PUBLISHER: The Business Research Company | PRODUCT CODE: 1415662
PUBLISHER: The Business Research Company | PRODUCT CODE: 1415662
“Chronic Myeloid Leukemia Treatment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on chronic myeloid leukemia treatment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for chronic myeloid leukemia treatment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The chronic myeloid leukemia treatment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Chronic myeloid leukemia (CML) constitutes a form of cancer that exerts its impact on the bone marrow and blood cells. It is characterized by the excessive production of abnormal white blood cells, referred to as granulocytes. The core objective of CML treatment is the management of the disease, alleviation of symptoms, and enhancement of the overall quality of life for patients grappling with this condition.
Treatment options in the domain of chronic myeloid leukemia encompass a range of approaches, including targeted therapy, chemotherapy, radiation therapy, splenectomy, and stem cell transplantation. Among these, targeted therapy assumes prominence as a cancer treatment modality focused on specific molecules or pathways integral to the growth and survival of cancer cells. The administration of these treatments can occur through diverse routes, including oral and parenteral methods, and caters to various end-users such as hospitals and specialized clinics, ultimately underscoring the comprehensive nature of CML management.
The chronic myeloid leukemia treatment market research report is one of a series of new reports from The Business Research Company that provides chronic myeloid leukemia treatment market statistics, including chronic myeloid leukemia treatment industry global market size, regional shares, competitors with a chronic myeloid leukemia treatment market share, detailed chronic myeloid leukemia treatment market segments, market trends and opportunities and any further data you may need to thrive in the chronic myeloid leukemia treatment industry. This chronic myeloid leukemia treatment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The chronic myeloid leukemia treatment market size has grown strongly in recent years. It will grow from $8.58 billion in 2023 to $9.2 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to rising prevalence of chronic myeloid leukemia, growing awareness about cancer treatment, government initiatives, growing research and development activities for chronic myeloid leukemia treatments.
The chronic myeloid leukemia treatment market size is expected to see strong growth in the next few years. It will grow to $12.06 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to growing demand for effective and more tolerable treatments, rising healthcare spending, investments in chronic myeloid leukemia treatments, growing personalized medicine. Major trends in the forecast period include improved diagnosis and screening, innovative treatments for chronic myeloid leukemia, development of targeted therapies, advanced early diagnosis and screening, monitoring technologies.
The rising incidence of myeloid leukemia is poised to drive the expansion of the chronic myeloid leukemia (CML) treatment market in the coming years. Myeloid leukemia, a form of cancer originating in the bone marrow, affects the cells responsible for producing various blood cell types. The primary objective of chronic myeloid leukemia (CML) treatment is to enhance bone marrow function by addressing the root cause of leukemia, ultimately lowering the risk of complications related to low blood cell counts, reducing the necessity for chemotherapy and transplants, and improving survival rates among individuals with myeloid leukemia. For instance, in January 2023, the American Cancer Society, a US-based voluntary health organization, estimated that there were approximately 20,380 cases and 11,310 deaths from acute myeloid leukemia (AML) in adults during the year 2023. Consequently, the escalating incidence of myeloid leukemia serves as a driving force behind the chronic myeloid leukemia (CML) treatment market's growth.
The rising incidence of chromosome abnormalities is expected to be a key driver behind the expansion of the chronic myeloid leukemia (CML) treatment market in the coming years. Chromosome abnormalities, which encompass structural or numerical irregularities in an individual's chromosomes-critical carriers of genetic information, have a significant impact on patients' prognoses and may necessitate more aggressive treatments, particularly in cases of CML. For instance, based on a study conducted in Saudi Arabia, it was revealed that chromosome abnormalities were present in 39.3% of 59 newborn infants with congenital anomalies, accounting for 2.3% of total neonatal intensive care unit (NICU) admissions, as reported by the National Library of Medicine (NLM), a US-based institution specializing in biomedical informatics and computational health data science research. Consequently, the increasing prevalence of chromosome abnormalities is driving the expansion of the chronic myeloid leukemia (CML) treatment market.
The growth of the chronic myeloid leukemia treatment market is hampered by the significant costs associated with treatment during the forecast period. The elevated expenses related to chronic myeloid leukemia (CML) treatments present a substantial barrier for patients, leading to various adverse consequences. These consequences encompass reduced treatment demand, delayed diagnosis and intervention, financial hardships for patients, increased healthcare outlays, limited accessibility to essential therapies, and an overall diminished quality of life. For instance, as reported by the National Library of Medicine in December 2022, the total care provider cost for treating chronic myeloid leukemia (CML) was $23,014.40 for imatinib and $43,442.69 for nilotinib. Thus, the high treatment costs are impeding the growth of the chronic myeloid leukemia treatment market.
Prominent companies in the chronic myeloid leukemia (CML) treatment market prioritize the development of groundbreaking diagnostic products to maintain their market presence. An illustrative instance of such innovation is found in the actions of Precipio, Inc., a US-based diagnostic company specializing in cancer diagnostics. For instance, in August 2023, Precipio, Inc. introduced the BCR-ABL 2.0 Panel, specifically designed for chronic myeloid leukemia (CML) diagnosis. This advanced panel plays a pivotal role in identifying the BCR-ABL1 gene, which is crucial for diagnosing CML. It stands out as the most sophisticated BCR-ABL panel, distinguished by its comprehensive coverage, streamlined workflow, reduced costs, and the enhanced quality of patient care. Notably, it includes the detection of ABL1 mutations, eliminating the necessity for a secondary round of testing for the BCR-ABL1 gene and providing highly accurate results. This remarkable innovation significantly shapes the landscape of chronic myeloid leukemia (CML) treatment.
In November 2021, Pfizer Inc., a renowned US-based pharmaceutical and biotechnology firm renowned for producing various medications for chronic myeloid leukemia (CML), successfully acquired Trillium Therapeutics Inc. for a significant sum of $2.2 billion. This strategic acquisition by Pfizer is driven by its commitment to expanding and enhancing its oncology portfolio. The newly acquired biologics from Trillium Therapeutics are specifically engineered to empower a patient's innate immune system, enabling it to more effectively identify and eliminate cancer cells. Trillium Therapeutics Inc., on the other hand, is a clinical-stage immuno-oncology company headquartered in Canada, and it is dedicated to advancing therapies tailored for the treatment of chronic myeloid leukemia (CML). This collaboration stands to greatly bolster Pfizer's position in the field of oncology.
Major players in the chronic myeloid leukemia treatment market are Pfizer Inc., Johnson and Johnson Limited, F. Hoffmann-La Roche AG, AbbVie Inc., Novartis AG, Merck and Co. Inc., Sanofi S.A., Bristol-Myers Squibb Company, AstraZeneca PLC, GSK PLC, Takeda Pharmaceutical Company Limited, Amgen Inc., Boehringer Ingelheim International GmbH, Teva Pharmaceutical Industries Ltd., Astellas Pharma Inc., Otsuka Holdings Co Ltd., Mylan N.V., Astellas Pharma Inc., Incyte Corporation, Lupin Limited, Seattle Genetics Inc., Innovent Biologics Inc., Xencor Inc., ARIAD Pharmaceuticals Inc., Celon Laboratories Pvt. Ltd.
North America was the largest region in the chronic myeloid leukemia treatment market in 2023. The regions covered in chronic myeloid leukemia treatment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the chronic myeloid leukemia treatment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The chronic myeloid leukemia treatment market consists of revenues earned by entities by providing diagnosis and staging, medical consultations and follow-up care. The market value includes the value of related goods sold by the service provider or included within the service offering. The chronic myeloid leukemia (CML) market also includes sales of imatinib, dasatinib, bosutinib and ponatinib. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.