Essential Thrombocythemia Market Trends

Growth Drivers

Government Initiatives for Rare Diseases –The US National Institutes of Health and the European Commission, launched a joint commission in 2011, International Rare Disease Research Consortium (IRDiRC). Currently, the consortium has 60 organizations all across the world focusing on rare diseases. Moreover, IRDiRC has targeted new plans to reach nearly new therapies for rare diseases by the end of 2027. These initiatives can expedite the review and approval process for orphan drugs, which are drugs developed specifically for rare conditions like ET. Moreover, streamlined regulatory pathways enable faster access to innovative therapies, encouraging investment and development in the ET market.
Continuous Development of Treatment– The development of new and more effective treatments for ET leads to improved patient outcomes. Moreover, the availability of a diverse range of treatment options is crucial for addressing the varying need of ET patients. For instance, Bomedemstat Tosylate is in the second phase of development and it is primarily used for the treatment of essential thrombocythemia, and post-essential thrombocythemia myelofibrosis (PET-MF).
Higher Prevalence in Old Adults – In the world, there were around 1 billion old adults in 2019. The population share is expected to rise and reach nearly 1.4 billion and 2.1 billion by 2030 and 2050, respectively. Aging is associated with an increased risk of developing essential thrombocythemia. As individuals age, the accumulation of genetic mutation and exposure to environmental factors over time may contribute to the development of ET. It is most commonly diagnosed in the sixth and seventh decade of an individual’s life.

Challenges

Lack of Opportunities for Clinical Trials – Conducting clinical trials for rare diseases like ET can be challenging due to the relatively small patient population and the need for specialized centers and expertise. Limited clinical trial opportunities can slow down the development of new therapies and hinder advancements in the field
Delayed diagnosis and treatment
Limited Treatment Options

Essential Thrombocythemia Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~6%
Base Year Market Size (2022)	~ USD 865 Million
Forecast Year Market Size (2035)	~ USD 1.5 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

Increasing cases of essential thrombocythemia, and rising investment in research development of new drugs are the major factors driving the market growth.

The market size of essential thrombocythemia is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 â€“ 2035.

The major players in the market are Incyte, Bayer AG, Merck & Co., Inc.., Pfizer Inc., Teva Pharmaceutical Industries Ltd., Eli Lilly and Company, AstraZeneca, Takeda Pharmaceutical Company Limited., and Active Biotech AB.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by treatment type, end user, and by region.

The hydroxyurea segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Lack of treatment, underdiagnosis and misdiagnosis, and slow clinical trials are estimated to be the growth-hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Essential Thrombocythemia Market Trends