Market growth factors
The market for leukemia therapeutics is mainly driven by the high prevalence of the disease. Asia and Europe have high prevalence rates of leukemia, followed by North America, making these regions the key markets for therapeutics. Other factors driving the leukemia therapeutics market growth include the introduction of innovative therapies.
However, complexities in manufacturing serve as a key restraint to market growth. Companies in this market are required to comply with stringent regulations during product manufacturing and testing, which considerably slows the introduction of new products in the market.
What experts says about the growth of this market?
According to the new market research report the leukemia therapeutics market is projected to reach USD 17.1 billion by 2024 from USD 12.3 billion in 2019, at a CAGR of 6.8% during the forecast period.
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Based on the type of leukemia, the leukemia therapeutics market is segmented into acute lymphocytic leukemia (ALL), acute myeloid leukemia (AML), chronic lymphocytic leukemia (CLL), and chronic myeloid leukemia (CML). Of these, the chronic myeloid leukemia segment accounted for the largest market share in 2018. It is also anticipated to register the highest growth during the forecast period. This market is primarily driven by certain factors such as high incidences of chronic myeloid leukemia and the wide range of treatment options available for its treatment.
Based on treatment type, the leukemia therapeutics market is bifurcated into chemotherapy and targeted drugs & immunotherapy. Of these, the targeted drugs & immunotherapy segment accounted for the largest market share in 2018. Factors such as the increasing demand for targeted drugs, development of novel immunotherapies for the treatment of leukemia, and higher efficacy and success rate associated with targeted drugs & immunotherapy as compared to chemotherapy are driving the growth of this segment.
Chemotherapy and targeted drugs are often administered in combination with each other or given in two main different ways, namely, injectable and oral. In 2018, the oral mode of administration segment held the largest market share; it is also expected to register the highest growth during the forecast period. The higher preference for the oral route is due to the ease of administration and lower cost as compared to injectable delivery.
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The leukemia therapeutics market has been segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, North America was the largest market for leukemia therapeutics, followed by Europe and the APAC. Growth in the North American leukemia therapeutics market is attributed to the rising prevalence of leukemia, the launch of novel drugs & therapies, and increasing funding activities in leukemia research.
Additionally, the expansion of the healthcare sector and the high adoption of cell immunotherapies for the treatment of cancer are propelling the growth of this market. Prominent players such as Novartis, Pfizer, and Amgen can explore the possibilities of expanding to India, Japan, Korea, Australia, and economies of Europe.