Myelofibrosis Market - Global Industry Analysis and Future Growth Opportunities By 2024
Myelofibrosis is an uncommon type of bone marrow cancer and is related to a group of blood cancers known as myeloproliferative neoplasms. A simple blood test along with bone marrow biopsy can diagnose myelofibrosis. Myelofibrosis is also known as chronic myelosclerosis, agnogenic myeloid metaplasia, aleukemic megakaryocytic myelosis, idiopathic myelofibrosis, and leukoerythroblastosis. According to the report published by The Leukemia & Lymphoma Society (LLS) in United States, myelofibrosis occurs in about 1.5 out of every 100,000 people in the United States annually. Patients above 50 years of age are more prone to the disease, but it can occur at any age. Myelofibrosis affects women and men with equal frequency, but in children, it is more likely to affect girls more than boys. Though the treatment options available for the myelofibrosis are scarce and almost all are suggestive, the FDA approved (JAK inhibitor) drug-ruxolitinib forms a major line of defense against myelofibrosis.
Presently there are numerous research projects under examination that are concentrating on developing specific treatment for myelofibrosis. CTI BioPharma is studying oral pacritinib usage in myelofibrosis treatment, a molecule - CYT387 is being developed by Gilead Sciences for treating primary myelofibrosis, and Incyte Corporation is working on a substitute dosing strategy of ruxolitinib on patients with myelofibrosis. Plus, the innovator of ruxolitinib - Novartis is constantly trying to come up with new usage of drug in various stages of myelofibrosis.
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The market is segmented on the basis of treatment type into blood transfusion, chemotherapy, androgen therapy, and stem cell/bone marrow transplantation. Based on end user, the market is further classified into hospitals, clinics, and bone marrow transplant centers. The market is also segmented on the basis of categories of drugs available for treatment options such as hydroxyurea, immunomodulators, JAK inhibitor (Ruxolitinib), and others.
In the report, Transparency Market Report (TMR) provides a detailed analysis of drivers and restrictions in the global myelofibrosis market. It also delivers insight to the segments and regions of the market.
Global Myelofibrosis Market: Drivers and Restraints
The occurrence of myelofibrosis is comparatively high in developing economies, thereby increasing the demand for various treatment options for myelofibrosis. The growth of the market is expected to further rise due to heavy investments in research and development, appropriate reimbursement conditions, and a large pool of patients living with myelofibrosis. In addition, the growth can be attributed to other factors such as lifestyle up-gradation, escalating smoking population, and increasing incidence of genetic disorders. On the contrary, limited awareness and high cost involved in treatment might restrict the growth of the global myelofibrosis market.
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Due to easy availability of chemotherapeutic agents, chemotherapy segment is projected to contribute significantly to the revenue generated by the market. The USFDA approved Ruxolitinib – the only chemotherapeutic agent that is specifically administered for the treatment of myelofibrosis, will give impetus to the global myelofibrosis treatment market over the said period.
Global Myelofibrosis Market: Regional Outlook
On the basis of geography, the global myelofibrosis market is segmented into Europe, Asia Pacific, North America, and Rest of the World. According to the report, North America is known to hold the maximum market share, in terms of value. The growth of this region can be attributed to the growing awareness, high prevalence of the disease, higher percentage of income spent on healthcare compared to other economies, and appropriate reimbursement circumstances. Asia Pacific is expected to hold a large share in the market due to its high geriatric population and increased disposable income, and improving healthcare facilities.
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