Leukemia Therapeutics Market to Rise at 8.1% CAGR till 2027; Industry Leaders Such as Pfizer and Bristol-Myers to Focus Investments on Advancing Clinical Trials: Fortune Business Insights™
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. 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.
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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.
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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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
The current pandemic of Covid-19 has made a catastrophic impact on the world. Most businesses are shut as a result of the increasing COVID-19 cases. The healthcare industry is facing shortage of medical aid as there are not enough beds to suffice the needs of the increasing number of patients. The world economy is fluctuating as most businesses are at a halt and the ones running from the vicinity of their homes are barely able to manage revenue.
Special reports on various markets affected by the coronavirus pandemic are provided by Fortune Business Insights. These reports will help visualize the current situation and what strategies can be adopted to help the market gain momentum in the coming years.
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.
Europe is poised to emerge as the second-largest market for leukemia therapeutics due to the increasing number of leukemia patients in the continent. In the UK, for instance, leukemia accounted for 3% of all cancer cases in the country in 2017, according to Cancer Research UK. The market in Asia Pacific, on the other hand, will experience prolific growth owing to the improving health reimbursement policies in China and India.
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.
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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 Onuregfor 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.
List of Key Companies Covered in this Market Report:
Sanofi/ Genzyme Corporation (Paris, France)
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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