PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1445537
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1445537
Global tyrosine kinase inhibitors market is projected to witness a CAGR of 7.05% during the forecast period 2024-2031, growing from USD 60.6 billion in 2023 to USD 104.51 billion in 2031. Tyrosine kinase inhibitors are regarded as certain enzymes that aid in impeding the growth of malignant cells and the process of cell division as they obstruct the signals that encourage cancer cells to proliferate, these inhibitors are simple to use and helpful in the treatment of cancer patients. Drug discovery for tyrosine kinase inhibitors has changed significantly in the last several years. There have been several prospects for the industry with the introduction of new medications and efficient methods for creating strong and specific growth inhibitors for cancer cells. Factors like the increasing prevalence of cancer, growing research activities, and investment in tyrosine kinase inhibitors are expected to enhance market growth.
The rising incidence of cancer is a major factor driving the market growth. For instance, China experienced approximately 4,820,000 new cancer cases in 2022, with lung cancer being the most common type of cancer. Similarly, in Japan 1,019,000 new cases of cancer were detected in 2022 with colon/rectum cancer, stomach cancer, lung/trachea cancer, prostate cancer, and breast cancer being the most common types. The high incidence of cancers has increased the demand for various tyrosine kinase inhibitor drugs for the treatment of cancers.
Significant investments from the governments have boosted the market through support towards research and development activities. Collaborations between government institutions and research centers have led to significant advancements in developing modern technologies for tyrosine kinase inhibitors. For instance, the amount spent on cancer research in the United States went from USD 7,362 million in 2021 to USD 7,644 million in 2022, according to data released by the NIH in May 2022.
Rising Prevalence of Cancer
The increasing prevalence of cancer is anticipated to significantly boost the expansion of global tyrosine kinase inhibitors market. As the prevalence of various cancer types continues to rise, there is an increasing demand for advanced and effective therapeutic solutions. Tyrosine kinase inhibitors (TKIs) are a crucial class of drugs that have shown remarkable effectiveness in blocking the abnormal activity of tyrosine kinases which are frequently linked to the advancement of cancer. TKIs have gained acceptance in oncology treatment regimens due to their targeted mechanism of action and reduced adverse effects, making them a preferred choice for both patients and healthcare professionals. Ongoing research and development efforts to expand the application of TKIs across diverse cancer indications are driving market growth.
The Indian Council of Medical Research (ICMR) released a bi-annual report in December 2022 that stated the country's average cancer case count for 2022 was 100.4 per 100,000 people, with a high proportion of women (estimated at 105.4 per 100,000) receiving a breast cancer diagnosis. Also, based on data from Cancer Research UK, there were around 17 million new cases of cancer recorded globally in 2018, and by 2040, expected to be over 27.5 million new cases reported globally.
Increasing Investments for Research & Development of TKI
Clinical research and development are driving the growth of global tyrosine kinase inhibitors market due to several factors. The increasing focus on understanding cancer biology and novel therapeutic targets is a significant contributor to the expansion of TKI market. The robust investment in research and development activities by pharmaceutical companies and academic institutions is fostering market growth further.
Clinical trials play a pivotal role in evaluating the safety and efficacy of new TKIs, leading to regulatory approvals and market entry. The continuous exploration of TKIs across diverse cancer indications through well-designed clinical studies enhances their application spectrum and broadens the market's reach. These ongoing trials, confirm the TKI's potential as therapeutics and add to the body of empirical data supporting their clinical usefulness. Furthermore, commercial players, academic institutions, and regulatory agencies are working together to expedite the clinical development process and bring novel TKIs to the markets sooner.
Theseus Pharmaceuticals, Inc., disclosed business and pipeline highlights in August 2022, said to be concentrating on creating next-generation tyrosine kinase inhibitors (TKIs) to develop cancer resistance. Theseus Pharmaceuticals Inc. invested USD 7.3 million in the second quarter of 2022. Therefore, it is anticipated that the market will rise more because of the expanding research efforts and rising investments in tyrosine kinase inhibitors.
Technological Advancements
The advancement of precision medicine is driving the growth of the global tyrosine kinase inhibitors market due to its ability to tailor treatments to individual patients based on their genetic profiles. As diagnostic technologies and genetic profiling become more advanced, the ability to identify specific genetic alterations increases as TKIs are targeted medicines, providing a more individualized and successful treatment plan for genetic defects.
Healthcare practitioners can more accurately match patients to the best TKIs based on their genetic profile due to the growing integration of genomics and molecular diagnostics in cancer care. By specifically targeting cancer cells, it reduces the side effects while still optimizing therapy outcomes. Consequently, the demand for tyrosine kinase inhibitors is expected to increase as precision medicine continues to evolve. Pfizer Inc. was granted approval by the US FDA in March 2021 for a supplemental New Drug Application (sNDA) for the tyrosine kinase inhibitor LORBRENA (lorlatinib), extending its indication to include first-line treatment of patients with non-small cell lung cancer (NSCLC) that is positive for anaplastic lymphoma kinase (ALK). Adults with metastatic NSCLC whose tumors are ALK-positive, as determined by an FDA-approved test, might consider LORBRENA.
Increasing Focus on Rare and Genetic Disorders
The focus on rare and genetic disorders is driving the growth of global tyrosine kinase inhibitors (TKI) market. TKIs, known for their targeted therapeutic approach, are increasingly recognized for their potential to address specific genetic aberrations associated with rare and genetic disorders. As precision medicine gains prominence, the unique genetic signatures of these disorders become more apparent, creating a demand for tailored treatments.
The specificity of TKIs allows for precise targeting of the underlying molecular abnormalities, making them suitable for therapeutic interventions in rare and genetic disorders. Pharmaceutical companies are strategically investing in research and development to explore the applicability of TKIs in these niche markets while driving innovation and expanding the potential use of these inhibitors beyond conventional cancer indications. Moreover, regulatory incentives and orphan drug labels in case of rare diseases create a beneficial environment for market growth.
As healthcare systems and stakeholders increasingly recognize the unmet needs in rare and genetic disorders, the tyrosine kinase inhibitors market is positioned to capitalize on these opportunities, contributing to the advancement of therapeutic options and meeting the specific requirements of patients with these unique conditions. In September 2022, Dizal presented encouraging safety and pharmacokinetic results from the global phase I study of DZD1516 in patients who had relapsed after receiving several prior treatments for HER2 positive metastatic breast cancer (HER2+ MBC). DZD1516 is a HER2 tyrosine kinase inhibitor (TKI) that is intended to be taken orally after being highly selective, powerful, reversible, and fully penetrating the blood-brain barrier (BBB).
North America to Dominate Global TKI Market
North America plays a vital role due to its strong healthcare infrastructure, superior research and development skills, and high cancer prevalence. Tyrosine kinase inhibitors are being developed and commercialized by major pharmaceutical companies, most of which, are situated in North America. For TKIs, North America is dedicated towards innovation and early acceptance of new medicines, and it gives them a responsibility of being the world's most prominent region for oncology.
North America's influential role in research, innovation, and healthcare practices positions it as a key region steering the growth trajectory of global tyrosine kinase inhibitors market. Research centers, academic institutions, and pharmaceutical companies are working together to create an environment that is favorable for clinical trials, which advances the knowledge of TKIs in a variety of cancer types. Moreover, as molecular profiling and genetic testing become standard procedures in cancer care, the increased emphasis on personalized treatment plans and precision medicine in North America will increase demand for TKIs. According to American Cancer Society's data for 2023, about 59,610 new cases of leukemia and 20,380 new instances of acute myeloid leukemia (AML) were reported in the United States. The use of tyrosine kinase inhibitor medication is increasing due to the growing prevalence of cancer cases, which is driving the market in North America.
Future Market Scenario (2024 - 2031F)
As the practice of genetic profiling and molecular diagnosis becomes more popular, the identification of specific gene alterations that cause cancer will become more prevalent, enabling new opportunities for personalized medicine.
Various countries are making significant investments in cutting edge research, clinical trials, and drug discovery contributing to the introduction of new and improved TKIs which in return will help in decreasing the prevalence of lung cancer, breast cancer, chronic myeloid leukemia, and others.
Globally, regulatory bodies from different countries are building frameworks to expedite the development process of inhibitors for oncology. The development of targeted therapies has led to a better understanding of cancer biology, allowing for the identification of more specific drug targets and the development of personalized treatment methods.
Key Players Landscape and Outlook
Leading companies like AbbVie Inc., Astra Zenca PLC, Bayer AG, Boehringer Ingelheim International Gmbh, Abott Inc., Bristol Myers Squibb, Pfizer Inc., Merck & Co., Inc., Johnson & Johnson Innovative Medicine (Janssen Pharmaceuticals Inc), F. Hoffmann-La Roche Ltd, Novartis AG, in the kinase inhibitors market have a big influence on the dynamics of the business. These massive pharmaceutical companies are well known for their ongoing commitment towards the development and research of kinase inhibitor. Their impact goes beyond the creation of new products as they actively participate in clinical studies and strategic alliances to increase the use of inhibitors in oncology and other therapeutic areas. These companies are at the forefront of kinase inhibitor therapy innovation and have a significant influence on the market's expansion and future implications for precision medicine and cancer treatment.
The European commission approved the tyrosine kinase inhibitor capmatinib (Tabrecta) in June 2022 as a single treatment for patients with advanced non-small cell lung cancer (NSCLC) with MET exon14 skipping (METex14) altered. These patients need systemic therapy after receiving immunotherapy and/or platinum-based chemotherapy in the past. Merck announced in February 2022 that the European Commission (EC) had authorized once-daily oral TEPMETKO (tepotinib), a tyrosine kinase inhibitor, as a monotherapy for adult patients with advanced non-small cell lung cancer (NSCLC).
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.