Global Congenital Anomalies Treatment Market Highlights over 2022 – 2031
The global congenital anomalies treatment market is estimated to grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing prevalence of congenital anomalies amongst new born babies. Congenital anomalies or abnormalities can be caused due to various factors, including genetic makeup, environmental, socioeconomic or demographic factors, poor maternal nutritional status, and infections caught during pregnancies. According to the data by the World Health Organization (WHO), 295,000 newborns die within 28 days of birth every year, due to congenital anomalies, globally. Moreover, prevention of these anomalies is near to impossible, as the causes are vague and uncontrollable. A WHO report stated that over 50% of all congenital anomalies cannot be linked to a specific cause. As a result, treatment is the only solution for congenital abnormalities, leading to a high demand for treatment, which is estimated to boost the market growth. Furthermore, growing healthcare awareness amongst the parents, along with availability of advanced treatment options are anticipated to further propel the market growth.
In addition to this, the increasing government investment in the field of medical research, is projected to further propel the market growth. According to the World Bank data, 2.204% of the global GDP was spent for R&D activities in 2018.
The market is segmented by treatment into surgery, additional therapy, drugs, and others, out of which, the surgery segment is anticipated to hold the notable share in the global congenital anomalies treatment market over the forecast period owing to the high success rate of surgeries. Moreover, surgeries guarantee permanent cure for congenital heart disease, cleft palate, and other disorders, which is estimated to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Congenital Anomalies Treatment Market Regional Synopsis
On the basis of geographical analysis, the global congenital anomalies treatment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of advancements in the healthcare sector, backed by rising healthcare expenditure across the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the high prevalence of congenital diseases in infants in the region. As per the data by the Center of Disease Control and Prevention (CDC), one in every 33 babies or about 3% of all babies born in the United States suffer from birth defects each year.
The global congenital anomalies treatment market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global congenital anomalies treatment market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing prevalence of congenital anomalies is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2031.
The major players in the market are GlaxoSmithKline plc, Regeneron Pharmaceuticals, Inc., BioMarin Pharmaceutical Inc., Amgen Inc., Alexion Pharmaceuticals, Inc., Merck KGaA, Novartis International AG, Ipsen Pharma, Fresenius Kabi USA, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, treatment, end-user, and by region.
The hospitals segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
High cost of treatment and diagnosis are estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the high prevalence of various kinds of congenital abnormalities amongst the population.
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