Advancements in Technology Develop Leukemia Therapeutics Market
The statistics portray the growing concern for leukemia, which is also raising the need for the effective treatment of the disease. Leukemia, which is a type of cancer disease, is known to affect the lymphatic system and hampers blood cell formation. In the statistics by the World Health Organization, the global cancer burden in the year 2018, rose to 18.1 million new cases and 9.6 million deaths.
The disease has four significant classes, namely, Acute Lymphoid Leukemia (ALL), Acute Myeloid Leukemia (AML), Chronic Lymphoid Leukemia (CLL), and Chronic Myeloid Leukemia (CML).
As stated by the Leukemia Research Foundation, the disease is found to be more common in adults than children and that approximately 170 Americans were diagnosed with leukemia every day. Such a factor is anticipated to drive the growth of the global leukemia therapeutics mark.
Research Nester has released a report titled “ Leukemia Therapeutics Market — Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The global leukemia therapeutics market is anticipated to achieve a CAGR of 10.81% across the globe over the forecast period, 2021–2028. The market is thriving on the back of the growing advancements in technology in the healthcare sector, increasing number of patients with leukemia, which is raising the need for advanced treatment solutions, increasing R & D investments and the continuous advancements and development for blood cancer testing.
The global leukemia therapeutics market, which registered a value of $11.21 billion in the year 2019, is further anticipated to attain an absolute opportunity of $14.47 billion by growing at 2x during the forecast period. The market is also anticipated to gain an incremental opportunity of $1.20 billion in the year 2020 as compared to the previous year.
Geographically, the global leukemia therapeutics market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Middle East and Africa. Among these regions, the market in North America registered the largest market share of 41.56% in the year 2019 on the back of increasing incidences of leukemia in Canada and the U.S., and the need for advanced healthcare treatment among people in the nations. The market in North America is further anticipated to grow at a CAGR of 11.01% during the forecast period and further gain an absolute opportunity of $513.76 million in the year 2020 as compared to the previous year. The market in the region is also anticipated to gain an absolute opportunity of $6.23 billion by growing at 2x during the forecast period.
However, concerns for the factors such as the lengthy process for the development and support of new cancer treatments, the rigid drug approval norms across several nations and the need for the collaboration of different public, private and non-profit entities that limits accessibility to healthcare facilities in several nations are anticipated to hamper the growth of the global leukemia therapeutics market.
