Factor VIII Market Expected to Grow Over Next 5 Years

The global market for human coagulation factor VIII, which holds significant importance in managing hemophilia A, is poised for substantial growth over the coming years, according to market research firm Quants and Trends.

“Key players are focusing on research and development initiatives to develop novel therapeutics and expand their market presence,” the company stated in a recent news release.

In 2022, the factor VIII market size was valued at $10 530 million. By 2029, the market is forecast to reach $15 860 million, with a compound annual growth rate of 6% between 2023 and 2029, the analysts reported.

The expected growth reflects an increasing incidence of diagnosed hemophilia A worldwide and technological advancements in recombinant DNA technology.

By region, the United States accounts for a significant 60% share of the market, fueled by favorable reimbursement policies, advanced health care infrastructure, and a high prevalence of diagnosed hemophilia A, the firm reported. Europe is next, with an estimated 30% share. Increasing health care spending, well-established health care systems, and a growing awareness of bleeding disorders support Europe’s share.

Meanwhile, the factor VIII market is growing rapidly in the Asia-Pacific region, which consists of China, Japan, Korea, India, Southeast Asia, and Australia, due to increasing disposable income, improving health care infrastructure, and increasing awareness of hemophilia A. Quants and Trends further reported factor VIII growth in the Middle East.

Market weaknesses include high costs associated with factor VIII products and limited access to treatment in some developing regions. However, untapped markets in developing regions as well as the development of novel therapeutics for hemophilia A with enhanced efficacy and safety profiles represent market opportunities, according to the firm.

Reference

Human coagulation factor VIII market size achieves USD 15860 million by 2029 with a CAGR of 6.0% during 2023-2029. News release. Quants and Trends; April 23, 2024. Accessed May 14, 2024. https://www.openpr.com/news/3473327/human-coagulation-factor-viii-market-size-achieves-usd-15860