(I-BusinessNews.Com, June 05, 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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Factors such as the large number of treatment options available for the treatment of CML and high incidence rate of CML are significantly driving the growth of this market. For instance, in the US, there were 20,940 CML new cases, as compared to 20,110 in 2017.
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.
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.
The major players in this market are Sanofi (France), AbbVie (US), Takeda Pharmaceutical (Japan), Novartis (Switzerland), F. Hoffmann-La Roche (Switzerland), Pfizer (US), Bristol-Myers Squibb (US), Amgen (US), 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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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.
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