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The chronic myeloid leukemia treatment market is growing due to the increase in the incidences and prevalence of CML, growing awareness towards CML, and escalation in the R&D activities. According to the American Cancer Society 2019, CML accounts for 10 -15% of all leukemia cases and about 1 in 526 people is likely to be affected with CML in their lifetime in the United States. Chronic myeloid leukemia (CML) is also known as chronic myelocytic, myelogenous, or non-lymphocytic leukemia. CML is a type of cancer that affects certain blood-forming cells of the bone marrow. CML is expected to take a long time prior to show problems, and people live in this condition for long time even before they know it. However, chronic leukemias are usually difficult and complicated to cure than acute leukemias.
Increase in the prevalence of chronic myeloid leukemia is the major factors motivating the growth of the market. According to the World Cancer Research Fund International 2018, leukemia accounts for 2.6% of all the cancer cases globally. This rising incidence and increase in the prevalence is likely to propel the market in the forecast period. Also, the rising awareness about cancer, technological advances, expansion of research and development, and launch of novel therapies to treat CML are likely to boost the market growth
However, high cost of chronic myeloid leukemia treatment and side effects related to the treatment are impeding the growth of the market.
Key Market Driver -
Increase in the prevalence of chronic myeloid leukemia and expansion in the research & development activities are boosting the market growth
Key Market Restraint -
The high cost and side effects associated with treatment are likely to hinder the market growth.
Globally, the chronic myeloid leukemia treatment market can be segmented on the basis of type, end-users, and region. Based on the type, the market can be segmented into targeted therapy, chemotherapy, immunotherapy, and stem cell therapy. Based on the end-users the market can be segmented into hospitals, speciality clinics, and others.
Geographically, the chronic myeloid leukemia treatment market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the chronic myeloid leukemia treatment market are Pfizer Inc., Teva Pharmaceutical Industries Ltd., Novartis AG, Bristol-Myers Squibb Company, Incyte, Biopath Holdings Inc., Stragen Pharma SA, Otsuka Holdings Co., Ltd., Takeda Pharmaceutical Company Limited and other prominent players.
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Geographically, the chronic myeloid leukemia treatment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North American region is expected to hold the significant share of the market and is anticipated to follow the same thrust over the forecast period. The growth of the market in this region can be recognized due to the presence of advanced healthcare infrastructure along with rising alertness regarding leukemia. Moreover, increase in the prevalence of the chronic myeloid leukemia (CML) increasing availability & growing adoption of technologically advanced products are also propelling the market in this region. Europe is anticipated to hold the second largest share of the market in the forecast period. The factors such as increase in the prevalence of the CML, rising healthcare expenditure by European Commission and increasing new product launches are likely to boost the growth of the CML treatment market in this region. On the other hand, Asia-Pacific is likely to register and enjoy the highest market growth in the forecast period. The overall growth of the market can be attributed to the increase in the incidence of the CML, increase in the purchasing power of the countries, tendency to adopt innovative therapies and satisfactory insurance policies are the major factors driving the growth of the market in this region. The market in Latin America and the Middle East and Africa are estimated to grow fairly in the forecast period. The growing healthcare expenditure and geographical expansion of key players in the region are responsible for the growth of the market.
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