Global leukemia therapeutics market is growing pervasively and will continue to do so in the years to come due to the growing prevalence of leukemia. With considerable advancements in biotechnology, various innovative therapies have emerged, which drive the market growth excellently. The proven efficacies of these therapeutics in providing effective treatment for leukemia are allowing the market to accrue exponentially on the global platform. Well-spread awareness about leukemia therapeutics has spurred the growth of the market.
Rising numbers of medical science and biotechnology companies is a major driving force behind the growth of the market. Besides, the improving outlook for leukemia treatments that are controlling the spread of the diseases fosters the market growth phenomenally. According to Market Research Future (MRFR), the global leukemia therapeutics market had valued at USD 10.7 BN in 2017. The valuation is further projected to appreciate at 5.3% CAGR during the assessment period (2018-2023).
The rapid adoption of leukemia therapeutics and increasing demand for effective treatment methods are driving the growth of the market. Additional factors, such as increasing numbers of R&D initiatives, clinical trials, and new approvals, are contributing to the growth of the market. Providers are collaborating with independent research centers and hospitals to bring novelties into therapies, which, as a result, are acting as major tailwinds for market growth.
On the other hand, high costs and lack of awareness are projected to impede the growth of the leukemia therapeutics market. Nevertheless, increasing numbers of drug discoveries would support market growth throughout the assessment period. Rapid uptake of these therapies by medical professionals, as well as patients and increasing success rates, are driving the market.
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Global Leukemia Therapeutics Market – Segments
The market is segmented into three main dynamics to widen the scope of understanding,
By Treatment Type: Chemotherapy (Alkylating Agents, Antimetabolites Antitumor Antibiotics, others), Biological Therapy, Targeted Therapy, Radiation Therapy, Stem Cell Transplant, and others.
By Application : Acute Myelogenous Leukemia, Acute Lymphocytic Leukemia, Chronic Myelogenous Leukemia, Chronic Lymphocytic Leukemia, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
These therapeutics are used to treat a range of leukemia types, including acute myelogenous, acute lymphocytic, chronic lymphocytic, chronic myelogenous, and others. Among these, acute lymphocytic leukemia (ALL) is the largest segment in the market. The prevalence of this type of leukemia is the major reason behind the growth of the segment. Additionally, rising numbers of clinical trials and regulatory approvals push the segment growth. For instance, recently FDA approved blinatumomab, a bispecific T-cell engager (BiTE), as an effective method to treat patients with acute lymphocytic leukemia.
Global Leukemia Therapeutics Market – Regional Analysis
North America dominates the global leukemia therapeutics market, heading with an increase in the prevalence of leukemia and the geriatric population. Besides, the presence of many well-established players, alongside innovative therapies is estimated to drive the leukemia therapeutics market in North America. The market growth is predominantly supported by the US market, which is growing due to the large patient pool and high healthcare expenditures.
Moreover, technological advancements and well-spread awareness about the availability of leukemia therapeutics, support market growth. The North American leukemia therapeutics market is projected to retain its dominance in the global market throughout the review period.
Europe stands second in the global leukemia therapeutics market. Increasing numbers of leukemia patients in the region drive the regional market predominantly. Furthermore, increased numbers of advanced treatment facilities, alongside the availability of skilled medical professionals and the government support for research & development, fosters regional market growth.
The Asia Pacific region is emerging as a promising market for leukemia therapeutics. Factors substantiating the market growth include increasing prevalence of leukemia and spreading awareness among people about the condition and availability of new treatment methods. China and India are proliferating markets for leukemia therapeutics, which contribute to the market growth in the region, majorly. The APAC leukemia therapeutics market is expected to grow phenomenally.
Global Leukemia Therapeutics Market – Competitive Analysis
The leukemia therapeutics market appears fiercely competitive due to the presence of many well-established players. Significant investments are transpired in the field to bring innovations to the therapy and clinical trials. To gain a larger competitive share in the market, these players incorporate strategies such as partnerships, collaborations, mergers & acquisitions, expansions, and technology launch.
Players leading the leukemia therapeutics market include Pfizer Inc. (US), Novartis AG (Switzerland), Eisai Co., Ltd. (Japan), Bristol-Myers Squibb Company (US), GlaxoSmithKline plc (UK), Takeda Pharmaceutical Company Ltd (Japan), Amgen Inc (US), Hoffmann-La Roche AG (Switzerland), Teva Pharmaceutical Industries Ltd. (Israel), and Sanofi SA (France), among others.
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Industry/ Innovation/Related News:
March 07, 2020 —- Quantbot Technologies LP (the US), an SEC-registered investment adviser, announced, purchasing a new stake in a US-based biopharmaceutical company – TG Therapeutics Inc. The purchased 2,599 shares valued at approximately USD 28,000. TG Therapeutics is involved in developing & delivering medicines for patients with chronic lymphocytic leukemia (CLL), non-Hodgkin’s Lymphoma (NHL), and Multiple Sclerosis (MS).
January 20, 2020 —- CoImmune, a joint venture set up by SCM Life Science and Genexine in the US, announced the Formula Pharmaceuticals (Italy), a leader in the immunotherapy platform. Through this acquisition, CoImmune gets the rights to all tangible and intangible assets of Formula, expanding the company’s pipeline with two additional drug candidates. Formula’s Cytokine-Induced Killer Cell (CAR-CIK) is an acute lymphocytic leukemia drug, and CMN-001 is an advanced renal cancer drug.