Chronic Myeloid Leukemia Treatment Market is Estimated to Witness High Growth Owing to Increasing Incidence of Chronic Myeloid Leukemia and Rising Research and Development Activities
The chronic myeloid leukemia treatment market is estimated to be valued at USD 8.47 Bn in 2024 and exhibit a CAGR of 6.5% over the forecast period 2024-2031. Furthermore, the increasing incidence of chronic myeloid leukemia across the globe along with rising research and development activities for the development of novel therapies is expected to drive the market growth during the forecast period.
Market Dynamics:
The growth of the chronic myeloid leukemia treatment market is expected to be driven by few key factors such as increasing incidence of chronic myeloid leukemia and rising pipeline drugs. Chronic myeloid leukemia has reported rising incidence rates globally which is increasing the patient pool requiring treatment options. For instance, in January 2024, As per the data of American Cancer Society, about 9,280 new cases will be diagnosed with CML (5,330 in men and 3,950 in women). About 1,280 people will die of CML (750 men and 530 women). This growing incidence of CML creates significant demand for effective treatment drugs.
Additionally, robust research and development activities for the development of novel treatment therapies are also anticipated to drive the market growth. Several pharmaceutical players are conducting clinical trials to develop new targeted drugs and combination therapies with minimal side-effects. For instance, in October 2021, Novartis, a pharmaceutical company, announced that it had received the U.S. Food and Drug Administration (FDA) approval for Scemblix (asciminib), a novel STAMP inhibitor for treatment of CML. The approval of new drugs will drive the chronic myeloid leukemia treatment market growth.
Rapid Advancements in Targeted Drug Therapies is Driving the Market Growth
Targeted drug therapies have revolutionized the treatment of chronic myeloid leukemia (CML) in the past few decades. Drugs like imatinib, dasatinib, nilotinib and bosutinib directly target the mutated BCR-Abl protein that causes CML. These targeted therapies have significantly improved the survival and quality of life of CML patients. Imatinib was the first U.S. Food and Drug Administration approved targeted therapy for CML in 2001 and reported high rates of durable responses. Second generation tyrosine kinase inhibitors like dasatinib and nilotinib were later introduced which were more potent with improved safety profiles. Continuous innovation and pipeline of novel targeted drug candidates in clinical trials is expected to further propel the market growth during the forecast period.
Increasing Prevalence of CML is Boosting the Demand for Therapeutics
In 2022, according to the statistics by the American Cancer Society, around 10,000 new cases of CML are reported annually in the U.S. The incident rate of CML has been increasing steadily over the past few decades due to improved diagnostic capabilities and aging population. Countries with growing geriatric population and higher life expectancy are expected to see a rise in CML patient pool in the coming years. This growing disease prevalence directly translates to increasing demand for chronic myeloid leukemia therapeutics. Development of screening programs to detect CML at early stages will further enhance the market potential.
High Cost of Targeted Drug Therapies Impedes Market Growth
While targeted drug therapies have significantly improved the treatment paradigm of CML, their high cost remains a major barrier restricting their widespread adoption. Initial treatment with first generation tyrosine kinase inhibitor imatinib may cost over US$ 100,000 per year. Second generation TKIs like dasatinib and nilotinib also carry heavy price tags. The enormous cost burden falls on the patients as not all health insurance plans provide full coverage for such specialty medicines. This price sensitivity especially impacts the developing markets and restricts access to life-saving therapies for many patients.
Limited Healthcare Expenditure in Low-Income Countries Restrains Market Growth
Developing low-income countries with limited public health budgets face severe resource constraints to provide expensive chronic disease therapies. Majority of CML patients in Africa, Middle East, and South Asian regions do not have access to standard treatment due to the high cost of tyrosine kinase inhibitors. The low per capita healthcare expenditure restricts governments from including costly drugs in their national healthcare programs. This large unmet medical need and lack of coverage for treatments in underdeveloped markets restrain the global market potential for CML therapeutics.
Competitive Marketing of Biosimilars Presents Lucrative Opportunities
The patent expiration of imatinib in key markets provides opportunities for biosimilar manufacturers to enter the market. Companies are increasingly investing in developing biosimilar versions of imatinib and other tyrosine kinase inhibitors (TKI) to gain market share. These biosimilars are expected to be significantly cheaper than their reference brands and expand access to treatment. Aggressive marketing campaigns by biosimilar players aimed at physicians, payers as well as patients will promote usage. Emerging markets with price sensitive customers will especially adopt biosimilars at a rapid pace. This growing biosimilars segment is projected to create lucrative opportunities during the forecast period.
Personalized Medicine Approach using Companion Diagnostics Holds Potential
Recent advancements in diagnostics allow identification of specific mutations linked to treatment response. Using personalized medicine approach targeted at molecular sequencing of tumors and tailoring therapy accordingly opens up opportunities. Development of advanced companion diagnostics aids in detecting mutations, guiding treatment selection as well as monitoring minimal residual diseases. Pharmaceutical firms are collaborating with diagnostic players to develop market therapy-diagnostic pairs. This synergistic model holds promise in optimizing patient outcomes while improving the performance of the chronic myeloid leukemia treatment market.
Link: https://www.coherentmarketinsights.com/market-insight/chronic-myeloid-leukemia-treatment-market-1726
Key Developments
- On July 29, 2024, Novartis AG, a pharmaceutical company, announced that Scemblix (asciminib) had been granted Priority Review status by the U.S. Food and Drug Administration (FDA) for the treatment of newly diagnosed adult patients with Philadelphia chromosome-positive CML in chronic phase (Ph+ CML-CP)
- On March 14, 2024, Novartis AG announced the launch of Asciminib the first-in-class treatment for chronic myeloid leukemia (CML) targeting the ABL myristoyl pocket (STAMP)
- In September 2021, Leading U.K.-based leukaemia charities, Leukaemia Care and Leukaemia UK, announced a new collaboration to increase awareness about the signs and symptoms of leukaemia and drive improvements in the diagnosis of the disease. The campaign, Spot Leukaemia, was conducted throughout September – Blood Cancer Awareness Month.
Key Players
Teva Pharmaceutical Industries Ltd, F. Hoffmann-La Roche Ltd., Novartis AG, Sanofi, Bristol-Myers Squibb Company, Pfizer Inc., Takeda Pharmaceutical Company Limited, Innovent Biologics, Inc., Viatris Inc., Lupin, Million Health Pharmaceuticals, Celon Labs, and Fresenius Kabi AG
