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Chronic Idiopathic Myelofibrosis Market foreseen to Grow Exponentially Over 2025
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The market of chronic idiopathic myelofibrosis is majorly driven by consistent efforts of key players to develop new and effective therapeutics. In addition, strategic collaboration and acquisition adopted by key players will further act as a driving factor for this market. For example, in May 2010, S-BIO Pte Ltd. and Onyx Pharmaceuticals, Inc. collaborated to expand their license commercialization agreement for S-BIO Pte Ltd’s JAK2 inhibitors (SB1518 and SB1578). Thus, these types of collaboration will build healthy platform to grow chronic idiopathic myelofibrosis market. Large number of therapeutics under clinical study would further augment the market growth. However, the exact cause and mechanism of action of this disorder is still unknown. Thus, introduction of novel therapeutics that enables to eliminate all symptoms of the disorder became difficult task for key players that will restrain the market growth. In addition, low incidence rate of this disease will further restrain the market growth. For example, according to Leukemia & Lymphoma Society, myelofibrosis is a rare bone marrow disorder and the incidence of this disease is continuously decreasing every year. Thus, decreasing number of patients affects chronic idiopathic myelofibrosis restrain the market growth in future. The market of chronic idiopathic myelofibrosis is also witnessing low growth due to discontinuation of phase III clinical study of several drugs. For example, in November 2013, Sanofi SA announced discontinuation of JAK2 inhibitor fedratinib clinical trial. This drug has completed pivotal phase III clinical study and is indicated for the treatment of myeloproliferative neoplasms.
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Geographically, North America dominates the global chronic idiopathic myelofibrosis market. High incidence of chronic idiopathic myelofibrosis coupled with high demand of therapeutics for idiopathic myelofibrosis will drive the growth of the market. Europe is considered as the second largest market of chronic idiopathic myelofibrosis. Large number of key players and increasing demand of treatment fuels the growth of chronic idiopathic myelofibrosis market in Europe. Asia-Pacific region is considered as an emerging market for chronic idiopathic myelofibrosis due to increasing interest of key players to market new and effective therapeutics in this region. Growing awareness for chronic idiopathic myelofibrosis among the patient population will further stimulate the growth of the market in Asia-Pacific region.
Various key players dominating the global chronic idiopathic myelofibrosis market comprises S-BIO Pte Ltd, YM BioSciences, Inc., Sanofi AS, Onyx Pharmaceuticals, Inc. and others.
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