Chronic myeloid leukemia (CML) is a type of cancer that starts in certain blood-forming cells of the bone marrow. It most commonly occurs in the adults and very rarely it occurs in children. Chronic myeloid leukemia usually begins after age 60. CML is develop slowly and treated with targeted cancer drugs such as tyrosine kinase inhibitors, chemotherapy or a bone marrow transplant. Recent advances in cancer treatments has drastically improved the survival rate for this type of leukemia.
The global chronic myeloid leukemia treatment market is estimated to be valued at US$ 7,216.3 million in 2021, and is expected to exhibit a CAGR of 6.0% during the forecast period (2021-2028).
Figure 1. Global Chronic Myeloid Leukemia Treatment Market in Terms of Value (US$ million), By Region, 2021
Increase in focus on research and development activities by key players is estimated to drive the global chronic myeloid leukemia treatment market growth during the forecast period.
Several market players and research institutes are involved in research and development activities related to chronic myeloid leukemia treatment, which is expected to fuel the growth of the global chronic myeloid leukemia treatment market in the near future. For instance, in December 2020, the U.S. Food and Administration approved supplemental new drug application for ICLUSIG (ponatinib) for adult patients with chronic myeloid leukemia (CML).
Chronic Myeloid Leukemia Treatment Market Report Coverage
|Market Size in 2021:
|US$ 7,216.3 Mn
|Historical Data for:
|2017 to 2020
|2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
|2028 Value Projection:
|US$ 10,864.9 Mn
Teva Pharmaceutical Industries Ltd, F. Hoffmann-La Roche Ltd., Novartis AG, Bristol-Myers Squibb Company, Pfizer Inc., Takeda Pharmaceutical Company Limited, Innovent Biologics, Inc., Viatris Inc. (Mylan N.V.), Lupin, IL-YANG PHARM CO. LTD., Million Health Pharmaceuticals, and Celon Labs
|Restraints & Challenges:
Figure 2. Global Chronic Myeloid Leukemia Treatment Market Share (%), By Drug Type, 2021
Increasing awareness programs regarding chronic myeloid leukemia is anticipated to propel the global chronic myeloid leukemia treatment market growth over the forecast period.
The demand for drugs of chronic myeloid leukemia and its associated disorders such as blood cancers is rapidly increasing. The market players and non-profit organizations in various countries are implementing various initiatives and organizing awareness programs in order to increase the production of medications for chronic myeloid leukemia, which is expected to create lucrative opportunities for the chronic myeloid leukemia medication manufacturers and drive the market growth in the near future. For instance, on September 22, every year, the chronic myeloid leukemia (CML) Foundation Network conducts the World CML Day global awareness campaign.
Global Chronic Myeloid Leukemia Treatment Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID-19) pandemic was first reported on December 31, 2019 in Wuhan, China. The World Health Organization (WHO) declared the COVID-19 a pandemic on March 11, 2020. The negative impact is mostly due to the delay in clinical trial study and product approval. Moreover, disturbance in supply chain due to COVID-19 is expected to hinder the growth of market.
Global Chronic Myeloid Leukemia Treatment Market: Restraints
Cost is a major factors that influences the selection of treatment. Thus, the high cost of chronic myeloid leukemia treatment drugs is expected to hamper the growth global chronic myeloid treatment market. Furthermore, in an article published by American Society of Clinical Oncology Journal in August 2020, mean annualized costs for CML was US$ 82,054, more than those for hematologic malignancies (HEM) US$ 74,993 in the U.S.
Major players operating in the global chronic myeloid leukemia treatment market include Teva Pharmaceutical Industries Ltd, F. Hoffmann-La Roche Ltd., Novartis AG, Bristol-Myers Squibb Company, Pfizer Inc., Takeda Pharmaceutical Company Limited, Innovent Biologics, Inc., Viatris Inc. (Mylan N.V.), Lupin, IL-YANG PHARM CO. LTD., Million Health Pharmaceuticals, and Celon Labs.
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