According to FutureWise analysis the market for leukemia therapeutics in 2023 is US$ 16.13 billion, and is expected to reach US$ 27.76 billion by 2031 at a CAGR of 7.02%.
The global leukemia therapeutics market growth is steered by factors, for instance, a plethora of available treatment alternatives for treating chronic myeloid leukemia and high prevalence rate of chronic myeloid leukemia are substantially assisting the market growth. For example, in the United States, there were over 20,000 new cases of chronic myeloid leukemia in 2018. Additionally, the segment growth is guided by the ever-increasing ageing population and increasing research funds for cancer treatments and for developing innovative therapies.
Increasing investments for innovative research and development activities in drug development and discovery, growing overall volume of biotechnology companies and is predicted to spur the augmentation of the market. Likewise, the introduction of advanced therapeutics with fewer side effects and more efficiency, pipeline products awaiting approvals and metabolic inhibitors are projected to steer the market growth throughout the forecast timeframe. Rising awareness amongst patients pertaining to recent advancements in technology and advantages, for instance, safety, tolerability and efficacy are the factors projected to boost the market growth. Current research in molecular diagnosis is anticipated to dominate with the accessibility of various leukemia treatments and is projected to expand the global leukemia therapeutics market size.
Due to the soaring insistence for targeted drugs, they are likely to subjugate the global market over the forecast timeframe. The targeted drugs are prominently used due to their higher success rate and efficacy in comparison with chemotherapy and fewer side effects. These factors are the reason for the rise in their sales over the past few years.
The Asia Pacific region is anticipated to rapidly proliferate owing to numerous incomplete needs in the developing markets, for instance, India, Japan and China and growing investments in the expenditure assigned to the research and development by major biotechnology companies. A healthcare infrastructure that is rapidly growing, high penetration rates of the market and increasing levels of awareness are the major factors contributing to the augmentation of the market in the region.