NEW YORK, Aug. 12, 2020 /PRNewswire/ -- 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 technological advancements, research has contributed significantly to technological upgradation and therapeutic development for the disorder. Researchers in emerging economies are exploring the untapped potential for the market. 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, fuelling market growth substantially. 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 market growth significantly during the forecast period. Clinical trials are now underway to explore new areas of therapeutics for the same that can improve patient 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 and hormone therapy are showing promising growth. 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.
COVID-19 Impact Analysis:
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 until the 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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The North America Immune thrombocytopenia market is anticipated to dominate the global market. The major driving factors for the growth of this market are rising awareness about the disease and favorable research funding scenario and government initiatives, and high medical reimbursement facilities.
Based on product, the corticosteroids segment is 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 the 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 of the disorder and therapeutic has expanded greatly, owing to the increased demand for 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 in Germany and the United Kingdom.
The immune globulin injection is expected to have a significant market share during the forecast period. Over the period, the awareness about the disease and the existing treatment has risen. The research has contributed to a number of updates in the diagnosis and treatment of the disorder, which will contribute significantly to the market.
The Chronic Immune Thrombocytopenia segment is expected to have a high CAGR during the forecast period. Europe is a prominent revenue-generating source for this product segment, followed by North America, Asia Pacific, and other regions. However, side effects associated with the treatment are expected to hamper the market growth in the forecast years.
The research organization segment is expected to be the largest segment for the Immune Thrombocytopenia market during the forecast period. The growth is contributed to the increased research activities in the field. It is a relatively new disease, which is why there is not enough awareness about patient management. Therefore, to develop effective, safe medications and doses, researchers would further impact the market positively.
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