PUBLISHER: The Business Research Company | PRODUCT CODE: 1428051
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428051
Tyrosine kinase inhibitors (TKI) constitute a class of pharmaceuticals designed to impede multiple pathways through which protein kinases signal the transduction pathway's function. This targeted therapy is employed to selectively target and eliminate specific cancer cell types while preserving healthy cells.
The primary categories of tyrosine kinase inhibitors include BCR-ABL tyrosine kinase inhibitors, epidermal growth factor receptor (EGFR) tyrosine kinase inhibitors, vascular endothelial growth factor receptor (VEGFR) tyrosine kinase inhibitors, and others. BCR-ABL tyrosine kinase inhibitors specifically target the enzyme inhibiting BCR-ABL tyrosine kinases, crucial in the pathogenesis of chronic myelogenous leukemia (CML), serving as a first-line therapy for patients with CML. These inhibitors are distributed through various channels such as hospital pharmacies, independent pharmacies, and online pharmacies, and are applied in the treatment of conditions such as chronic myeloid leukemia (CML), lung cancer, breast cancer, renal cell cancer, and others.
The tyrosine kinase inhibitors market research report is one of a series of new reports from The Business Research Company that provides tyrosine kinase inhibitors market statistics, including tyrosine kinase inhibitors industry global market size, regional shares, competitors with a tyrosine kinase inhibitors market share, detailed tyrosine kinase inhibitors market segments, market trends and opportunities, and any further data you may need to thrive in the tyrosine kinase inhibitors industry. This tyrosine kinase inhibitors 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 tyrosine kinase inhibitors market size has grown strongly in recent years. It will grow from $53.72 billion in 2023 to $58.69 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The expansion observed in the historical period can be attributed to the discovery of tyrosine kinases, advancements in the understanding of cancer signaling pathways, the approval of imatinib (Gleevec), the clinical success of early tyrosine kinase inhibitors (TKIs), and investments in research and development.
The tyrosine kinase inhibitors market size is expected to see strong growth in the next few years. It will grow to $81.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The anticipated growth in the forecast period can be attributed to increasing investments in healthcare, the emergence of biomarker-driven therapies, innovations in drug delivery, the precision medicine paradigm, and a heightened focus on pediatric oncology. Prominent trends expected during the forecast period encompass strategies to mitigate resistance, the development of central nervous system (CNS)-penetrant tyrosine kinase inhibitors (TKIs), applications beyond oncology, the use of liquid biopsies for monitoring, and considerations of health economics.
The anticipated rise in cancer prevalence is set to drive the growth of the tyrosine kinase inhibitors market in the future. Cancer, a diverse group of diseases characterized by uncontrolled cell growth, poses a significant health challenge as abnormal cells proliferate, invade neighboring tissues, and potentially spread to other organs. Tyrosine kinase inhibitors play a crucial role in targeted therapy by blocking specific tyrosine kinases, thereby inhibiting the growth of cancer cells. As of January 2023, the American Cancer Society reported an increase in cancer cases from 1,898,160 in 2021 to 1,958,310 in 2023, representing a growth of 3.16%. This surge in cancer cases is a key driver fueling the growth of the tyrosine kinase inhibitors market.
The upswing in healthcare spending is another factor propelling the growth of the tyrosine kinase inhibitors market. Healthcare spending, encompassing the financial resources allocated to the healthcare sector within a specific region, country, or organization, plays a crucial role in supporting the development and utilization of targeted therapies such as tyrosine kinase inhibitors. In March 2023, the American Medical Association reported a 2.7% increase in health spending in the United States, reaching $4.3 trillion or $12,914 per capita in 2021. This upward trend in healthcare spending contributes significantly to the growth of the tyrosine kinase inhibitors market.
Product innovation emerges as a prominent trend gaining momentum in the tyrosine kinase inhibitor market, with major companies actively adopting new technologies to maintain their market positions. In October 2021, Novartis AG, a Switzerland-based pharmaceutical corporation, obtained approval from the Food and Drug Administration for asciminib (Scemblix), a drug designed for individuals with chronic myeloid leukemia (Ph+ CML) in the chronic phase. This inhibitor demonstrates precise and potent blocking of BCR-ABL1 by binding to a pocket different from the ATP-binding region of the kinase. It presents the potential for dual inhibition of BCR-ABL1, in combination with ATP-binding TKIs, and the ability to overcome resistance to earlier TKIs.
Major companies in the neoantigens targeted therapies market are strategically forming partnerships to establish robust and comprehensive intellectual property. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits and success. In March 2023, Mithra Pharmaceuticals SA, a Belgian-based biotechnology company, entered into a partnership with BCI Pharma, a France-based pharmaceutical technology company. The collaboration aims to develop novel tyrosine kinase inhibitors, focusing primarily on endometriosis and cancer, including orphan indications such as triple-negative breast cancer (TNBC).
In June 2022, Bristol Myers Squibb, a US-based pharmaceutical company, completed the acquisition of Turning Point Therapeutics Inc. for an undisclosed amount. This strategic move enables Bristol Myers Squibb to expand its leading oncology franchise and fully harness the potential of the precision oncology platform for enhancing standard cancer treatment. Turning Point Therapeutics Inc., a US-based pharmaceutical company, specializes in manufacturing precision medicines for cancer and other diseases, including tyrosine kinase inhibitors.
Major companies operating in the tyrosine kinase inhibitors market report are Pfizer Inc., Johnson And Johnson Private Limited., F. Hoffmann-La Roche AG, AbbVie Inc., Bayer AG, Novartis AG, Sanofi S.A., Bristol-Myers Squibb Company, AstraZeneca Plc., GlaxoSmithKline PLC, Eli Lilly and Company, Amgen Inc., Boehringer Ingelheim International GmbH, Teva Pharmaceutical Industries Ltd., Regeneron Pharmaceuticals Inc., Astellas Pharma Inc., Eisai Co. Ltd., Incyte Corporation, Dr. Reddy's Laboratories Ltd., Exelixis Inc., Array BioPharma Inc., Glenmark Pharmaceuticals Ltd., Blueprint Medicines Corporation, Loxo Oncology Inc., Rigel Pharmaceuticals Inc., Deciphera Pharmaceuticals LLC, Epizyme Inc., Turning Point Therapeutics Inc., Kura Oncology Inc., ArQule Inc.
North America was the largest region in the tyrosine kinase inhibitors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tyrosine kinase inhibitors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the tyrosine kinase inhibitors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The tyrosine kinase inhibitors market consists of sales of gleevec, dasatinib (Sprycel), nilotinib (Tasigna), erlotinib (Tarceva), crizotinib (Xalkori), and sunitinib (Sutent). 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.
Tyrosine Kinase Inhibitors 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 tyrosine kinase inhibitors 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 tyrosine kinase inhibitors ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The tyrosine kinase inhibitors 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.
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