What are the Historical Developments and Current Growth Metrics of the Panhematin Market?
The panhematin market has seen considerable growth due to a variety of factors.
• Over the last few years, the panhematin market has experienced a rapid expansion. With a compound annual growth rate (CAGR) of 12.3%, it is anticipated to rise from $2,157.14 million in 2024 to $2,421.17 million in 2025.
The significant growth during the historic period can be linked to the increasing instances of Acute Intermittent Porphyria (AIP), heightened awareness of uncommon genetic disorders, escalating healthcare costs, growth of specialty hospitals and treatment centers, as well as the approval of panhematin by regulatory bodies.
What Is The Projected Growth Of The Panhematin Market Size?
The panhematin market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, the panhematin market is anticipated to experience a significant expansion. With a compound annual growth rate (CAGR) of 11.9%, it is projected to surge to $3,795.38 million by 2029.
This predicted growth during the forecast period can be traced back to factors such as rising investments in research for rare diseases, increased government funding specifically targeted towards rare disease therapies, an amplified emphasis on precision diagnosis, advancements in personalized medicinal practices, and an enlargement of healthcare accessibility in up-and-coming markets. Some noteworthy trends during the prediction period consist of the evolution of alternative and supplementary treatment methods, alliances formed for global distribution and marketing, collaborations between drug companies and healthcare providers, escalating R&D funds pumped into rare disease therapies, and progress in diagnosing techniques for porphyria.
What Are The Core Factors Supporting Growth In The Panhematin Market?
An expected rise in the diagnosis of genetic disorders is projected to accelerate the panhematin market's growth. Abnormalities in a person's genetic material can lead to these medical conditions which often demand specialised treatment. Due to the progress in genetic testing coupled with improved awareness, detection of such disorders is becoming easier facilitating prompt actions. Panhematin aids patients suffering from genetic disorders as it is a synthetic version of heme and helps regulate the creation of porphyrins and heme, thus easing the symptoms like abdominal pain, nausea, and neurologic complications due to the buildup of harmful porphyrins from enzyme deficiencies. According to a report published by the New England Journal of Medicine in April 2023, approximately 5,500 individuals with severe developmental disorders have identified their genetic cause. Consequently, forward momentum in the panhematin market is expected due to the increasing diagnoses of genetic disorders. Moving on to the healthcare expenditure factor, the panhematin market's surge is due to increasing expenses related to health services, including diagnostics, therapies, and treatments. These expenses can be attributed to an aging population, chronic illness prevalence, technological advancements in medicine, and the high demand for premium healthcare services. Panhematin's healthcare expenditure primarily caters to acute porphyria treatments, covering drug costs, hospital stays, and care. High healthcare expenditures are expected to continue driving the panhematin market, especially since healthcare expenditure in May 2024 rose by a nominal 5.6% from 2022 to 2023 according to the Office For National Statistics.
What Are The Principal Market Segments In The Global Panhematin Industry?
The panhematin market covered in this report is segmented –
1) By Type: 350mg, 313mg
2) By Indication: Acute Porphyria, Other Indications
3) By Application: Hospital, Pharmacy
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Who Are the Key Players In The Panhematin Market?
Major companies operating in the panhematin market include:
• Horizon Therapeutics plc.
What Are The Regional Insights Into The Panhematin Market?
North America was the largest region in the panhematin market in 2024. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the panhematin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
