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Myeloproliferative Disorders Drugs Market 2033: Size, Analysis, and Demand Forecast
Myeloproliferative Disorders Drugs Global Market Report 2024
According to The Business Research Company's, The myeloproliferative disorders drugs market size has grown strongly in recent years. It will grow from $9.11 billion in 2023 to $9.58 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth in the historic period can be attributed to increased incidence of myeloproliferative disorders, advancements in understanding disease mechanisms, clinical research and drug development, improvements in diagnosis and screening, patient advocacy and awareness.
The myeloproliferative disorders drugs market size is expected to see steady growth in the next few years. It will grow to $11.15 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to aging population, advancements in precision medicine, emergence of novel therapies, global focus on rare diseases, government initiatives and healthcare policies. Major trends in the forecast period include precision medicine approaches, clinical trials for investigational therapies, improved symptom management, expanded use of ruxolitinib, focus on disease biomarkers.
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Market Drivers and Trends:
The rise in the incidence of myeloproliferative disorders is expected to propel the growth of the myeloproliferative disorder's drugs market going forward. Myeloproliferative disorders refer to a diverse category of diseases distinguished from acute leukemia by the cellular growth of one or more hematologic cell lines in the peripheral blood. The rise in myeloproliferative disorders is mostly driven by genetic disorders, overexposure to radiation, electrical wiring, or chemicals, the geriatric population. Myeloproliferative disease drugs block the BCR-ABL protein by binding to the ATP pocket in the active site, inhibiting downstream phosphorylation of the target protein, which helps in the treatment of the myeloproliferative disorder. For instance, in August 2022, according to the National Institute of Health, a US-based medical research agency, in 2022, chronic myelogenous leukemia was more common in men, with an incidence rate of roughly 2.4 new cases per 100,000 compared to 1.4 new cases per 100,000 in women, compared to 1.7 new cases per 100,000 men and women per year in 2020. Therefore, the rise in the incidence of myeloproliferative disorders is driving the growth of the myeloproliferative disorders drug market.
Product innovation has emerged as a key trend gaining popularity in the myeloproliferative disorder drugs market. Major companies operating in myeloproliferative disorder market are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in September 2023, GSK plc, a UK-based pharmaceutical and biotechnology company, announced the FDA approval for momelotinib for the treatment of primary myelofibrosis, a type of myeloproliferative disorder (MPD). It is a potentially novel medication with a distinct mode of action that includes the capacity to block three important signaling pathways: activin A receptor type I (ACVR1), Janus kinase (JAK) 1, and JAK2. JAK1 and JAK2 inhibition may alleviate splenomegaly and constitutional symptoms. Furthermore, circulating hepcidin, which is increased in myelofibrosis and contributes to anemia, decreases as a result of direct inhibition of ACVR1.
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Major Key Players of the Market:
Novartis AG; Bristol-Myers Squibb Company; Pfizer Inc.; Takeda Pharmaceutical Company Limited; Teva Pharmaceutical Industries Ltd.; Incyte Corporation; Eli Lilly and Co; F Hoffmann-La Roche Ltd.; Mylan NV; Fresenius Kabi AG; Hikma Pharmaceuticals plc; GSK plc; Bayer AG; Sun Pharmaceutical Industries Ltd.; Boehringer Ingelheim International Gmbh; Sanofi Aventis Inc.; AstraZeneca AB; Apotex Inc; Celgene Co.; Gamida Cell Ltd.; Geron Co.; Promedior Inc.; Johnson & Johnson Private Limited; AbbVie Inc.; AOP Orphan Pharmaceuticals AG; Astellas Pharma Inc.; Biogen Inc.; Daiichi Sankyo Chemical Pharma Co. Ltd.; Eisai Pharmaceuticals India Pvt. Ltd.; Janssen Pharmaceuticals Inc.
Myeloproliferative Disorders Drugs Market 2024 Key Insights:
• The myeloproliferative disorders drugs market size will grow to $11.15 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%.
• Increasing Incidence Of Myeloproliferative Disorders Drives Growth In The Myeloproliferative Disorders Drugs Market
• Key Players'S Innovative Momelotinib Receiving Fda Approval And Signifying A Leap In Myeloproliferative Disorder Drugs Market.
• North America was the largest region in the myeloproliferative disorder drugs market in 2023
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