ALBANY, New York, November 28, 2017 /PRNewswire/ --
Majorly, chronic myelogenous leukemia (CML) occurs in adults, however, it sometimes occurs in children as well. However, targeted drugs called Tyrosine-Kinase Inhibitors (TKIs) have been effective in providing long-term survival rates. Meanwhile, the Food and Drug Administration (FDA) has recently approved dasatinib (Sprycel) for the treatment of chronic myelogenous leukemia in children. As the chronic myeloid leukemia is more aggressive in younger patients, the approval of drugs can help in effective treatment.
As per the latest report by Transparency Market Research (TMR), the global chronic myelogenous leukemia market is expected to witness strong growth. The market is estimated to register 6.7% CAGR during the forecast period 2017-2026. It is also expected to reach US$ 8,550.8 million revenue by the end of 2026.
Some of the factors such as a rise in research and development in oncology sector, innovation in drug development, new products in the pipeline, and the establishment of novel therapies are resulting in the growth of the global chronic myelogenous leukemia market. However, the high cost of treatment is one of the biggest factor hampering the growth of the global chronic myelogenous leukemia market.
Some of the key players included in the report are Novartis, Bristol Myers Squibb, Pfizer, Hoffman-LaRoche and Schering Plough, Teva Pharmaceutical, and Others. The key players are entering into the mergers and acquisitions, partnerships, for new product launches and to expand geographically.
The global chronic myelogenous leukemia market is segmented on the basis of drug type, treatment type, distribution channel, and region. Based on the drug type, the market segment includes generic and branded drug. Among these, Branded drugs are expected to account for highest revenue share. On the basis of treatment type, the segment includes symptomatic treatment and disease specific treatment. During the forecast period 2017-2026, disease specific treatment is expected to witness significant growth.
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Based on the distribution channel, the market is categorized into specialty pharmacies, hospital pharmacies, and retail pharmacies. Hospital pharmacies are expected to be the largest distribution channel during the forecast period 2017-2026. Region-wise, the segmentation includes North America, Latin America, Europe, Japan, Asia Pacific Excluding Japan (APEJ), and the Middle East and Africa (MEA). North America is expected to remain dominant in the global chronic myelogenous leukemia market through 2026.
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New Class of Drugs to Revolutionize the Treatment of Chronic Myelogenous Leukemia
Chronic myelogenous leukemia is a type of blood cancer that cannot be cured with normal treatments. Hence, a new class of drugs known as Tyrosine-Kinase Inhibitors (TKIs) has been developed that is resulting in the more effective treatment of CML. These class of drugs is also known as BCR-ABL inhibitors. Imatinib, which is known as first generation TKI, is quickly becoming a standard treatment for chronic myelogenous leukemia. Meanwhile, Nilotinib is a second generation TKI which is being used by patients who are no longer able to respond to imatinib. TKIs are expensive, hence, generic imatinibs have also been introduced in various countries. The biggest restricting factor in the use of TKIs is the high cost of these drugs. TKIs, including imatinib drug, is effective at killing leukemic cells, but still is not able to kill the CML cells from which the disease is born. Hence, new research is also being carried out for more advanced and effective treatment.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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