Leukemia Therapeutics Market Growth Aspects by 2030
Added: (Fri May 12 2023)
Pressbox (Press Release) -
Market Overview:
Leukemia is an abnormal growth of white blood cells (WBCs) and multiple uncontrolled, replacing the typical WBCs. It can have a wide range of associated effects on the body, it is caused by various significant factors like genetic mutations, chemical exposure, smoking, and a family history of leukemia. In the past few years, cases of leukemia have been increasing in both developed and developing countries. Hence, there is a growing demand for various therapeutic approaches to leukemia treatment.
Market Size Growth Rate:
The leukemia therapeutics market was valued at USD 13.5 billion in 2021 and it is projected to reach USD 17.1 billion by 2027, with a CAGR of 7.2% over the forecast period 2023-2030. Due to an increase in the prevalence of leukemia platforms across the globe, this is anticipated to propel the demand for the leukemia therapeutics market. Along with increasing authorization of novel & advanced products, extensive research activities, and novel technical tools in sensor technology, the rising need for leukemia therapeutics will further support market trends for leukemia therapeutics through 2027.
Market Drivers:
Rising R&D investment and new product launches for leukemia therapeutics
• The majority of key players are curious about funding in R&D and novel products, which are anticipated to drive the growth of the global market. For instance,
• In October 2022, the American Cancer Society (ACS) has interested in investing in 89 new Extramural Discovery Science (EDS) research grants of approximately USD 54.3 million. It will fund researchers at 65 institutions across the United States beginning January 1, 2023.
• In April 2021, the Leukemia & Lymphoma Society Therapy Acceleration Program (LLS TAP) funds various significant companies such as Abintus Bio, Nexlmune, Caribou Biosciences, and Immune-Onc Therapeutics to accelerate the development of new and improved immunotherapies for the treatment of leukemia cancer.
• In November 2021, Pfizer healthcare group acquired Trillium Therapeutics for approximately USD 2.22 billion, through which the Pfizer healthcare group increased its services network for its leukemia therapeutic platform.
• Hence, the funding demand for extensive research for the therapeutic of this leukemia disorder is increasing.
Market Opportunities:
The majority of the significant leukemia market players proactively working to develop potential drug products to improve leukemia treatment options.
• In October 2022, Hemavant Sciences GmbH conducted a Phase1 trial to evaluate the safety, pharmacokinetics, and pharmacodynamics of splicing modulator H3B-8800 (RVT-2001) for subjects with AML, and CML
• In December 2021, Sun Pharma announced an abstract on updated safety and efficacy of vodobatinib clinical data in CML by US FDA and EMA. Now, the phase 2 study has been initiated and is recruiting globally
• In 2019, SK Biopharmaceuticals is focusing to continues development in the expansion of new approaches through an exclusive licensing agreement with Arvelle Therapeutics to distribute and commercialize therapeutic products in Europe
• These acquisitions and novel product approach is a strategies used by vendors to grow their operations, boost their market shares, and diversify their product offerings
Recent Developments in the Industry:
• In 2021, the Kite Pharma, Inc. Gilead received the EMEA (US FDA-2020) for Tecartus (brexucabtagene autoleucel) in B-lymphocyte antigen CD19 adult patients with refractory mantle cell lymphoma
• In January 2020, Bristol-Myers Squibb received the US FDA for Onureg for the treatment of an adult patient with AML.
Market Segmentation:
As per the research analysis, the global Leukemia therapeutics market is segmented by type of leukemia into Chronic Myeloid Leukemia (CML), Chronic Lymphocytic Leukemia (CLL), Acute Lymphocytic Leukemia (ALL), Acute Myeloid Leukemia (AML) by treatment type into Chemotherapy, Targeted therapy, and Immunotherapy.
• On the bases of the type of leukemia, the chronic lymphocytic leukemia segment is estimated to grow at the highest CAGR of 7.4% during the forecast period 2022 to 2027, because over the past few years, cases of acute lymphoblastic leukemia have been increasing across the world. In addition, the CLL segment is anticipated at 20,160 diagnosis cases including both children & adults in US leukemia therapeutic market, as CLL is the first line of treatment for it followed by AML and CML, according to the American Cancer Society-2022.
Geographical Classification:
The global leukemia therapeutics market is segmented into major countries including North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
Competitive Analysis:
However, it is expected to grow rapidly in the next couple of years with intense competition among the players and a rising number of cases. A few key players are already being observed adopting strategies, such as collaboration for the development of therapies and drugs, which may make the market crowded with new products in the next couple of years.
Major Companies:
Major key companies which are contributing to the growth of the market include Novartis International AG, Bristol Myers Squibb, Sanofi S.A, Pfizer Inc., Amgen Inc., Takeda Pharmaceutical, Celgene Corporation, GlaxoSmithKline plc, Abintus Bio, Nexlmmune, Exelixis Inc., MorphoSys AG, Otsuka Holdings Company Ltd, AbbVie, Ambit Biosciences corporation, Ariad Pharmaceuticals, Gennzme Corporation, Rpche, and Others.
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