such advantages are expected to propel the market significantly during the forecast period. Clinical trials are now underway to learn new areas of therapeutics for the same that can improve patients' outcomes. For instance, in August 2019, Chi-Med Initiated a Phase I Trial of HMPL-523 in patients with immune thrombocytopenia in China. Such an initiative is proving successful for many conditions. Moreover, Pharmaceutical companies, physicians, and the public anticipate the promise of significant advancements in the near future. In the coming future, combination therapy, hormone therapy are the goal to strive for. This trend is projected to continue over the forecast period as the proportion of adults who have a chronic condition is much higher, exceeding 50% in most series. However, lack of awareness in emerging economies and insufficient research funding may hamper the market.
The COVID-19 impact:
The outbreak raised concerns for the life-threatening patient. The government has set out numerous measures to ensure both the patient's welfare and that of the health care professional. The market has experienced a downturn in 2020, which may continue till first quarter of 2021. The COVID-19 pandemic has created bottlenecks across drug pipelines, and supply chain activities in the healthcare sectors. This has created unprecedented budget pressure on company spending for market leaders. Such scenarios have led to an increased requirement for opportunity analysis, price trend knowledge, and competitive outcomes in the near future. On the other hand, multiple therapeutic regimens are being followed to cope up with the situation of the pandemic. Numerous efforts have been made to come up with the reliable and efficient treatment for COVID-19 across the globe. Moreover, much research has been carried out to find the second-line treatment, which has surged the demand for advanced drugs. Scientists globally are working urgently to develop treatments. Production and the supply chain, were put on hold, causing losses for manufacturers, dealers and consumers alike. For the period, the market could face a downside; but with a growing health concern, demand would rise as the condition improves.
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Leading companies operating in the market and profiled in the report include:
Hoffman-L Roche, Novartis, GlaxoSmithKline, Eisai, Amgen, Grifols Biologicals Inc., Contract Pharmacal, Baxter, CSL Behring, Bristol-Myers Squibb, Roxane, and others.
The pharmaceutical and healthcare sector is rapidly expanding in terms of revenue in the recent years and is expected to register robust CAGR over the forecast period of 2027. Factors such as rapid advancements in the pharma and healthcare sector, adoption of latest technologies, tools and equipment, emergence of various new diseases and improvements in healthcare facilities and infrastructure. In addition, rising healthcare expenditure, increasing per capita income in the developing countries and favorable reimbursement policies are fueling market growth. Increasing funds by various public and private sectors and increasing investments to develop enhanced products and devices are also boosting market growth. Moreover, increasing preference for ambulatory services and point of care services, and increasing funds for research centers and hospitals for drug discovery is expected to fuel market growth going ahead.
The report provides details about competitive landscape of global Immune Thrombocytopenia (ITP) market focusing on every market player, its global position, revenue generation product portfolio, company overview, financial planning and business expansion plans. The global Immune Thrombocytopenia (ITP) market is quite competitive and comprises various key players at global and regional levels. Key players are investing in research and development activities, and strategizing various plans such as mergers and acquisitions, partnerships, joint ventures, new product launches, to enhance their product base and strengthen their market position.
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Further key findings from the report suggest
• The North America Immune thrombocytopenia market is anticipated to dominate the in the global market. The major driving factors for the growth of this market are rising awareness about the disease and favourable research funding scenario and government initiatives, and high medical reimbursement facilities.
• Based on product segment, corticosteroids are expected to have the largest market share among the other segments during the forecast period. This is attributed to the widespread application of corticosteroids to effectively influence healthcare outcomes. Moreover, it is most common form of treatment owing to its potential benefits.
• The market is widely driven by increasing second- and third-line therapies. Moreover, the understanding about the disorder and therapeutic has expanded greatly owing to the increased demand of therapy in the near future. For instance, in January 2020, Rigel Pharmaceuticals, Inc. announced the launch of TAVLESSE (Spleen tyrosine kinase inhibitor) in Europe with its collaborative partner Grifols S.A. The product was launched Germany and the United Kingdom.
• The immune globulin injection is expected to have significant market share during the forecast period. Over the period, the awareness about the disease and the existing treatment has risen up. The research has contributed to a number of updates in the diagnosis and treatment of the disorder which will contribute significantly to the market.
• Chronic Immune thrombocytopenia is expected to have high CAGR during the forecast period. European regional market is the prominent revenue generating source for this product segment, followed by North America, Asia-Pacific, and other regions. However, associated side effects associated with the treatment is expected to hamper the market.
• Research organizations are expected to be the largest segment for the Immune thrombocytopenia market during the forecast period. The growth is contributed to its wide application in research field. It is relatively an orphan disease whose expertise in the management of these patient is not wide spread. Therefore to develop effective, safe medications and doses, researchers would further impact the market positively.
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For the purpose of this report, Reports and Data have segmented into the global Immune thrombocytopenia market on the basis of products, type, end use, and region:
Products Outlook (Revenue, USD million; 2017-2027)
• Intravenous Immunoglobulin (IVIG)
• Anti-D Immunoglobulin
• Spleen tyrosine kinase inhibitor
• Rho (D) immunoglobulin intravenous
• Thrombopoietin Receptor Agonists (TPO-RA)
• General immunosuppressants
• Hormone therapy
Type Outlook (Revenue, USD million; 2017-2027)
End Use Outlook (Revenue, USD million; 2017-2027)
• Hospitals and clinics
• Research Organisation
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
• Latin America (Brazil, Rest of LATAM)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Source: EIN Presswire