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Chronic Myeloid Leukemia (CML) Treatment Market Analysis and Projections 2024
Chronic Myeloid Leukemia (CML) Treatment Market Analysis
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According to The Business Research Company's, The chronic myeloid leukemia (cml) treatment market size has grown strongly in recent years. It will grow from $7.73 billion in 2023 to $8.18 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to increased awareness and early detection, clinical trial outcomes, targeted therapies development, patient advocacy and support groups, healthcare infrastructure development.
The chronic myeloid leukemia (cml) treatment market size is expected to see strong growth in the next few years. It will grow to $10.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to personalized medicine approaches, combination therapies, increasing patient access to novel therapies, government policies supporting orphan drugs, rising healthcare expenditure. Major trends in the forecast period include global collaboration in research, telemedicine and remote monitoring, development of next-generation tkis, treatment optimization strategies..
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Market Drivers and Trends:
The rising incidence and prevalence of chronic myeloid leukemia (CML) population is expected to propel the growth of the chronic myeloid leukemia (CML) treatment market going forward. Chronic myeloid leukemia also known as chronic myelogenous leukemia, is a type of cancer that affects the bone marrow and blood. It is characterized by the overproduction of immature white blood cells called myeloid cells. Chronic myeloid leukemia (CML) treatment helps to slow the progression of cancer and stop it from reaching an advanced phase. For instance, in March 2023, according to the American Society of Clinical Oncology, a US-based professional organization representing physicians of all oncology sub-specialties, in the United States, in 2023, around 35,730 persons (19,860 men and 15,870 women) are anticipated to receive a multiple myeloma diagnosis and 12,590 deaths from this illness are anticipated in 2023 (7,000 males and 5,590 women). Therefore, the rising incidence and prevalence of chronic myeloid leukemia (CML) population is driving the growth of the chronic myeloid leukemia (CML) treatment market going forward.
Product Innovation is a key trend gaining popularity in the chronic myeloid leukemia (CML) treatment market. Companies operating in the chronic myeloid leukemia (CML) treatment market are adopting new technologies to sustain their position in the market. For instance, in October 2021, Novartis, a Switzerland-based multinational pharmaceutical corporation, announced FDA (Foods and Drugs Association) approval of Scemblix (asciminib) for the treatment of chronic myeloid leukemia. Scemblix is the first FDA-approved CML treatment. Scemblix works by binding to the ABL myristoyl pocket and is used to treat patients who experience resistance and, or intolerance to currently available TKI therapies1-3. At 24 weeks, Scemblix outperformed Bosulif (bosutinib) in terms of major molecular response (MMR) rate (25% vs. 13%) and more than three times lower discontinuation rates due to adverse effects (7% vs. 25%).
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Major Key Players of the Market:
Pfizer Inc., F. Hoffmann-La Roche Ltd., Merck & Co. Inc., AbbVie Inc., Bayer AG, Novartis AG, Bristol-Myers Squibb Company, AstraZeneca plc, Takeda Pharmaceutical Company Limited, Amgen Inc., Viatris Inc., Teva Pharmaceutical Industries Ltd., Eisai Co. Ltd., Fresenius Kabi AG, Sun Pharmaceutical Industries Ltd., Hospira Inc., Otsuka Pharmaceutical Co. Ltd., Incyte Corporation, Cipla Limited, Dr. Reddy's Laboratories Ltd., Amneal Pharmaceuticals LLC, Lupin Limited, Innovent Biologics Inc., Glenmark Pharmaceuticals Limited, Il-Yang Pharmaceutical Co. Ltd., Accord Healthcare Inc., ARIAD Pharmaceuticals Inc., Stragen Pharma SA, Orca Bio, Bio-Path Holdings Inc.
Chronic Myeloid Leukemia (CML) Treatment Market 2024 Key Insights:
• The chronic myeloid leukemia (cml) treatment market size is expected to see strong growth in the next few years. It will grow to $10.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Rising Incidence Of Chronic Myeloid Leukemia (CML)
• Innovation In Drug Development For Better Treatment
• North America was the largest region in the chronic myeloid leukemia (CML) treatment market in 2023
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