Report Description Table of Contents Introduction And Strategic Context The Global Hemophilia Treatment Market will witness a robust CAGR of 8.78 % , valued at $10.45 billion in 2024 , expected to appreciate and reach $17.31 billion by 2030 , confirms Strategic Market Research. Hemophilia , a rare inherited bleeding disorder, is characterized by the deficiency of clotting factors VIII ( Hemophilia A) or IX ( Hemophilia B), leading to prolonged bleeding episodes and significant morbidity. Over the last decade, the therapeutic landscape has evolved remarkably, transitioning from traditional plasma-derived therapies to recombinant products, gene therapy candidates, and innovative monoclonal antibodies. In the strategic context of 2024–2030 , several macro forces are shaping the hemophilia treatment market: Technological Advancements : The commercialization of gene therapies and RNA interference platforms is redefining curative potential, reducing the dependency on lifelong prophylaxis. Regulatory Dynamics : Accelerated approvals and orphan drug incentives in the U.S. and EU are expediting pipeline launches. Rising Disease Awareness : Targeted educational campaigns are driving early diagnosis and patient engagement. Healthcare Infrastructure Improvements : Expansion of specialized hemophilia treatment centers in emerging markets is increasing access to advanced therapeutics. Reimbursement Evolution : Value-based pricing models are emerging to address the high cost burden of novel biologics. The global burden of hemophilia is estimated to affect approximately 1 in 5,000 male births , with over 400,000 patients worldwide. However, significant diagnosis and treatment gaps persist in low- and middle-income countries, representing substantial untapped potential. Key stakeholders driving and influencing the market include: Original Equipment Manufacturers (OEMs) of factor concentrates and gene therapy vectors Biotechnology companies specializing in next-generation clotting factor replacements Healthcare providers and specialized hemophilia treatment centers Payers and insurance providers evaluating cost-effectiveness of high-value biologics Regulatory agencies such as the FDA and EMA overseeing accelerated approvals Patient advocacy groups lobbying for equitable access and innovation funding Investors focused on breakthrough therapies and market expansion in Asia Pacific and Latin America Experts note that the 2024–2030 period will likely see an inflection point in hemophilia care, with gene therapy poised to redefine long-term outcomes. However, sustainable pricing models and infrastructure readiness will be critical for widespread adoption. The coming years are expected to mark a paradigm shift from factor replacement to functional cures and innovative prophylactic regimens. As the market grows, stakeholders must balance innovation, affordability, and equitable access to life-saving treatments. Market Segmentation And Forecast Scope The hemophilia treatment market encompasses a complex landscape shaped by diverse product modalities, therapeutic approaches, patient demographics, and regional adoption dynamics. For clarity and strategic insight, the market can be segmented across four primary dimensions: By Product Type Plasma-Derived Coagulation Factor Concentrates Traditional therapies extracted from donor plasma. Recombinant Coagulation Factors Engineered proteins replicating human clotting factors. Non-Factor Replacement Therapies Monoclonal antibodies and small interfering RNA products designed to rebalance hemostasis . Gene Therapy A transformative approach offering potential long-term or curative benefit by introducing functional clotting factor genes. Among these, the Recombinant Coagulation Factors segment accounted for approximately 38% of global revenues in 2024 , reflecting widespread adoption and established safety profiles. By Disease Type Hemophilia A (Factor VIII Deficiency) The most prevalent subtype, representing around 80–85% of cases. Hemophilia B (Factor IX Deficiency) Less common, affecting approximately 15–20% of patients. Others Includes rare subtypes such as Hemophilia C and acquired hemophilia . Hemophilia A remains the dominant segment due to higher incidence and broader therapeutic pipelines. By Treatment Approach On-Demand Therapy Acute management of bleeding episodes. Prophylactic Therapy Regular infusions to prevent bleeds and joint damage. Immune Tolerance Induction (ITI) Therapy Specialized regimens for patients developing inhibitors against replacement factors. Prophylactic Therapy is projected to be the fastest-growing segment through 2030 , driven by clinical guidelines favoring preventive management and improved long-term outcomes. By End User Hospitals & Hemophilia Treatment Centers Primary hubs for infusion and comprehensive care. Home Care Settings Enabled by self-infusion training and remote monitoring technologies. Specialty Pharmacies Critical channels for distribution of high-cost biologics. In 2024, Hospitals & Hemophilia Treatment Centers accounted for approximately 52% of total treatment volumes due to concentrated expertise and infrastructure. By Region North America Leading market share driven by advanced therapies, robust reimbursement, and established patient registries. Europe High adoption of recombinant and non-factor therapies. Asia Pacific Rapidly expanding due to increased diagnosis rates and government funding. Latin America, Middle East & Africa Emerging regions with significant unmet needs and limited access to advanced treatments. Asia Pacific is anticipated to experience the highest CAGR through 2030 , supported by initiatives to improve hemophilia care infrastructure and early detection. Forecast Scope This report provides revenue estimates and growth projections from 2024 to 2030 , covering: Market size and share by Product Type , Disease Type , Treatment Approach , End User , and Region . Year-over-year growth rates and regional dynamics. Competitive positioning of therapies and companies within each segment. Analysis of market drivers, restraints, and emerging opportunities shaping each sub-segment. Expert perspectives suggest that non-factor therapies and gene therapy will be pivotal in reshaping the competitive landscape and redefining standards of care. Market Trends And Innovation Landscape The hemophilia treatment market is undergoing a transformative era, marked by scientific breakthroughs, evolving care models, and new paradigms in disease management. Between 2024 and 2030 , several trends are expected to accelerate growth and reshape competitive dynamics: Gene Therapy Advancements One of the most significant trends is the advancement of gene therapy as a functional cure. Multiple programs targeting Hemophilia A and B have entered late-stage clinical development or received conditional approvals in select markets. These therapies involve adeno-associated virus (AAV) vectors delivering functional copies of F8 or F9 genes , potentially enabling durable endogenous production of clotting factors. Experts anticipate that gene therapy could capture a meaningful share of the severe hemophilia population by 2030, especially among patients with inhibitor complications or high treatment burdens. Non-Factor Replacement Therapies The rise of non-factor therapies, including bispecific monoclonal antibodies and small interfering RNA (siRNA) agents, is redefining prophylaxis. These products provide sustained hemostatic protection without relying on exogenous factor concentrates. Notably, subcutaneous administration is improving adherence and convenience compared to intravenous infusions. Clinicians underscore that non-factor therapies may become the preferred first-line prophylaxis for certain patients due to their ease of use and efficacy. Digital Health Integration Digital platforms, remote monitoring tools, and adherence tracking apps are becoming integral to hemophilia care. From personalized dosing algorithms to real-time bleed reporting, technology is empowering patients and clinicians to optimize treatment regimens. One promising trend is the integration of wearable devices that track mobility and joint health, offering early warning of bleeding episodes. Innovations in Recombinant Factor Engineering While gene and non-factor therapies are gaining momentum, recombinant factors remain critical, particularly in emerging markets. Next-generation extended half-life (EHL) recombinant factors are reducing infusion frequency and improving patient quality of life. Continuous innovation is also targeting enhanced stability and lower immunogenicity. Mergers and Strategic Alliances Pharmaceutical companies are engaging in partnerships and acquisitions to accelerate pipelines and bolster portfolios. Collaborations between biotechnology firms and large-cap pharma players are common, aimed at leveraging gene therapy platforms, vector manufacturing, and global distribution capabilities. Recent examples include: Strategic alliances for co-development of AAV gene therapies targeting Hemophilia A Licensing deals to broaden access to novel siRNA-based prophylactics M&A activity to integrate manufacturing capabilities for recombinant and gene-based products Pipeline Announcements Over the last two years, several promising candidates have advanced into Phase 3 trials, including: Long-acting rFVIII constructs designed for weekly dosing Novel RNA interference therapies targeting antithrombin regulation Bioengineered factor IX variants with enhanced potency and durability Industry analysts predict that by the end of this decade, the market will consist of a hybrid model, balancing established factor replacements with disruptive gene and non-factor therapies. Future Outlook Innovation will not only expand therapeutic choice but also challenge stakeholders to create sustainable reimbursement models. While the pipeline is robust, commercialization success will depend on: Demonstrating long-term safety and durability Addressing infrastructure gaps for gene therapy delivery Educating clinicians and patients on new modalities Expert commentary emphasizes that technological innovation in hemophilia treatment will likely outpace health system readiness, requiring concerted efforts to align regulatory, reimbursement, and logistical frameworks. Competitive Intelligence And Benchmarking The hemophilia treatment market features a highly consolidated landscape dominated by leading biotechnology and pharmaceutical companies, alongside a dynamic pipeline of innovative entrants. Competitive differentiation increasingly depends on product innovation, manufacturing scale, regional access strategies, and strategic alliances. 1. Takeda Pharmaceutical Company Strategy : Takeda maintains one of the broadest portfolios of plasma-derived and recombinant factor products. The company’s focus lies in sustaining market leadership in established therapies while investing in next-generation gene therapy partnerships. Global Reach : A strong presence across North America, Europe, and Asia Pacific, supported by vertically integrated plasma collection and fractionation networks. Differentiation : Proven manufacturing expertise and extensive patient support programs. 2. BioMarin Pharmaceutical Strategy : A pioneer in gene therapy, BioMarin spearheaded the development of an investigational AAV-based therapy for Hemophilia A, targeting functional cure. Global Reach : Focused commercial expansion in the United States and EU markets with plans for regulatory filings in emerging regions. Differentiation : First-mover advantage in gene therapy and robust long-term clinical data. 3. CSL Behring Strategy : Combining plasma-derived and recombinant factor therapies, CSL Behring emphasizes extended half-life innovations and immune tolerance protocols. Global Reach : Well-established distribution in Europe and North America, coupled with growth investments in Latin America and Asia. Differentiation : Comprehensive treatment solutions, including rare inhibitor management products. 4. Pfizer Strategy : Pfizer’s competitive strength lies in recombinant factor IX products and pipeline collaborations targeting RNA interference therapies. Global Reach : Broad market access, leveraging established specialty pharmacy networks. Differentiation : Extensive R&D capabilities and strategic alliances with emerging biotech firms. 5. Sanofi Strategy : Sanofi has bolstered its hemophilia portfolio through acquisition and development of non-factor replacement therapies. Global Reach : Presence in over 100 countries, with a strong emphasis on patient engagement programs. Differentiation : Leadership in subcutaneous prophylactic therapies and novel mechanisms of action. 6. Novo Nordisk Strategy : Novo Nordisk focuses on recombinant factor VIII and IX platforms, including extended half-life variants and digital health integration. Global Reach : Strong penetration in Europe and expanding operations in Asia Pacific. Differentiation : Reputation for consistent product quality and innovative delivery devices. 7. Roche Strategy : Roche has redefined the hemophilia space with a first-in-class bispecific monoclonal antibody, driving adoption in prophylactic settings. Global Reach : Rapid uptake across Europe, North America, and select Asia Pacific markets. Differentiation : Unique mode of action and a robust evidence base supporting superior bleed protection. Analysts project that competitive dynamics over the next decade will hinge on the commercialization of gene therapies and non-factor agents, which are expected to erode the market share of traditional factor replacements. Beyond the established players, a cadre of emerging biotechnology companies is advancing disruptive platforms, including lentiviral gene therapies and next-generation RNA interference products. These innovators are often partnering with major pharmaceutical firms to accelerate development, secure funding, and build global distribution capabilities. Expert commentary highlights that differentiation in this market will depend on demonstrating not only superior efficacy but also long-term safety, convenient administration, and value-based pricing. Benchmarking Insights Takeda and CSL Behring remain market leaders in plasma-derived and recombinant therapies. Roche and BioMarin Pharmaceutical are the frontrunners in non-factor and gene therapy innovation. Sanofi and Pfizer are leveraging strong R&D pipelines to diversify their portfolios. Novo Nordisk continues to expand its footprint with recombinant therapies and digital health initiatives. Going forward, the ability to bundle treatment with comprehensive care services and real-world evidence will become a defining competitive advantage. Regional Landscape And Adoption Outlook The adoption of hemophilia treatments varies significantly across global regions, shaped by disparities in infrastructure, reimbursement systems, and disease awareness. From high-income nations with near-universal access to advanced biologics to underserved markets still reliant on plasma-derived therapies, the regional outlook is complex and rapidly evolving. North America North America commands the largest share of the hemophilia treatment market, driven by: Robust reimbursement frameworks supporting high-cost prophylactic therapies. Well-developed networks of hemophilia treatment centers (HTCs) . Strong patient registries facilitating real-world evidence generation. The United States, in particular, leads in early adoption of gene therapy and non-factor agents . Experts predict that by 2030, gene therapy will capture a substantial proportion of severe Hemophilia A patients in the U.S., driven by favorable insurance coverage and clinical guideline endorsements. Canada follows similar trends but with greater regional variability in access due to provincial funding policies. Europe High diagnosis and treatment rates. Government-supported health systems ensuring broad access to recombinant and extended half-life products. Leading clinical research hubs driving innovation. Countries like Germany , the UK , and France have pioneered national tenders and value-based procurement models to manage biologics spending. These policies are accelerating the shift toward subcutaneous non-factor therapies as cost-effective alternatives to frequent infusions. In Germany, structured hemophilia care pathways and registries have demonstrated measurable improvements in long-term joint outcomes and patient-reported quality of life. Asia Pacific Asia Pacific represents the fastest-growing regional market due to: Expanding diagnostic infrastructure. Greater government focus on rare disease funding. Rising disease awareness campaigns. China and India are emerging as key growth engines: In China , government pilot programs are increasing patient identification and reimbursement for recombinant therapies. In India , non-governmental organizations are collaborating with global foundations to improve plasma supply and train clinicians. Analysts forecast a double-digit CAGR in Asia Pacific through 2030 as these initiatives scale. However, challenges remain in affordability and cold chain logistics for advanced products. Latin America Brazil has implemented national procurement programs for recombinant factor VIII. Other countries rely heavily on plasma-derived products due to budget constraints. Despite progress, many patients remain underdiagnosed and undertreated. Expansion of regional hemophilia centers is a top priority. Middle East and Africa This region presents the greatest unmet needs: Low awareness and limited screening. Heavy reliance on humanitarian aid for clotting factor supplies. Sparse infrastructure for comprehensive care. Experts stress that Middle East and Africa will require coordinated policy, funding, and training investments to close the treatment gap. White Space and Underserved Regions Rural areas in Asia and Africa remain largely underserved. Opportunities exist for mobile treatment units, telemedicine, and point-of-care diagnostics. Emerging biosimilars may improve affordability over the forecast period. Stakeholders note that collaboration among governments, NGOs, and manufacturers will be essential to address these disparities. Outlook Regional market expansion will be propelled by: Adoption of innovative therapies in high-income markets. Infrastructure investments in emerging economies. Policy shifts enabling reimbursement of advanced biologics. Ultimately, a more equitable global hemophilia treatment ecosystem will depend on balancing innovation with affordability and access. End-User Dynamics And Use Case The hemophilia treatment landscape involves diverse end-user environments, each with unique drivers of adoption, operational challenges, and clinical priorities. Understanding these dynamics is essential to anticipating demand and aligning product strategies. Hospitals & Hemophilia Treatment Centers These facilities remain the primary hubs for: Diagnosis and baseline factor assays. Administration of immune tolerance induction (ITI) therapy. Management of acute bleeding and surgical procedures. Training patients and caregivers in self-infusion techniques. Large hospitals and specialized centers often participate in registries and clinical trials, positioning them as early adopters of gene therapy and novel prophylactic regimens . Expert insights indicate that hospitals are increasingly integrating digital tools to track factor usage and support real-world outcomes research. Home Care Settings A major shift in hemophilia care has been the migration from hospital-based infusions to self-administered home therapy. This trend is driven by: Development of recombinant products with improved safety profiles. Training programs enabling patients and families to manage treatment independently. Rising adoption of subcutaneous therapies, reducing infusion complexity. Patients report greater autonomy, improved adherence, and enhanced quality of life through home care models. Specialty Pharmacies Specialty pharmacies play a critical role in: Dispensing high-cost biologics and ensuring cold chain integrity. Providing adherence counseling and reimbursement assistance. Coordinating care among providers, payers, and patients. This segment is particularly influential in North America, where insurers contract specialty pharmacies to manage hemophilia treatment distribution and patient support services. Use Case Scenario A tertiary hospital in South Korea implemented an integrated hemophilia care pathway combining early prophylaxis initiation with digital monitoring tools. The program involved a multidisciplinary team— hematologists , nurses, and physiotherapists—who collaborated to tailor treatment regimens and track joint health. Over 18 months, patients receiving extended half-life recombinant factor VIII prophylaxis experienced a 60% reduction in annual bleed rates compared to historical cohorts. Mobile apps were used to log infusions and prompt reminders, improving adherence and data capture for the national registry. Drivers of Adoption by End User Hospitals & Treatment Centers Access to multidisciplinary expertise. Participation in clinical trials and registries. Infrastructure for gene therapy administration. Home Care Patient preference for convenience. Advances in self-administration devices. Subcutaneous prophylactic options reducing infusion burden. Specialty Pharmacies Efficient logistics for cold chain products. Insurance navigation and cost-containment programs. Clinical support services improving outcomes. Industry experts project that by 2030, the majority of prophylactic regimens will be managed in home settings or through hybrid models combining virtual follow-ups with periodic hospital assessments. Outlook As therapies become more sophisticated and personalized, end-user settings will evolve to integrate: Digital platforms enabling remote monitoring. Telemedicine for ongoing management. Education programs improving treatment literacy. The convergence of innovative biologics, home care delivery, and connected health solutions is anticipated to redefine hemophilia care models globally. Recent Developments + Opportunities & Restraints Recent Developments (Last 2 Years) 1. FDA Approval of a Subcutaneous Prophylactic Therapy A leading pharmaceutical company secured FDA approval for a bispecific monoclonal antibody, offering patients a convenient subcutaneous option with proven bleed reduction. 2. Conditional Approval of Gene Therapy in Europe An innovative gene therapy received conditional marketing authorization from the European Medicines Agency (EMA) for Hemophilia A, marking a milestone in potential curative treatment. 3. Strategic Collaboration for RNA Interference Therapies A biotech firm entered a global licensing agreement with a major pharma company to co-develop small interfering RNA therapeutics targeting antithrombin regulation in Hemophilia B. 4. Launch of Next-Generation Extended Half-Life Recombinant Factor IX A new recombinant factor IX therapy with prolonged dosing intervals was launched in North America, enhancing patient adherence and reducing infusion frequency. Opportunities Expansion of Gene Therapy Access Curative potential and long-term cost savings are driving early adoption in developed markets. Growth in Emerging Markets Government investments in rare disease infrastructure across Asia Pacific and Latin America are improving diagnosis and treatment rates. Digital Health Integration Mobile apps, wearables, and remote monitoring tools offer new avenues to improve adherence and capture real-world data. Restraints High Cost of Advanced Therapies Gene therapies and non-factor prophylactics carry significant price tags, challenging payers and health systems. Limited Treatment Infrastructure Emerging economies face hurdles including inadequate cold chain logistics, clinician training gaps, and uneven funding mechanisms. Experts caution that while innovation accelerates, systemic barriers could delay equitable global access. 7.1. Report Coverage Table Report Attribute Details Forecast Period 2024 – 2030 Market Size Value in 2024 USD 10.45 Billion Revenue Forecast in 2030 USD 17.31 Billion Overall Growth Rate CAGR of 8.78% (2024–2030) Base Year for Estimation 2024 Historical Data 2019 – 2023 Unit USD Million, CAGR (2024–2030) Segmentation By Product Type, By Disease Type, By Treatment Approach, By End User, By Geography By Product Type Plasma-Derived Coagulation Factor Concentrates, Recombinant Coagulation Factors, Non-Factor Replacement Therapies, Gene Therapy By Disease Type Hemophilia A, Hemophilia B, Others By Treatment Approach On-Demand Therapy, Prophylactic Therapy, Immune Tolerance Induction Therapy By End User Hospitals & Hemophilia Treatment Centers, Home Care Settings, Specialty Pharmacies By Region North America, Europe, Asia-Pacific, Latin America, Middle East & Africa Country Scope U.S., Canada, Germany, U.K., France, China, India, Japan, Brazil, South Africa Market Drivers Rising adoption of gene therapy; growing diagnosis rates in emerging markets; shift to subcutaneous prophylaxis Customization Option Available upon request Frequently Asked Question About This Report Q1: How big is the hemophilia treatment market? A1: The global hemophilia treatment market was valued at USD 10.45 billion in 2024. Q2: What is the CAGR for the hemophilia treatment market during the forecast period? A2: The market is expected to grow at a CAGR of 8.78% from 2024 to 2030. Q3: Who are the major players in the hemophilia treatment market? A3: Leading players include Takeda Pharmaceutical Company, BioMarin Pharmaceutical, CSL Behring, Pfizer, Sanofi, Novo Nordisk, and Roche. Q4: Which region dominates the hemophilia treatment market? A4: North America leads due to advanced healthcare infrastructure and strong reimbursement systems. Q5: What factors are driving the hemophilia treatment market? A5: Growth is fueled by technological innovation, rising awareness, and supportive regulatory frameworks. Executive Summary Market Overview Market Attractiveness by Product Type, Disease Type, Treatment Approach, End User, and Region Strategic Insights from Key Executives (CXO Perspective) Historical Market Size and Future Projections (2017–2030) Summary of Market Segmentation by Product Type, Disease Type, Treatment Approach, End User, and Region Market Share Analysis Leading Players by Revenue and Market Share Market Share by Product Type, Disease Type, Treatment Approach, and End User Investment Opportunities in the Hemophilia Treatment Market Key Developments and Innovations Mergers, Acquisitions, and Strategic Partnerships High-Growth Segments for Investment Market Introduction Definition and Scope of the Study Market Structure and Key Findings Overview of Top Investment Pockets Research Methodology Research Process Overview Primary and Secondary Research Approaches Market Size Estimation and Forecasting Techniques Market Dynamics Key Market Drivers Challenges and Restraints Impacting Growth Emerging Opportunities for Stakeholders Impact of Behavioral and Regulatory Factors Government Policies and Reimbursement Frameworks Global Hemophilia Treatment Market Analysis Historical Market Size and Volume (2017–2023) Market Size and Volume Forecasts (2024–2030) Market Analysis by Product Type Plasma-Derived Coagulation Factor Concentrates Recombinant Coagulation Factors Non-Factor Replacement Therapies Gene Therapy Market Analysis by Disease Type Hemophilia A Hemophilia B Others Market Analysis by Treatment Approach On-Demand Therapy Prophylactic Therapy Immune Tolerance Induction Therapy Market Analysis by End User Hospitals & Hemophilia Treatment Centers Home Care Settings Specialty Pharmacies Market Analysis by Region North America Europe Asia Pacific Latin America Middle East & Africa North America Hemophilia Treatment Market Analysis Historical Market Size and Volume (2017–2023) Market Size and Volume Forecasts (2024–2030) Market Analysis by Segment Country-Level Breakdown: United States Canada Europe Hemophilia Treatment Market Analysis Historical Market Size and Volume (2017–2023) Market Size and Volume Forecasts (2024–2030) Market Analysis by Segment Country-Level Breakdown: Germany United Kingdom France Italy Spain Rest of Europe Asia Pacific Hemophilia Treatment Market Analysis Historical Market Size and Volume (2017–2023) Market Size and Volume Forecasts (2024–2030) Market Analysis by Segment Country-Level Breakdown: China India Japan South Korea Rest of Asia Pacific Latin America Hemophilia Treatment Market Analysis Historical Market Size and Volume (2017–2023) Market Size and Volume Forecasts (2024–2030) Market Analysis by Segment Country-Level Breakdown: Brazil Argentina Rest of Latin America Middle East & Africa Hemophilia Treatment Market Analysis Historical Market Size and Volume (2017–2023) Market Size and Volume Forecasts (2024–2030) Market Analysis by Segment Country-Level Breakdown: GCC Countries South Africa Rest of Middle East & Africa Key Players and Competitive Analysis Takeda Pharmaceutical Company – Global Market Leader BioMarin Pharmaceutical – Pioneer in Gene Therapy CSL Behring – Portfolio of Plasma-Derived and Recombinant Therapies Pfizer – Innovator in Recombinant Factor IX Sanofi – Specialist in Non-Factor Replacement Therapies Novo Nordisk – Recombinant Factor Platform Leader Roche – Developer of Bispecific Antibody Therapies Appendix Abbreviations and Terminologies Used in the Report References and Sources List of Tables Market Size by Product Type, Disease Type, Treatment Approach, End User, and Region (2024–2030) Regional Market Breakdown by Segment (2024–2030) List of Figures Market Dynamics: Drivers, Restraints, Opportunities, and Challenges Regional Market Snapshot for Key Regions Competitive Landscape and Market Share Analysis Growth Strategies Adopted by Leading Players Market Share by Segment (2024 vs. 2030)