Pune, India, Feb. 12, 2021 (GLOBE NEWSWIRE) -- The global leukemia therapeutics market size is projected to reach USD 27.78 billion by 2027, exhibiting a CAGR of 8.1% during the forecast period. The increasing demand for enhanced treatments for blood cancers amid the COVID-19 pandemic will accelerate the market.
North America to Foster Stable Market Growth Backed by High Healthcare Expenditure
North America is expected to dominate the leukemia therapeutics market share during the forecast period as the USA and Canada have sharply increased their spending on healthcare technologies and infrastructure in the past few decades. Moreover, policymakers in the two countries are taking constant efforts to expand healthcare coverage, especially for cancer patients. In 2019, the region’s market size stood at USD 6.92 billion.
Cancer patients are at a heightened risk of contracting the coronavirus and likely to experience severe effects of the infection due to their weakened immune systems. According to a study conducted by the UK Coronavirus Cancer Monitoring Project (UKCCMP), patients with leukemia, multiple myeloma, and lymphoma are highly susceptible to COVID-19 and leukemia patients have twice the chance of dying from the virus.
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The study found that patients with blood cancer are 57% more likely to experience severe symptoms of COVID-19 than patients with other types of cancers. Given these and other similar findings, the demand for leukemia therapeutics has been soaring during the COVID-19 pandemic, with market players reporting increased sales. Bristol-Myers Squibb, for instance, announced that the sales of Sprycel, its treatment for chronic myeloid leukemia (CML) jumped 14% to USD 521 million in the first quarter of 2020. However, the disruption in the medical supply chain will lead the market to register a lower growth rate of 6.2% and touch a value of USD 16.15 billion in 2020.
- October 2020: The US FDA cleared AbbVie’s VENCLEXTA treatment in combination with azacitidine, or decitabine, or low-dose cytarabine. The therapy is indicated for treating acute myeloid leukemia (AML) in adults aged 75 years and above or those with comorbidities who cannot undergo intensive chemotherapy.
- September 2020: Bristol Myers Squibb secured the US FDA’s approval for its Onureg for the continued treatment of adult patients with AML. The treatment is designed for those patients who have attained the first complete remission or remission with incomplete blood recovery following intensive chemo.
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Debilitating Side Effects of Chemotherapy May Hinder Market Growth
Chemotherapy is one of the most potent leukemia therapeutics and has emerged as the most powerful and the most commonly recommended treatment for most types of cancers. Chemo drugs are designed to attack and kill fast-growing cells, and since cancer cells proliferate rapidly, these medications speedily eliminate them. However, because chemo medicines travel throughout the body, they end up killing healthy cells, leading to side effects that can considerably weaken the patient, albeit temporarily. For example, chemotherapy can harm the blood cells in the bone marrow, where red blood cells (RBCs) are manufactured.
With RBC production disrupted, the patient is likely to experience moderate to severe anemia, which in turn can cause symptoms such as fatigue, lightheadedness, and general weakness. Furthermore, chemo can also harm the production of white blood cells (WBCs), the body’s soldiers that fight infections. As a result, cancer patients become extremely susceptible to infections and even a minor bout of cough & cold can prove detrimental for them. Thus, the known side effects of chemotherapy may hamper the leukemia therapeutics market growth.
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As per the report findings, the estimated value of the global market stood at USD 15.21 billion in 2019. The main highlights of the report include:
- Calculated estimations about the upcoming trends and prospects in the market;
- Path-breaking research into the regional dynamics of the market;
- Comprehensive study of the factors driving and restraining the market; and
- Careful profiling and diagnosis of the key market players and their dominant strategies.
Regulatory Support for Innovative Therapies to Raise Market Potential
Key players in this market are enjoying a period of consistent support for their offerings by regulatory bodies such as the US Food and Drug Administration (FDA). Such support will play an instrumental role in managing leukemia symptoms in patients and the criticality of leukemia therapeutics is likely to rise as cancer prevalence grows worldwide.
List of Key Companies Covered in this Market Report:
- Sanofi/ Genzyme Corporation (Paris, France)
- F. Hoffmann-La Roche (Basel, Switzerland)
- Johnson & Johnson Services, Inc. (New Brunswick, U.S.)
- Amgen Inc. (Thousand Oaks, U.S.)
- Novartis (Basel, Switzerland)
- Takeda Pharmaceutical Co Ltd (Tokyo, Japan)
- Bristol-Myers Squibb (New York, U.S.)
- AbbVie (North Chicago, U.S.)
- Lupin Ltd. (India, Mumbai)
- Pfizer Inc. (New York, U.S.)
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Table of Contents:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Pipeline Analysis, Key Players
- Prevalence of Leukemia, Key Countries, 2019
- Key Industry Developments (Mergers, Acquisition, etc.)
- Impact of Covid-19 on the Leukemia Therapeutics Market
- Global Leukemia Therapeutics Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type of Leukemia
- Chronic Myeloid Leukemia (CML)
- Chronic Lymphocytic Leukemia (CLL)
- Acute Lymphocytic Leukemia (ALL)
- Acute Myeloid Leukemia (AML)
- Market Analysis, Insights and Forecast – By Treatment Type
- Targeted Therapy
- Market Analysis, Insights and Forecast – By Route of Administration
- Injectable Mode
- Oral Mode
- Market Analysis, Insights and Forecast – By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia pacific
- Latin America
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