Chronic Myeloid Leukemia Drugs Market

Chronic Myeloid Leukemia (CML) is a type of blood cancer caused by uncontrolled growth of the cells in bone marrow. CML is a type of myeloproliferative disease which is characterized by the chromosomal translocation. Patients suffering from CML show increased susceptibility to infections, thrombocytopenia, anemia and may also have enlarged spleen which causes pain on the left side. Incidence rate of CML is high in men and is the second most common type of cancer occurring in male adults. Women who are above 50 years in age are expected to suffer from this chronic disease. Treatment for CML depends on the phase of the disease that can be chronic, accelerated or the blast phase and the treatments for CML include chemotherapy, stem cell transplants and biologic therapies. Drugs available in the market are tyrosine Kinase inhibitor

About 90% of the CML cases occur in the middle age and progresses with the aging. Therefore, CML drugs market is poised to grow with the rise in aging population and increasing incidences of CML. Drugs such as Gleevec (Imatinib Mesylate), Bosulif (Bosutinib), Sprycel (Dasatinib), Iclusig (Ponatinib Hydrochloride) and others are commercially available for the treatment of CML. These drugs have improved the survival rate of the patient by 92.5%. Gleevec was the first CML drug introduced in 2001, since then there has been a revolutionary change in the quality life of patient as compared to the former chemotherapy drugs One of the major risk factor associated with occurrence of CML is the exposure to ionizing radiations. For instance cases of CML were mainly indicated in the regions where people were exposed to atomic bombings (Hiroshima and Nagasaki). Recently in 2012, Ponatinib received FDA approval for the treatment of CML. Further, players in the market are adopting various growth strategies such as mergers and acquisitions, new product launches, innovative product pipeline to remain competitive. Some of the market players in this industry are Novartis Pharmaceuticals, Bristol-Myers Squibb, Ariad Pharmaceuticals, Inc, Pfizer and others.

Increasing Prevalence of CML Triggers High Demand in Chronic Myeloid Leukemia Drugs Market

The rising focus of the players and participants in the global chronic myeloid leukemia drugs market on research and development is positively influencing the growth of the industry. Furthermore, the research advancements in healthcare technologies that improve the survival rate for this type of disorder are also motivating healthy growth of the industry. These trends are also supplemented by the rising levels of awareness pertaining to this disease and the development of the global chronic myeloid leukemia drugs market is supported by the increasing number of awareness programs launched by the governments across the world. However, high cost associated with the solutions and treatment therapeutics in the global chronic myeloid leukemia drugs market may hamper the adoption of these products, hence restraining the industry’s growth.

The increasing prevalence of chronic myeloid leukemia or CML is also another significant driver for the global chronic myeloid leukemia drugs market. As per the study by the American Cancer Society conducted in 2019, one in 526 people in the United States is likely to be affected by this type of leukemia in their lifetime. Moreover, the increasing technological awareness in terms of treatment of leukemia, as well as the introduction of innovative and novel therapies by industry players is anticipated to propel the demand within the global chronic myeloid leukemia drugs market in the near future. On the other hand, the risk of severe side effects associated with these treatment therapeutics limits the adoption of these solutions in the global chronic myeloid leukemia drugs market. This factor may also act as a barrier for the development of the global chronic myeloid leukemia drugs market in the near future.

Some other notable drivers, driving the adoption of the products and solutions in the global chronic myeloid leukemia drugs market include the presence of well-trenched and technologically advanced healthcare infrastructure in developed, as well as certain developing regions, as well as the rising global healthcare expenditure. Additionally, the increasing preference for healthcare professionals in developing regions for adopting innovative new treatment therapeutics is also aiding in the industry’s expansion.