(I-BusinessNews.Com, March 24, 2021 ) According to the new market research report the leukemia therapeutics market is projected to reach USD 17.1 billion by 2024 from USD 12.3 billion in 2019, at a CAGR of 6.8% during the forecast period.
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The market for leukemia therapeutics is mainly driven by the high prevalence of the disease. Asia and Europe have high prevalence rates of leukemia, followed by North America, making these regions the key markets for therapeutics. Other factors driving the leukemia therapeutics market growth include the introduction of innovative therapies.
However, complexities in manufacturing serve as a key restraint to market growth. Companies in this market are required to comply with stringent regulations during product manufacturing and testing, which considerably slows the introduction of new products in the market.
The North American market is expected to account for the largest share, globally. The rising number of leukemia patients, tissue engineering, new drugs & therapies launches, and high research funding for the treatment of leukemia are the major driving factors in this market. In 2018, according to the Leukemia & Lymphoma Society, an estimated 381,774 people were living with or in remission from leukemia in the US. According to the Canadian Cancer Society, nearly 138,100 people in Canada are living with or are in remission from blood cancer (data as of 2016). In addition, nearly 22,340 Canadians of all ages were diagnosed with a form of blood cancer, including 5,900 cases of leukemia.
Based on the type of leukemia, the leukemia therapeutics market is segmented into acute lymphocytic leukemia (ALL), acute myeloid leukemia (AML), chronic lymphocytic leukemia (CLL), and chronic myeloid leukemia (CML). Of these, the chronic myeloid leukemia segment accounted for the largest market share in 2018. It is also anticipated to register the highest growth during the forecast period. This market is primarily driven by certain factors such as high incidences of chronic myeloid leukemia and the wide range of treatment options available for its treatment.
Based on treatment type, the leukemia therapeutics market is bifurcated into chemotherapy and targeted drugs & immunotherapy. Of these, the targeted drugs & immunotherapy segment accounted for the largest market share in 2018. Factors such as the increasing demand for targeted drugs, development of novel immunotherapies for the treatment of leukemia, and higher efficacy and success rate associated with targeted drugs & immunotherapy as compared to chemotherapy are driving the growth of this segment.
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The major players in this market are Sanofi (France), AbbVie (US), Bristol-Myers Squibb (US), Novartis (Switzerland), F. Hoffmann-La Roche (Switzerland), Pfizer (US), Amgen (US), Takeda Pharmaceutical (Japan), Gilead Sciences (US), and Celgene (US). Product launches and acquisitions are the key growth strategies adopted by most players in this market.
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