Blood Clotting Factors Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2018-2022 and Forecast 2023-2029

Description

Blood Clotting Factors Market size is expected to be worth USD 3,178.2 million in 2022, growing at a 6.9% CAGR from 2022 to 2028. Blood clotting factors are proteins or enzymes that control bleeding. When a wound or blood vessel rupture occurs, a process known as blood clotting, also known as blood coagulation, causes blood to solidify into clots. In addition to limiting the entry of bacteria and viruses into the body, Clotting can prevent death from bleeding. The process of blood clotting, known as haemostasis, is regulated by a variety of elements collectively referred to as blood clotting factors. These deficiencies can result in blood clotting diseases such as haemophilia and von Willebrand disease (VWD). Over 20,000 men in the United States had haemophilia in 2017, according to the Centres for Disease Control and Prevention (CDC). The growing prevalence of traffic accidents is a primary factor driving market expansion. Increasing healthcare infrastructure development spending and an increase in the rates of cardiovascular diseases and blood disorders are two major factors driving market expansion. Some indirect variables that will generate attractive market growth prospects include rising personal disposable income and a rising need for laboratory automation. Increased R&D expenditure, a desire for preventative therapy, the development of innovative medications, and a rise in the prevalence of hemophilia are likely to accelerate the global expansion of the global blood clotting factor market. Yet, inadequate reimbursements and the high costs of homophilic medicines may limit market expansion. Improvements in healthcare infrastructure in emerging countries and the launch of biosimilar pharmaceuticals will present development prospects for the market. For example, on November 16th, 2017, the US Food and Drug Administration authorized Hemlibra (emicizumab-kxwh) to prevent or reduce the frequency of bleeding episodes in adult and pediatric patients with hemophilia A. They created antibodies called Factor VIII (FVIII) inhibitors. Additionally, on April 2, 2020, the U.S. Food and Drug Administration (FDA) authorized Sevenfact (coagulation factor VIIa [recombinant]) for the treatment and prevention of spontaneous bleeding episodes in patients aged 12 and older who have hemophilia A or B with inhibitors.

Recent Market Developments:

In March 2019, Biotest AG gained regulatory clearance from 13 European countries for their Haematin SDH product offering for the treatment of Haemophilia A.