According to the latest statistics presented by the World Health Organization (WHO), each year approximately 300,000 infants are born with sickle cell anemia. Sickle cell disease is most commonly encountered in people belonging to the Middle East, Sub Saharan Africa, and South Asia region. Hydroxycarbamide Market is expected to grow at a CAGR of 2.2% from 2020 to 2027.
Sickle cell disease is ruling the application segment for the hydroxycarbamide market. As per the research citings provided by the World Health Organization (WHO), approximately 20 to 25 million people worldwide are linked with genetic traits associated with sickle cell disease. It is a genetic disorder in which there are not enough healthy red blood cells to carry oxygen in different parts of the human body. Myeloproliferative diseases will be registering rampant market growth owing to the fast track designation status awarded to hydroxycarbamide for the treatment of rare diseases such as chronic myeloid leukemia and polycythemia Vera etc.
Browse the full report Hydroxycarbamide Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2027 at https://www.atlanticmarketresearch.com/hydroxycarbamide-market
Hospital pharmacy is reigning the distribution channel segment for the hydroxycarbamide market. Hydroxycarbamide is a potent antineoplastic agent in which accurate compounding according to physicians prescription is essential in order to prevent drug-related adverse events. It needs to be strictly taken under medical supervision owing to its toxic nature. Retail pharmacy is gaining strong grounds in the developing nations on account of its ability to sell different generic versions of hydroxycarbamide at affordable prices.
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North America is currently dominating the largest market in the geography segment for the hydroxycarbamide market. The rising prevalence of sickle cell disease chiefly drives the hydroxycarbamide market growth in the region. As per the latest statistics presented by the Center for Disease Control and Prevention (CDC), sickle cell disease affects approximately 100,000 Americans, the incidence rate is 1 in 365 African-American births, and 1 in 16,300 Hispanic-American birth, etc. Affordable reimbursement scenario and the existence of well-developed healthcare infrastructure further bolster the market growth in the region. Europe stands 2nd in the regional segment for the hydroxycarbamide market. The supportive regulatory environment provided by the European Medical Agency (EMA) for the sale and distribution of hydroxycarbamide primarily drives the market growth in the European Union region. Furthermore, the strategic partnership between academic research institute and pharmaceutical companies to validate the therapeutic efficacy of hydroxycarbamide in the treatment of psoriasis further consolidates the market growth in the region. The Asia Pacific will register rampant growth in the regional segment on account of the rising prevalence of cervical cancer in women population and the presence of a well-developed generic drug market in the Asia Pacific region.
Pharmaceutical companies actively engaged in the manufacturing of hydroxycarbamide areBristol Myers Squibb & Company, Teva Pharmaceutical Industries Ltd., Sandoz, Inc., HEXAL AG., Cadila Healthcare, Cipla Limited, AvKARE, Inc., Par Pharmaceutical, Apotex Corporation, and Addmedica.
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Market Key Takeaways:
- Significant increase in the number of patients suffering from sickle cell disease worldwide
- Increasing research activities conducted in clinical trials investigation to harness the therapeutic efficacy of hydroxycarbamide to treat chronic myeloid leukemia and psoriasis
- Constant rise in retail pharmacy and well established generic drugs market in the developing regions to propel the hydroxycarbamide market growth