Market Trends of Global Leukemia Therapeutics Industry
This section covers the major market trends shaping the Leukemia Therapeutics Market according to our research experts:
Chemotherapy is Expected to Register a Significant Growth Over the Forecast Year
Chemotherapy is a drug treatment that uses powerful chemicals to kill fast-growing cells in the body. Chemotherapy is most often used to treat cancer since cancer cells grow and multiply much more quickly than most cells in the body.
The primary factor contributing to the growth of the chemotherapy segment is the rising incidence of leukemia cases. As per the 2021 statistics from Blood Cancer UK, children can develop AML. As per the same above-mentioned source, in the United Kingdom, around 100 children a year are diagnosed with the condition.
Many companies are also focusing on developing breakthrough products for the treatment of leukemia to maintain their competitive advantage and penetrate new regional markets. Furthermore, chemotherapy is considered the main treatment option for most individuals with leukemia. For instance, in December 2021, BDR Pharma launched India's first generic, Midostaurin, under the brand name MSTARIN. Midostaurin is a single-agent maintenance therapy for adults with newly diagnosed leukemia who are FLT3 mutation-positive.
Thus, because of the things listed above, the market segment is likely to grow over the next few years.
North America Holds the Large Share in the Leukemia Therapeutics Market Over the Forecast Period
The North American region holds a large share of the leukemia therapeutics market due to the presence of high incidence rates of leukemia and advancements in the treatment of leukemia. According to American Cancer Society estimates, in January 2022, about 60,650 new cases of leukemia were diagnosed, and there were around 11,450 deaths due to acute myeloid leukemia in the United States in the year 2022. Moreover, according to the American Society of Clinical Oncology in 2021, acute myeloid leukemia is a malignancy that accounts for around 1% of all cancers. In the United States, an estimated 20,240 people of all ages (11,230 men and boys and 9,010 women and girls) were diagnosed with this disease in 2021. Statistics show that a big part of the adult population is affected, and they need good medical care to make them live longer.
Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to drive market growth. For instance, in November 2022, the Canadian Cancer Society (CCS) announced a partnership with the CQDM, the Cole Foundation, and Oncopole, pôle cancer du FRQS, for the creation of a new four-year grant program with a value of up to USD 5 million. The partnership shows that CCS and its partners are funding research projects in Quebec. This program will accelerate the development of platforms, tools, and treatments to support advances in the continuum of pediatric cancer care: prevention, diagnosis, and treatment.
Furthermore, in June 2021, Jazz Pharmaceuticals plc received US FDA approval for Rylaze (asparaginase Erwinia chrysanthemi) for use as a component of a multi-agent chemotherapeutic regimen for the treatment of ALL or LBL in pediatric and adult patients one month of age and older who have developed hypersensitivity to E. coli-derived asparaginase. Also, in January 2022, the US Food and Drug Administration (FDA) gave the company an orphan drug designation for OM-301, which was made by Oncolyze Inc. to treat AML.
Thus, due to the above-mentioned developments, the market is expected to see robust growth.
