According to the deep-dive market assessment study conducted by growth plus reports, the global leukemia therapeutics market was pegged at ~US$ 13.95 billion in 2021. The market is expected to witness a CAGR of ~6.5% from 2022 to 2030.
Various factors attributing to the growth of the leukemia therapeutics market include the increased funding for the development of novel cancer drugs, the growing number of regulatory approvals for leukemia drugs, and a strong product pipeline. Moreover, the rising geriatric population and increasing prevalence of leukemia are some of the other factors playing a pivotal role in driving the leukemia therapeutics market growth. However, high treatment costs and side effects related to the therapy are hindering the growth of the leukemia therapeutics market to a certain extent.
Leukemia is very common among old-aged people, but it is gradually increasing in children. According to WHO, there are approximately 474,519 new cases of leukemia in the world. According to Leukemia Research Foundation, in the United States, every 3 minutes, someone is diagnosed with blood cancer. The rising incidence of patients suffering from leukemia is one of the major factors boosting the growth of the market. Moreover, companies in the market are focused on getting approval for their drugs and therapies from regulatory bodies. For instance, in May 2022, Server Pharmaceuticals LLC received FDA approval for ivosidenib in combination with azacitidine, for newly diagnosed acute myeloid leukemia (AML) with a suitable IDH1 mutation in adults 75 years or older.
Past few years, there are several new start-ups or drug developers emerging which are dedicated towards the development of new cancer drugs. Many of these entities are raising funds to support their research and development studies. Moreover, various organizations dedicated to cancer awareness are offering funds to support the development of novel therapeutics. For instance, in June 2022, the Leukemia & Lymphoma Society (LLS) inked deals with cancer institutions, foundations, and philanthropists to fund approx. US$ 1.5 billion in cutting-edge research worldwide which was expected to fuel critical advancements in blood cancer treatment that are the most promising cancer research. These funds were aimed to be invested in groundbreaking research like precision medicine, the link between mutation and blood cancer, and immunotherapy.
Prominent players in the leukemia therapeutics market are adopting various inorganic growth strategies. These strategic collaborations, agreements, or partnerships enable them to support the development of their novel and innovative leukemia drugs. In July 2022, GSK acquired Sierra Oncology, Inc. a California-based biopharmaceutical company focused on targeted therapies for the treatment of cancer. Momelotinib, a late-stage prospective novel drug with a distinct dual mode of action that may address the unmet medical needs of myelofibrosis patients with anemia, is part of the Sierra Oncology acquisition. The acquisition is aimed to support the development of GSK’s strong portfolio of new specialty medicines and vaccines
However, the high cost of leukemia therapies is one of the factors hindering the growth of this market. Moreover, side effects of these treatments such as nausea and vomiting, increased risk of infection, low number of red blood cells (anemia), thrombocytopenia, mouth sores, rashes, mouth ulcers, loss of appetite, and temporary hair loss are also hindering the growth of leukemia therapeutics market to a certain extent.
Regionally, the global leukemia therapeutics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Various factors contributing to the growth of the market in this region include the rising geriatric population, the rising prevalence of leukemia, growing awareness regarding cancer, and improving healthcare infrastructure. Moreover, the rising R&D activities associated with the development of novel cancer drugs and the increasing number of new market players in this region are some of the other factors driving the growth of this market. Whereas North America dominated the market for leukemia therapeutics holding the largest market share in 2021. The growth of the region can mainly be attributed to the launch of new drugs & therapies, and the increasing number of FDA approvals.
Some of the prominent players operating in the global leukemia therapeutics market include Novartis International AG, Bristol-Myers Squibb, F. Hoffmann-La Roche Ltd, Sanofi S.A, AbbVie Inc., Gilead Sciences, Inc., Takeda Pharmaceutical Company Limited, GlaxoSmithKline plc, Amgen Inc., and Pfizer Inc. among others.