Global Polycythemia Vera Therapeutics Market, by Disease Type (Primary Polycythemia Vera and Secondary Polycythemia Vera), by Drug Class (Antimetabolite, Kinase Inhibitors, Alpha Interferon, Selective Serotonin Reuptake Inhibitors, and Others), by Route of Administration (Oral, Intravenous, Intramuscular, and Subcutaneous), 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$ 1,115.9 million in 2021 and is expected to exhibit a CAGR of 4.5% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
Key players operating in the market are focusing on receiving product approvals from regulatory authorities and this is expected to drive the market growth over the forecast period.
For instance, in September 2020, Bristol Myers Squibb Canada (BMS), a subsidiary of BMS announced that Health Canada has approved its INREBIC (fedratinib), a new once-daily oral medication used to treat adults with an enlarged spleen and associated symptoms caused by intermediate-2 or high-risk primary myelofibrosis, post-polycythemia vera myelofibrosis or post-essential thrombocythemia myelofibrosis.
Moreover, in March 2015, Novartis AG, a pharmaceutical company, received approval from European Commission for its drug Jakavi (ruxolitinib) for the treatment of adult patients with polycythemia vera (PV) who are resistant to or intolerant of hydroxyurea. Jakavi is the first targeted treatment approved by the European Commission for patients suffering from polycythemia vera.
Global Polycythemia Vera Therapeutics Market – Impact of Coronavirus (Covid-19) Pandemic
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.
For instance, according to the 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 44 Market Data Tables and 38 Figures spread through 218 Pages and in-depth TOC on “Polycythemia Vera Therapeutics Market”- Global Forecast to 2028, by Disease Type (Primary Polycythemia Vera and Secondary Polycythemia Vera), by Drug Class (Antimetabolite, Kinase Inhibitors, Alpha Interferon, Selective Serotonin Reuptake Inhibitors, and Others), by Route of Administration (Oral, Intravenous, Intramuscular, and Subcutaneous), 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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Key players operating in the market are focusing on adoption of inorganic growth strategies such as collaborations and acquisitions, in order to strengthen their position in the market. For instance, 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.
Key Takeaways of the Global Polycythemia Vera Therapeutics Market:
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