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Global Myelofibrosis Treatment Market to Reach US$ 881.2 Million by 2027, Propelled by Increasing Incidences of Genetic Abnormalities

Published on Sep 29, 2022

According to the latest report by IMARC Group, titled “Myelofibrosis Treatment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global myelofibrosis treatment market size reached US$ 642.4 Million in 2021. Myelofibrosis is a myeloproliferative condition characterized by the proliferation of defective hematopoietic stem cell clones that compromises the bone marrow's ability to make blood. Several tests are available to diagnose this disease, including physical examinations, blood tests, bone marrow tests, imaging tests, and human leukocyte antigen (HLA) typing. Most of these treatment options for myelofibrosis focus on preventing blood count problems and splenomegaly. Furthermore, several drugs are being introduced in the market that provide relief from symptoms of the disease as well as reduce blood volume.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Myelofibrosis Treatment Market Trends:

The global market is primarily driven by the increasing incidences of genetic abnormalities and blood disorders, such as thrombocythemia and polycythemia vera. This can be attributed to poor lifestyle choices of the masses as well as prolonged exposure to industrial chemicals and high levels of radiation. In addition to this, the expanding geriatric population that is susceptible to developing numerous chronic illnesses is resulting in an increased demand for myelofibrosis treatment. Moreover, the introduction of novel drugs for relieving chronic symptoms of myelofibrotic patients is providing an impetus to the market. The market is further driven by the significant investments made by the major pharmaceutical companies for extensive research and development (R&D) activities. Apart from this, favorable government initiatives and improved reimbursement policies for myelofibrosis treatment are creating a positive market outlook. Some of the other factors contributing to the market include continual improvements in healthcare infrastructure, easy availability of chemotherapeutic drugs via online and offline organized retail channels and inflating disposable income levels. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 881.2 Million by 2027, exhibiting a CAGR of 5.32% during 2022-2027.

Market Summary:

  • Based on the drug type, the market has been segmented into hydroxyurea, immunomodulators, JAK inhibitor, and others.
  • On the basis of the treatment type, the market has been divided into blood transfusion, chemotherapy, androgen therapy, stem cell/bone marrow transplantation, and others.
  • Based on the end user, the market has been categorized into hospitals and clinics, bone marrow transplant centres, and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include AllCells LLC, American Type Culture Collection Inc, Amgen Inc, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche AG, Gilead Sciences Inc., Incyte Corporation, Merck & Co. Inc., and Novartis AG.
     

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