Leukemia Therapeutics Market Expected to Reach $14,162.48 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Leukemia Therapeutics Market," The leukemia therapeutics market size was valued at $7,818.63 million in 2021 and is estimated to reach $14,162.48 million by 2031, growing at a CAGR of 6.1% from 2022 to 2031.

Leukemia therapeutics market trends includes rise in incidences of leukemia and the number of bone marrow biopsies across the world that drive growth of global leukemia therapeutics industry. Leukemia is a type of cancer that affects the blood and bone marrow and is one of the most common forms of cancer. For instance, according to the National Institute of Health (NIH) estimated the 60,650 new leukemia cases in the U.S. This increase in incidences of leukemia is due to a number of factors, including the aging of the population, exposure to certain chemicals, radiation, and changes in lifestyle and diet. Moreover, government initiatives for R&D activities for leukemia are expected to boost the growth of the global leukemia therapeutics market forecast and offering expansion opportunities for market competitors.   

There is a significant unmet need for more effective and affordable treatments for leukemia, which has led to an increase in research and development. In addition, pharmaceutical companies and academic institutions are investing in the research and development of new and innovative treatments for leukemia, which drives the growth of the market.  

Furthermore, with the increase in healthcare spending, more people are able to afford the effective treatments for leukemia, driving the leukemia therapeutics market share. However, a rise in awareness of early diagnosis and treatment for leukemia cancer and an increase in the acceptability of leukemia drugs by medical practitioners contributes towards the growth of the leukemia therapeutics market share.

A rise in product approval and product launch for leukemia therapeutics by the key market players is expected to propel the market growth. For instance, in December 2020, Takeda Pharmaceutical Company Limited announced that the U.S. Food and Drug Administration (FDA) has approved the supplemental New Drug Application (sNDA) for ICLUSIG (ponatinib) for adult patients with chronic-phase chronic myeloid leukemia (CML) with resistance or intolerance to at least two prior kinase inhibitors. Thus, an increase in product approvals for leukemia therapeutics drives the market growth

Depending on the type, the leukemia therapeutics market size is classified into acute lymphocytic leukemia, acute myeloid leukemia, chronic lymphocytic leukemia, chronic myeloid leukemia, and others. The chronic lymphocytic leukemia segment exhibited largest share in 2021 and is expected to remain dominant during the forecast period, owing to a rise in incidences of chronic lymphocytic leukemia. For instance, according to the National Institutes of Health (NIH), around 20,160 new cases of chronic lymphocytic leukemia are estimated in 2022.   

Depending on drug class, the leukemia therapeutics market analysis is segmented into chemotherapy and targeted therapy & immunotherapy. The targeted therapy & immunotherapy segment accounted the largest share in 2021. This is attributed to the identification of molecular targets of cancer cells, fewer adverse effects, and the availability of a number of targeted therapeutics. In addition, recent advances in cellular technology have contributed to improving the cells and their metabolism at a molecular level, thus driving the need for targeted drug therapies for leukemia cancer treatment.  

Depending on the distribution channel, the market is classified into hospital pharmacies, drug stores & retail pharmacies and online providers. The hospital pharmacies segment dominated the market in 2021 and is expected to remain dominant during the forecast period, owing to rise in cases of leukemia in hospitals are facing increase in demand for effective treatments and therapies. However, online providers segment exhibited highest CAGR during the forecast period owing to rise in number of online pharmacies as it offers maximum discounts, ease in payment options, and convince in shopping. 

Region wise, North America was the largest shareholder in the global leukemia therapeutics industry in 2021, owing to presence of large patient population, strong presence of key players, ease of drug availability, well developed healthcare infrastructure, favorable reimbursement policies in healthcare system, higher number of research, development, & innovation activities and higher adoption of advanced therapeutics. However, Asia-Pacific is anticipated to register the highest CAGR during the forecast period, owing to increase in health awareness, development in healthcare infrastructure, and rise in number of hospitals equipped with advanced medical facilities for the leukemia treatment. 

Key findings of the study  

• By type, the chronic lymphocytic leukemia segment was highest contributor to the market in 2021.  
• By drug class, the targeted therapy & immunotherapy segment dominated the market in 2021.   
• By distribution channel, the hospital pharmacies segment dominated the market in 2021. However, online providers segment is anticipated to grow at the highest CAGR during the forecast period.  
• Region wise, North America generated the largest revenue in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.