According to the report, the Hemochromatosis Market will grow from US$ 1.60 Billion in 2024 to US$ 2.41 billion by 2031 at a compounded annual growth rate (CAGR) of 6% during the forecast period, by Coherent Market Insights.
The Hemochromatosis Market is primarily driven by the growing prevalence of hereditary hemochromatosis worldwide. According to the U.S National Center for Biotechnology Information, hereditary hemochromatosis affects approximately 1 in 200-300 people of Northern European descent in the U.S. Hereditary hemochromatosis leads to excess iron accumulation in the body which damages organs such as liver, heart, and pancreas if left untreated. This increasing prevalence of hereditary hemochromatosis is expected to push the demand for hemochromatosis screening and treatment over the forecast period. Moreover, rising awareness regarding early diagnosis of hereditary hemochromatosis is another major factor expected to fuel the growth of the market during the forecast period.
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Key Market Trends:
The Hemochromatosis Market is witnessing the trend of increasing adoption of therapeutic strategies to manage hemochromatosis and its related complications. Regular blood removal through phlebotomy is one of the common and effective treatment methods which helps in removing excess iron from the body. Additionally, various new oral iron chelation drugs are being developed and tested for the treatment of iron overload conditions including hemochromatosis. For instance, several randomized controlled trials are ongoing to evaluate the efficacy and safety of oral iron chelators such as deferasirox and deferiprone monotherapy for iron overload. This rising focus on new treatment avenues is expected to present lucrative opportunities for players in the hemochromatosis market over the forecast period.
Furthermore, increasing research activities for development of novel diagnostic tests for early detection of hereditary hemochromatosis is another key trend observed in the market. For instance, companies are investigating new biomarkers and molecular diagnostic approaches that can aid clinical diagnosis of hereditary hemochromatosis. This ongoing research for advanced diagnostic assays is anticipated to augment the hemochromatosis market expansion during the assessment period.
Hemochromatosis Market Report Coverage
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Report Coverage |
Details |
|
Market Revenue in 2024 |
US$ 1.60 billion |
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Estimated Value by 2031 |
US$ 2.41 billion |
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Growth Rate |
Poised to grow at a CAGR of 6% |
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Historical Data |
2019–2023 |
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Forecast Period |
2024–2031 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Type, By Diagnosis Method, By Treatment Type, By Age Group, By End User |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Growth Drivers |
Increasing prevalence of iron overload disorders globally Growing awareness and diagnosis of hemochromatosis among healthcare professionals |
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Restraints & Challenges |
High costs associated with treatment options Limited access to specialized healthcare facilities in certain regions |
Market Opportunities
Primary hemochromatosis is the most common form that accounts for approximately 85% of all hemochromatosis cases. It is a hereditary condition where the body absorbs too much iron from food. Over time, too much iron builds up and damages organs like the liver, heart, and pancreas. The increasing prevalence of primary hemochromatosis worldwide due to genetic predisposition presents a major market opportunity. It is estimated that around 1 million Americans have the genes for primary hemochromatosis but only a few have symptoms. Raising awareness about genetic testing and treatment options can help identify more cases, driving the market growth.
Secondary hemochromatosis is caused by other underlying conditions or medical treatments rather than genetics. It includes alcoholic liver disease, chronic viral hepatitis, thalassemia major and other blood disorders which require regular red blood cell transfusions. The rising global burden of associated risk factors like excess alcohol consumption, hepatitis infections and increasing survival of thalassemia patients who need life-long transfusions are fueling the secondary hemochromatosis market. Developing innovative diagnostic methods and therapies targeted towards secondary hemochromatosis can create new revenue streams in this segment.
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Key Market Takeaways
Hemochromatosis is anticipated to witness a CAGR of 6% during the forecast period 2024-2031, owing to growing diagnosis and treatment rates.
On the basis of type, primary hemochromatosis segment is expected to hold a dominant position, accounting for over 80% of the total market share due to its high prevalence as an inherited disease.
By diagnosis method, genetic testing and liver biopsy together contribute to over 60% of the diagnostics market. Among these, genetic testing segment is projected to witness fastest gains owing to increasing access and adoption.
On the basis of region, North America is expected to hold a dominant position over the forecast period, owning to higher healthcare expenditures, revolutionary technologies and established reimbursement structure in key countries like United States.
Competitor Insights:
Novartis A.G
Sanofi S.A
Heraeus Holding GmbH
Recent Developments
In June 2023, US-based diagnostic giant Thermo Fisher Scientific announced plans to invest $50 million over the next two years to develop novel non-invasive diagnostic tests for hemochromatosis and other iron overload disorders. The company aims to leverage advanced technologies like machine learning and artificial intelligence to design blood tests that can accurately measure iron levels and genetically detect hemochromatosis with a simple blood draw. This will help identify patients earlier and reduce the need for invasive diagnostic procedures like liver biopsies.
In July 2023, the U.S. FDA granted market authorization for Hemopurify Dialysis Cartridge—an extracorporeal cartridge developed by Aethlon Medical to remove toxic particles and viruses from circulation. The therapy demonstrated encouraging results in reducing non-transferrin bound plasma iron levels in hemochromatosis patients undergoing phlebotomy.
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