The market for hemophilia A and B treatment is set to experience limited growth, rising from $5.4 billion in 2014 to $6.3 billion by 2024, says GlobalData, a leading market research firm.
The expected increase represents a tepid Compound Annual Growth Rate of 1.52% across Argentina and the Seven Major Markets of the US, France, Italy, Spain, Germany, the UK, and Japan.
‘The market for hemophilia A and B treatment will rise from $5.4 billion in 2014 to $6.3 billion by 2024. The expected growth rate is 1.52%.’
"Despite the availability of new, long-acting products designed to reduce injection frequency, hemophilia patients in the US and five major European countries are satisfied with established recombinant factor products. Overall, GlobalData expects modest uptake of long-acting Factor VIII products, while uptake of long-acting Factor IX products will be higher owing to the substantial dosing interval increase," explains Fenix Leung, GlobalData's Analyst covering Oncology and Hematology.
However, Biogen's Eloctate and Alprolix are competitively priced, narrowing the scope of high pricing for pipeline long-acting products. Therefore, pricing limitations should render overall market growth slow.
Drivers of hemophilia A and B recombinant treatments include the disease's growing prevalence and the increasing use of recombinant products and prophylactic regimens.
Leung elaborates: "New patients with severe hemophilia A and B in the 7MM and Argentina, except Germany, receive prophylactic recombinant factors. As these patients are likely to stay on recombinant treatment permanently, recombinant product use should rise, driving market growth."
In Argentina, the market is not as well-established as it is among the 7MM, leaving investment possibilities more open. As such, Argentina's hemophilia treatment market is projected to rise from $119 million in 2014 to $193 million by 2024, representing a greater CAGR of 4.9%.
"Most hemophilia patients in Argentina have access to factor replacement products through private insurance plans or the national social security program. However, the former are costly, and the latter only covers on-demand treatment and plasma-derived concentrates. Therefore, the number of patients receiving recombinant factor is low, as only 25% and 27% of hemophilia A and B patients, respectively, received recombinant replacement products in 2013," Leung explains.
Despite low uptake, the research firm expects that the Argentine market will use recombinant products more, offering opportunities to turn patients currently using plasma-derived products to using recombinant ones. This will make Argentina a dynamic region in the crowded hemophilia treatment space.