Myelofibrosis Treatment Market Expected to Reach $1,160.29 million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Myelofibrosis Treatment Market," The myelofibrosis treatment market was valued at $786.05 million in 2021, and is estimated to reach $1,160.29 million by 2031, growing at a CAGR of 4% from 2022 to 2031.

In the bone marrow, scar tissue develops into myelofibrosis, a rare form of blood cancer. It's a form of chronic leukemia in which an excessive number of abnormal blood cells are produced. These cells may eventually take the place of regular cells. The main treatment objectives involve controlling arising signs and diseases, such as anemia and an enlarged spleen. Myelofibrosis is caused by proteins termed Janus-associated kinases (JAKs). By directing the cells to divide and expand, JAKs control the formation of blood cells in bone marrow. Too many or too few blood cells will be formed if the JAKs are hyperactive.

Increase in the elderly population, which is prone to myelofibrosis is the major driver for the market. Rise in research activities by key market players for discovering new drugs for treatment of myelofibrosis are the myelofibrosis treatment market trends. Furthermore, innovations, development of advanced technologies, key strategies adopted by the key players and increase in awareness for myelofibrosis fuel the market growth. 

For instance, in November 2021 Pfizer Inc., announced the successful completion of its acquisition of Trillium Therapeutics, a clinical stage immuno-oncology company developing innovative therapies for the treatment of cancer. Thus, such strategies adopted by key market players drives the myelofibrosis treatment market growth.
However, high cost associated with drug discovery and side effects associated with drugs, which is expected to hinder the market growth. Conversely advancements in cancer drugs research, rising health care expenditure is a great opportunity for key players to invest in the forecast period especially in the developing economies.

By type, the market is segmented into targeted therapy, chemotherapy and others. The targeted therapy segment generated maximum revenue in 2021 and is also expected to witness highest CAGR during the forecast period, owing to rise in product launch and its effective treatment of myelofibrosis

By distribution channel, the market is divided into hospital pharmacies, retail & specialty pharmacies and others. The retail & specialty pharmacies segment dominated the myelofibrosis treatment market size in 2021, owing to easy availability of drugs and availability of Jakafi in specialty pharmacies. The online pharmacies segment is expected to witness highest CAGR during the forecast period owing to rise in trend of online shopping as they provide home delivery of medicines along with discounts

By region, North America accounted for a majority of the global myelofibrosis treatment market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in geriatric population, new product launches, presence of key and robust hospital infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing rise in geriatric population, development of healthcare infrastructure and increase in investments projects in the region.

  Key findings of the study
•    By type, the targeted therapy segment was the highest contributor to the myelofibrosis treatment industry in 2021.
•    By distribution channel, the retail & specialty pharmacies segment was highest contributor in 2021, and is expected to continue this trend during the forecast period.
•    By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.