Dublin, March 06, 2024 (GLOBE NEWSWIRE) -- The "Myeloproliferative Disorders Drugs Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The myeloproliferative disorders drugs market has grown strongly in recent years. It will grow from $9.11 billion in 2023 to $9.58 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. Historical growth can be attributed to several factors, including a rise in myeloproliferative disorder cases, enhanced comprehension of disease mechanisms, ongoing clinical research, progressive drug development, improved diagnostic methods and screening techniques, as well as heightened patient advocacy and awareness efforts.
The myeloproliferative disorders drugs market is expected to see steady growth in the next few years. It will grow to $11.15 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. Anticipated growth in the upcoming period is driven by several factors, notably the aging population, strides in precision medicine, the introduction of innovative therapies, a worldwide emphasis on rare diseases, and government-led healthcare initiatives and policies. Key trends expected in this period involve the adoption of precision medicine methodologies, increased clinical trials for investigational therapies, enhanced symptom management techniques, broader utilization of ruxolitinib, and a concentrated effort on disease biomarkers.
The anticipated increase in myeloproliferative disorders is poised to drive the growth of the market for drugs addressing these conditions. Notably, according to the National Institute of Health in August 2022, chronic myelogenous leukemia was more prevalent in men, with an incidence rate of approximately 2.4 new cases per 100,000 compared to 1.4 new cases per 100,000 in women, signifying the driving force behind the market's growth.
The trajectory of the myeloproliferative disorders drug market is expected to be significantly influenced by increased investments in research and development. Notably, as per the National Center for Science and Engineering Statistics in September 2023, federal commitments for research and experimental development surged by 13.6% ($22.7 billion) from FY 2020 to FY 2021, reaching an all-time high of $190.2 billion, fostering growth in the myeloproliferative disorders drug market.
Product innovation stands as a prominent trend shaping the landscape of myeloproliferative disorder drugs. Key industry players are dedicated to crafting novel products to fortify their market standing. For instance, in September 2023, GSK plc announced FDA approval for momelotinib to treat primary myelofibrosis, a myeloproliferative disorder. This medication, momelotinib, operates uniquely by blocking three crucial signaling pathways activin A receptor type I (ACVR1), Janus kinase (JAK) 1, and JAK2. Its inhibition of JAK1 and JAK2 can potentially alleviate splenomegaly and other symptoms associated with the disorder, while also reducing hepcidin levels, known to contribute to anemia in myelofibrosis.
Major players in the myeloproliferative disorder drugs market are strategically focusing on introducing and obtaining approvals for advanced drug solutions, aiming to gain a competitive edge. The introduction and approval of these innovative drug solutions significantly enhance the availability of advanced therapies for patients grappling with myeloproliferative disorders. Notably, in September 2023, Novartis AG disclosed the National Institute for Health and Care Excellence's (NICE) approval for Jakavi (ruxolitinib), a JAK 1/2 inhibitor sanctioned for treating polycythaemia vera (PV). This approval grants access to Ruxolitinib for eligible patients in England and Wales, addressing an unmet treatment need as a substantial percentage of patients under existing therapies develop resistance or intolerance. PV, a subtype of myeloproliferative disorder, poses serious health risks and leads to approximately 1,130 new diagnoses per year in the UK.
In May 2022, Merk, a renowned biopharmaceutical firm based in the US, completed the acquisition of Imago BioSciences Inc. for $1.35 billion. This strategic acquisition is anticipated to bolster Merk's standing as a key player in clinical development, leveraging Imago BioSciences' expertise. Particularly, it aims to optimize the therapeutic potential of bomedemstat, an LSD1 inhibitor, and Imago's pipeline. Additionally, this move reinforces Merk's foothold in the expanding field of hematology. Imago BioSciences, a US-based clinical-stage biopharmaceutical company, specializes in the discovery and development of groundbreaking medications aimed at treating myeloproliferative neoplasms.
North America was the largest region in the myeloproliferative disorder drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global myeloproliferative disorder drugs market report during the forecast period. The regions covered in the myeloproliferative disorders drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the myeloproliferative disorders drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Type: Primary Myelofibrosis; Polycythemia Vera (PV); Essential Thrombocythemia (ET); Chronic Eosinophilic Leukemia Or Hyper eosinophilic Syndrome (HES); Systemic Masto cytosis (SM)
2) By Drug Type: JAK2 Inhibitors; Anti-Neoplastics; Demethylation Agents; Imatinib Mesylate; Other Drug Types
3) By Route Of Administration: Oral; Parenteral; Other Routes Of Administration
4) By Distribution Channel: Hospital Pharmacy; Retail Stores; Drug Stores
Key Companies Mentioned: Novartis AG; Bristol-Myers Squibb Company; Pfizer Inc.; Takeda Pharmaceutical Company Limited; Teva Pharmaceutical Industries Ltd.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Novartis AG
- Bristol-Myers Squibb Company
- Pfizer Inc.
- Takeda Pharmaceutical Company Limited
- Teva Pharmaceutical Industries Ltd.
- Incyte Corporation
- Eli Lilly and Co
- F Hoffmann-La Roche Ltd.
- Mylan NV
- Fresenius Kabi AG
- Hikma Pharmaceuticals plc
- GSK plc
- Bayer AG
- Sun Pharmaceutical Industries Ltd.
- Boehringer Ingelheim International Gmbh
- Sanofi Aventis Inc.
- AstraZeneca AB
- Apotex Inc
- Celgene Co.
- Gamida Cell Ltd.
- Geron Co.
- Promedior Inc.
- Johnson & Johnson Private Limited
- AbbVie Inc.
- AOP Orphan Pharmaceuticals AG
- Astellas Pharma Inc.
- Biogen Inc.
- Daiichi Sankyo Chemical Pharma Co. Ltd.
- Eisai Pharmaceuticals India Pvt. Ltd.
- Janssen Pharmaceuticals Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ivjmfo
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