Chronic Myelogenous Leukemia Treatment Market Foreseen to Grow Exponentially by 2026
Factors such as increasing number of research and developments in oncology sector, advancements in drug development, new product launch, and the introduction of various new therapies are leading towards the growth of the global Chronic Myelogenous Leukemia Treatment Market.
Increasing prevalence of chronic myelogenous leukemia in developed countries due to genetic factors is also resulting in the development of new treatment and therapies that are more effective. Researchers are also focusing on polypharmacology approach to develop the drugs that can act on multiple targets. This is leading to the drug discovery opportunities that are beyond the concept of ‘one drug, one target’. The class of drugs known as TKIs is being used on a large scale, however, side-effects of these drugs are affecting its growth. Hence, new drugs and treatments are being developed to run the treatment successfully without any risk. Moreover, the rise in the development of a combination of drug therapies is also fueling the growth of the market.
High-cost of treatment being the biggest factor hampering market growth. Manufacturers are focusing on reducing the cost of TKIs. Meanwhile, the government of various countries are also taking initiatives to provide TKIs to the large section of population who are not able to afford it.
According to the report by Transparency Market Research (TMR), the global market for chronic myelogenous leukemia is likely to witness strong growth, registering 6.7% CAGR during 2017-2026. The market is also estimated to bring in US$ 8,550.8 million revenue by 2026 end.
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Disease specific treatment is likely to gain maximum revenue share, accounting for more than three-fourth of the revenue share by 2017 end. Disease specific treatment is also projected to exceed US$ 7,100 million revenue towards 2026 end.
Compared to the other distribution channel, hospital pharmacies are likely to witness significant growth during 2017-2026. By 2026 end, hospital pharmacies are estimated to surpass US$ 4,600 million revenue. Meanwhile, specialty pharmacies are also likely to witness healthy growth between 2017 and 2026.
Branded drugs are likely to gain maximum traction in the market during 2017-2026. Branded drugs are estimated to exceed US$ 6,800 million revenue by 2026 end.
North America is likely to emerge as one of the largest regions in the global market for chronic myelogenous leukemia treatment. Increasing awareness about various new treatments among the patients suffering from chronic myelogenous leukemia, early diagnosis of patients suffering from cancer are some of the factors driving the market growth in North America. Other factors contributing to the market growth are presence of leading market players and rise in a number of approval of drugs by the U.S. Food and Drug Administration (FDA) for treating chronic myelogenous leukemia.
Meanwhile, improving healthcare infrastructure in developing countries like China and India are contributing towards the growth of chronic myelogenous leukemia treatment in the APEJ region.
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Some of the major market players in the global market for chronic myelogenous leukemia treatment are Novartis, Teva Pharmaceutical, Bristol Myers Squibb, Hoffman-LaRoche and Schering Plough, Pfizer, and Others. The use of second and third generation therapies has recently increased due to the lack of benefits from imatinib. Hence, players in the market are working on introducing treatments and drugs that can offer maximum benefits.