Global Myeloproliferative Neoplasm Drugs Market, by Drug Class (Demethylation Agents, Tyrosine kinase Inhibitor, Multikinase Inhibitors, JAK2 Inhibitor, and Others), by Indication (Ph+ Chronic myelogenous leukemia (CML), Ph- Myeloproliferative Neoplasms (MPNs) (Myelofibrosis (MF), Polycythemia Vera (PV), Essential Thrombocythemia (ET)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), 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), as highlighted in a new report published by Coherent Market Insights.
The global myeloproliferative neoplasm drugs market is expected to witness significant growth due to key players focusing on product approvals. For instance, in December 2020, Takeda Pharmaceutical Company Limited received Supplemental New Drug Application approval from the U.S. FDA for ponatinib (Iclusig) to treat patients with chronic-phase chronic myeloid leukemia (CML) with resistance or intolerance to at least two prior kinase inhibitors.
Major players are focusing on strategies such as mergers and acquisitions to strengthen their position in the market. In June 2019, Abbivie, Inc. acquired Allergan, a global pharmaceutical company, as a result of this acquisition, Abbivie, Inc. enhanced its long-term R&D funding capacity allowing for continued investment and sustained focus on research and development in pharmaceutical industry.
Global Myeloproliferative Neoplasm Drugs Market – Impact of Coronavirus (Covid-19).
The COVID-19 pandemic caused major disruptions to clinical trial execution in the U.S., impacting key stakeholders across the industry. Investigative site capabilities experienced- social-distancing protocols, financial losses, and concerns over patient safety. Sponsors, CROs, and other organizations that support drug development shifted to remote working environments. An estimated 80% of non-COVID-19 trials were stopped or interrupted as a result of the COVID-19 pandemic.
According to Applied Clinical Trails registry in April 2020 study, investigative sites demonstrated flexibility and ingenuity in adopting new approaches to cope with challenges of COVID-19, with over half of investigative sites transitioning to virtual approaches to interact with patients. More recently, follow-up studies performed in August 2020 have identified persistent impact of COVID, with over 60% reporting an 'average' or greater level of impact on ongoing trials and initiation of new trials. Respondents specifically highlighted challenges in patient enrollment and recruitment.
Moreover, key players operating in the market are also focusing on conducting clinical trials for the development of novel and combined therapy approach for the treatment of COVID-19. For instance, in April 2020, Novartis International AG announced plans to initiate a Phase III clinical trial in collaboration with Incyte Corporation to evaluate the use of Jakavi (ruxolitinib) for treatment of a type of severe immune overreaction called cytokine storm that can lead to life-threatening respiratory complications in patients with COVID-19.
Browse 34 Market Data Tables and 33 Figures spread through 222 Pages and in-depth TOC on “ Global Myeloproliferative Neoplasm Drugs Market, by Drug Class (Demethylation Agents, Tyrosine kinase Inhibitor, Multikinase Inhibitors, JAK2 Inhibitor, and Others), by Indication (Ph+ Chronic myelogenous leukemia (CML), Ph- Myeloproliferative Neoplasms (MPNs) (Myelofibrosis (MF), Polycythemia Vera (PV), Essential Thrombocythemia (ET)), by Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)”
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The market is expected to gain significant growth during the forecast period, as various key companies are focusing on product approvals in the market. For instance, in July 2019, Pfizer Inc. received the U.S. FDA approval for RUXIENCE (rituximab-pvvr), for the treatment of adult patients with non-Hodgkin’s lymphoma (NHL), chronic lymphocytic leukemia (CLL), granulomatosis with polyangiitis (GPA), and microscopic polyangiitis (MPA).
Key Takeaways of the Global Myeloproliferative Neoplasm Drugs Market:
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