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(Health-NewsWire.Net, October 22, 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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Leukemia is a type of cancer originating from white blood cells or the bone marrow, which occurs due to an abnormal increase in the count of white blood cells. It is identified by the spread of the disease (either acute or chronic), and by the type of the blood cell that is affected (lymphocytic or myeloid). The treatment options depend on several factors, including the phase of the disease, possible side effects, and the patient’s overall health. Leukemia therapeutic drugs are used to destroy cancer cells. This type of medication is given through the bloodstream to reach cancer cells throughout the body.
The chronic myeloid leukemia segment is anticipated to account for the largest market share. The high incidence rate of chronic myeloid leukemia and the large number of treatment options available are the major factors driving the growth of this market segment. In the US, nearly 15% of the newly diagnosed cases of leukemia are CML. Nearly 1 person in 526 is diagnosed with CML in the US.
In 2018, the small molecules segment accounted for the largest market share. This is mainly attributed to the availability of a large number of chemo and targeted drugs—which are small molecules. A large number of small-molecule drugs have also been approved, which is expected to drive the market growth.
The leukemia therapeutics market is dominated by various players offering leukemia chemotherapies, targeted drugs, and immunotherapies. The major players in this market are Novartis (Switzerland), AbbVie (US), Bristol-Myers Squibb (US), F. Hoffmann-La Roche (Switzerland), Sanofi (France), Pfizer (US), Amgen (US), Gilead Sciences (US), Takeda Pharmaceutical (Japan), Celgene (US). Product launches and acquisition are the key growth strategies followed by most players in this market.
Novartis (Switzerland) is the leading company in the global leukemia therapeutics market, owing to its strong sales channel and innovative therapies. The company invested approximately 17.5% of its revenue in research and development activities. In August 2017, Novartis received the FDA approval for its CAR-T cell therapy, Kymriah (CTL019), which is used for the treatment of cancer. With this launch, Novartis became the pioneer of leukemia immunotherapies, thus maintaining its dominant position in the market. In August 2018, Novartis received the EU approval for its CAR-T cell therapy, Kymriah.
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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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