Most health insurance companies, including government programs in the U.S. and Europe provide insurance coverage for hemoglobinopathy therapy under the CPT code.
New York, NY -- (SBWIRE) -- 02/14/2018 -- In a new report titled "Hemoglobinopathy Market: Global Industry Analysis and Forecast, 2016–2024", Persistence Market Research analyzes the performance of the global hemoglobinopathy market over an eight-year period and provides insights on the key factors and trends likely to influence the market during the forecast period (2016 – 2024). In terms of revenue, the global hemoglobinopathy market is projected to register a healthy CAGR of 8.3% over the forecast period owing to various factors, on which Persistence Market Research offers detailed insights.
Most health insurance companies, including government programs in the U.S. and Europe provide insurance coverage for hemoglobinopathy therapy under the CPT code. This creates a favorable environment for the growth of the global hemoglobinopathy market. Various government initiatives are being carried out for detection and management of hemoglobinopathy in high disease prevalence regions across the globe, giving a fillip to the global hemoglobinopathy market. Advancements in diagnosis techniques have led to the development of new tests that have enabled clinicians to provide effective diagnosis and therapeutic assistance to patients. Rising awareness about these disorders coupled with various public and private initiatives is also fueling the growth of the global hemoglobinopathy market in the regions with a high prevalence of sickle cell anemia and thalassemia.
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Lack of awareness regarding hemoglobinopathy disorders among the populace especially in underdeveloped countries is a major factor hampering growth of the global hemoglobinopathy market. The lack of a permanent cure for hemoglobinopathy disorder is also one of the restraints affecting the global hemoglobinopathy market.
The global hemoglobinopathy market is segmented based on indication type, test type, end users, and region. Based on indication, the market is segmented into sickle cell disease, alpha thalassemia, and beta thalassemia. Beta thalassemia segment is expected to register a significant CAGR of 8.7% during the forecast period. Sickle cell disease segment is anticipated to grow with a CAGR of 8.3% over the forecast period.
The market has been segmented based on major types of diagnostic tests such as red blood cell (RBC) count test, genetic testing, hemoglobin by high performance liquid chromatography (HPLC) test, hemoglobin isoelectric (Hb IEF) focusing, hemoglobin electrophoresis (Hb ELP) test, and hemoglobin solubility test. The genetic testing segment is expected to expand at the highest CAGR of 9.2% over the forecast period due to increasing adoption of preventive measures such as genetic counseling and testing. Increasing popularity of prenatal and premarital genetic screening make these tests an attractive opportunity for market players.
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Based on end users, the market has been segmented into hospitals, diagnostic laboratories, and clinics. The diagnostic laboratories segment is anticipated to account for the highest market share over the forecast period, registering a CAGR of 8.9% due to availability of dedicated equipment, reagents, and trained technicians required to perform rather complex diagnostic procedures like genetic testing, Hb HPLC, and isoelectric focusing.
The global hemoglobinopathy market has been segmented into five major regions: North America, Latin America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA). North America and Europe are expected to dominate the global hemoglobinopathy market with maximum market share in 2016. North America and Europe collectively have been expected to account for more than 50% of the total global hemoglobinopathy market share in terms of value in 2016. Among emerging markets, Asia Pacific is estimated to exhibit the highest CAGR of 9.3% over the forecast period, due to an increase in the diagnosis rate.
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Some key players in the global hemoglobinopathy market identified in the report include Abbott Diagnostics, Bio-Rad Laboratories Inc., Danaher Corporation, Mindray Medical International Ltd., Nexcelom Bioscience LLC., Nihon Kohden Corporation, PerkinElmer Inc., Siemens Healthineers, and Sysmex Corporation. The individual strategies of these companies in terms of increasing focus on rare diseases, initiatives to increase disease awareness, and enhancing distribution base have been discussed. The report concludes with strategic recommendations for players already present in the market and new players planning to enter the global hemoglobinopathy market, which could help them in the long run.