Myelofibrosis is a bone marrow disease that interrupts the blood cells production process in the body. Fibrous or scar tissue gets developed in the bone marrow leading to scarring causing insufficient blood cell production. Myelofibrosis is a rare type of chronic leukemia affecting blood production. The symptoms of myelofibrosis include severe anemia, fatigue, weakness, and enlarged spleen. The disease is usually found to occur in individuals over the age of 50 years. Myelofibrosis is of two types namely, primary myelofibrosis and secondary myelofibrosis. The treatment options are scarce but the U.S. Food and Drug Administration (FDA) approved Jakafi (Ruxolitinib) in 2011, a drug developed by Novartis, which is the only approved product for the treatment of myelofibrosis that forms a major line of defense against the disease.
Increase in FDA approval of pipeline drugs is expected to drive the market
Growing prevalence of myelofibrosis in developing economies drives the demand for various treatment options for myelofibrosis. The market is expected to grow owing to heavy investments in research and development, appropriate reimbursement conditions, and a large pool of patients living with myelofibrosis. In addition, the market growth can be attributed to other factors including lifestyle up-gradation, unmet medical needs of the patients, increasing incidences of genetic disorders, and escalating smoking population. The market is expected to gain significant traction with the medical advancements focussing patients suffering from myelofibrosis. For instance, development of a molecule, CYT387 or Momelotinib, by Gilead Sciences for treating primary myelofibrosis and the innovation of current drug, ruxolitinib, by Incyte Corporation to develop a substitute dosing strategy in patients with myelofibrosis.
However, limited awareness of the novel therapies and high costs involved in treatment are the factors restricting the growth of the global myelofibrosis treatment market.
Myelofibrosis Treatment Market Taxonomy
The global myelofibrosis treatment market is segmented on the basis of diagnosis, treatment, end user, and geography.
On the basis of diagnosis, the global myelofibrosis treatment market is segmented into:
On the basis of treatment, the global myelofibrosis treatment market is segmented into:
On the basis of end user, the global myelofibrosis treatment market is segmented into:
North America to dominate the market with the rising prevalence of myelofibrosis and favorable reimbursement scenario
Regional segmentation of the global myelofibrosis treatment market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the global myelofibrosis treatment market owing to the growing public awareness, high prevalence of the disease, favorable reimbursement policies, and a higher percentage of the income spent on healthcare. According to the American Society of Hematology 2016, myelofibrosis is a potentially life-threatening blood cancer that affected approximately 20,000 Americans. Asia Pacific is expected to hold a large share of the global market during the forecast period owing to increased disposable incomes, high geriatric population, and improved healthcare facilities.
Pipeline drug, Pacritinib, developed by Biopharma reveals higher therapeutic efficacy for myelofibrosis treatment
The key players operating in the global myelofibrosis treatment market include Novartis, Eli Lilly, Roche, Merck & Co., Celgene, Amgen, Bristol-Myers Squibb, Incyte Corporation, and Gilead Sciences. The key players are focused on developing effective treatments that are aimed at easing the patient symptoms with fewer side effects and improving the quality of life. For instance, Biopharma developed Pacritinib in 2016, which is proven to be more effective through the clinical trials than the FDA approved ruxolitinib.
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.[email protected]
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.