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Press Release: Myeloproliferative Neoplasm Drugs Market to Surpass US$ 10,966.8 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Myeloproliferative neoplasm (MPN) is a group of rare diseases, in which the bone marrow produces excess blood cells. It can be white blood cells, red blood cells, or platelets. The overproduction of blood cells by the bone marrow creates obstacle in the smooth flow of blood, which leads to various symptoms such as progressive cytopenias, cachexia, and weight loss, and splenomegaly. There are various types of myeloproliferative neoplasms, which include chronic myelogenous leukemia, polycythemia vera, essential thrombocythemia, and others. These conditions are developed gradually over a period of time, and most of the people are diagnosed after the age of 60.
Figure 1. Global Myeloproliferative Neoplasm Drugs Market Value (US$ Mn), 2016-2027
The global myeloproliferative neoplasm drugs market size is estimated to be valued at US$ 8,379.5 million in 2020 and is expected to exhibit a CAGR of 3.9% over the forecast period (2020-2027).
The increasing incidence of myeloproliferative neoplasms is expected to drive the growth of the global myeloproliferative neoplasm drugs market over the forecast period. According to the article in journal of Multidisciplinary Digital Publishing Institute (MDPI) in July 2020, the estimated annual incidence rates for polycythemia vera (PV), essential thrombocythemia (ET), and primary myelofibrosis are 0.84, 1.03, and 0.47 per 100,000 population globally and the prevalence is much higher, particularly for PV and ET, as mortality rates are relatively low.
Moreover, according to the article published in National Centre for Biotechnology Information (NCBI) in July 2016, the incidence of myeloproliferative neoplasms is approximately 0.5-6 per 100,000 population globally.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2020: | US$ 8,379.5 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 3.9 % | 2027 Value Projection: | US$ 10,966.8 Mn |
| Geographies covered: |
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| Companies covered: |
Novartis International AG, PharmaEssentia Corporation, Bristol Myers Squibb, Pfizer, Inc., Takeda Pharmaceutical Company Limited, Incyte, Johnson & Johnson, Teva Pharmaceutical Industries Ltd., F. Hoffmann-La Roche AG, Gamida Cell, Sierra Oncology, Inc., CTI BioPharma Corp., Imago BioSciences, AbbVie Inc., and Constellation Pharmaceuticals |
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| Restraints & Challenges: |
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Global Myeloproliferative Neoplasm Drugs Market- Impact of Coronavirus (Covid-19) Pandemic
Following the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency. According to the World Health Organization’s report, manifestation of coronavirus (COVID-19) has resulted in more than 105 million infected individuals worldwide as of February 5, 2021.
COVID-19 outbreak started from Wuhan, China and has spread across continents, affecting various industries globally. Supply of key materials has been severely disrupted due to forced quarantine, and lack of labor and raw materials. As the link between regional warehouses is not smooth, the transportation of raw materials between regions cannot be carried out successfully. This shortage of raw materials and components have affected the supply chain of the global myeloproliferative neoplasm drugs market.
Moreover, due to severe shortage of medical resources at the front line, only patients diagnosed with serious conditions can be hospitalized. Unfortunately, the pathogenic mechanism of the virus has not been identified completely, therefore, there is no specific drug and treatment except for symptomatic and supportive treatments. Respiratory support devices such as life-support machines, atomizer, oxygen generators, and monitors are primary clinical treatment medical devices. Thus, from diagnosis to cure, the need for instruments for measuring temperature, nucleic acid diagnostic kit, antiviral medical products, and life-support machine have increased consistently.
Figure 2. Global Myeloproliferative Neoplasm Drugs Market Share (%) by Region, 2020
In North America, the increasing number of drug approvals is expected to boost growth of the global myeloproliferative neoplasm drugs market over the forecast period. For instance, in April 2020, Janssen Pharmaceutical Company, a subsidiary of Johnson & Johnson, received the U.S. Food and Drug Administration (FDA) approval for IMBRUVICA (ibrutinib) in combination with rituximab for the treatment of patients with chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL).
Moreover, in Asia Pacific, rise in the research and development activities by market players is expected to create a lucrative environment for the market growth. For instance, in May 2020, Hutchison China MediTech, a China-based biopharmaceutical company, initiated a Phase 1 clinical trial to evaluate the safety, efficacy, and pharmacokinetics of HMPL-306 in patients with relapsed/refractory myeloid leukemia/neoplasms with IDH1 and/or IDH2 mutation.
Major players operating in the global myeloproliferative neoplasm drugs market include Novartis International AG, PharmaEssentia Corporation, Bristol - Myers Squibb, Pfizer, Inc., Takeda Pharmaceutical Company Limited, Incyte, Johnson & Johnson, Teva Pharmaceutical Industries Ltd., F. Hoffmann-La Roche AG, Gamida Cell, Sierra Oncology, Inc., CTI BioPharma Corp., Imago BioSciences, AbbVie Inc., and Constellation Pharmaceuticals.
Myeloproliferative neoplasms (MPNs) are a type of rare blood cancers, which leads to production of excess red blood cells, white blood cells, or platelets in the bone marrow of individuals. Myelo refers to bone marrow and spinal cord of the individual and proliferative describes the rapid growth of blood cells, whereas neoplasm describes the abnormal and uncontrolled growth of cells in patients. The overproduction of blood cells is often associated with a somatic mutation, for example, the over production of JAK2 (Janus kinase 2) leads to chronic myeloproliferative disorders. The various drug classes indicated for the treatment of myeloproliferative neoplasm are demethylation agents, tyrosine kinase inhibitor, multikinase inhibitors, JAK2 inhibitor, and others.
Market Dynamics
Key companies are focusing on strategies such as mergers and acquisitions, which is expected to drive the global myeloproliferative neoplasm drugs market growth. For instance, in January 2019, Takeda Pharmaceutical Company Limited acquired Shire Inc (a biopharmaceutical company in U.K.),to expand its geographical presence in the market and enhance its product portfolio through research and development activities.
Moreover, key players are focusing on product launches and product approvals to strengthen their presence in the global myeloproliferative neoplasm drugs market. For instance, in November 2018, Pfizer Inc. received the U.S. Food and Drug Administration approval for Daurismo for use in adults with acute myeloid leukemia (AML) in 75 years or older patients.
Furthermore, in December 2017, Pfizer Inc. received the U.S. Food and Drug Administration (FDA) approval for a supplemental New Drug Application (sNDA) to expand the indication of BOSULIF (bosutinib) to include adult patients with newly-diagnosed chronic phase Philadelphia chromosome-positive chronic myelogenous leukemia (Ph+ CML).
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 34 market data tables and 33 figures on "Myeloproliferative Neoplasm Drugs Market– Global forecast to 2027”.
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