Market Overview
The WHO has reported that cancer is the second leading cause of death globally and is responsible for an estimated 9.6 million deaths in the year 2018. The WHO also stated that approximately 70% of deaths from cancer occur in low- and middle-income countries, and tobacco use has the highest risk of cancer and is responsible for about 22% of cancer deaths across the globe.
The global leukemia therapeutics market is thriving on account of an increasing number of patients with leukemia, generating a requirement for highly targeted treatment solutions that enable the highest level of recovery with minimum side effects. Moreover, an increasing number of manufacturers are investing further in having their therapeutic products approved for a large number of indications and the already approved conditions, especially in the international markets, which additionally is anticipated to create numerous investment opportunities for the new entrants. The market is also anticipated to grow on the back of the growing advancements in technology in the healthcare sector and increasing R & D investments and the continuous advancements and development for blood cancer testing.
The global leukemia therapeutics market registered a value of USD 11,215.91 million in the year 2019 and is expected to cross a value of USD 28236.05 million by the end of 2028 by growing at a CAGR of 10.81% across the globe over the forecast period 2021-2028. The market is additionally anticipated to gain an incremental $ opportunity of USD 1,209.29 million in the year 2020 as compared to the previous year. Additionally, the market is also segmented to attain an absolute $ opportunity of USD 14,470.58 million by growing at 2x during the forecast period.
Growth Highlights Based on Region During 2019-2028
The global leukemia therapeutics market is segmented by regions into 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 and is anticipated to grow at a CAGR of 11.01% during the forecast period, backed by the increasing incidences of leukemia in Canada and the U.S., and the need for advanced healthcare treatment amongst people in the nations. The Canadian Cancer Society reported that nearly 1 in 2 Canadians is expected to be diagnosed with cancer at some point during their lifetime. It was also determined that in 2017 alone, 206,200 new cancer cases would be diagnosed in Canada. Moreover, increasing initiatives taken by the government of U.S. for upgrading the infrastructure of the healthcare industry and the relatively higher adoption rate observed for innovative therapies, such as advanced cell therapy and monoclonal antibody therapeutics are some of the additional factors anticipated to drive the growth of the North America leukemia therapeutics market over the forecast period. The market is further anticipated to gain an absolute $ opportunity of USD 513.76 million in the year 2020 as compared to the previous year and further gain an absolute $ opportunity of USD 6238.46 million by growing at 2x during the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). CLICK TO DOWNLOAD SAMPLE REPORT
Market Segmentation Synopsis
By Therapy
The global leukemia therapeutics market is segmented based on therapy into chemotherapy, immunotherapy and targeted therapy. The chemotherapy segment registered the largest market share of 62.45% along with a value of USD 7004.80 million in the year 2019. The segment is further anticipated to grow at a CAGR of 10.21% during the forecast period owing to the continuous development of chemo drugs. These products have witnessed a more prolonged presence in the market, and manufacturers are increasingly involved in various business strategies to maintain their market-shares. Chemotherapy drugs travel through the bloodstream and reach the cancer cells present all over the body. Therefore, chemo drugs are considered highly efficient for treating leukemia that usually spreads throughout the body. Chemotherapy is the primary treatment for all patients with Acute Lymphocytic Leukemia (ALL). The segment is anticipated to gain an incremental $ opportunity of USD 713.03 million in the year 2020 as compared to the previous year. Moreover, the segment is also anticipated to gain an absolute $ opportunity of USD 8286.63 million by growing at 1.97x during the forecast period.
Market Drivers and Challenges
Growth Indicators
Growing Incidences of Leukemia
According to the World Health Organization, the global cancer burden has risen to 18.1 million new cases and 9.6 million deaths in 2018.
Leukemia is a type of cancer that affects the lymphatic system and hampers blood cell formation. There are four significant leukemia classes, which include Acute Lymphoid Leukemia (ALL), Acute Myeloid Leukemia (AML), Chronic Lymphoid Leukemia (CLL), and Chronic Myeloid Leukemia (CML). According to the Leukemia Research Foundation, the diseases are diagnosed ten times more often in adults than children. Additionally, approximately 170 Americans are diagnosed with leukemia every day. The increasing cases of leukemia are further projected to create a surge in demand for advanced therapeutic solutions, which in turn is estimated to drive the growth of the global leukemia therapeutics market.
Increasing Healthcare Expenditure
Higher investments in various international healthcare programs financed by multiple governments and organizations such as the global health protection program by the government of Germany and National Cancer Control Programmes by the World Health Organization, exhibits an increase in healthcare investments, signifying the growth of the leukemia therapeutics market globally. Healthcare spending is increasing owing to numerous factors, such as an aging population, changes in disease prevalence or incidence rate, and increases in the price and intensity of services. According to Health System Tracker, in the US, the amount spent on health had more than doubled to USD 3.5 trillion in 2017, including the amount spent on healthcare and health-related activities, including expenditures from both public and private funds. Healthcare is one of the highest growing industries in the world. Growing healthcare investment by the various public and private companies across the globe acts as a driving force for the leukemia therapeutics market. According to the Centre for Medicare & Medicaid Services, US national health expenditure grew from USD1,369.2 billion to USD 3,649.4 billion from 2000 to 2018. According to the OECD, healthcare spending on patient care increased dramatically to 2.4% in 2018 compared to 0.3% in 2010, with average public funding accounting for 15% of the total government expenditure. Moreover, the increase in healthcare expenditure in various countries has led to the development of healthcare infrastructure and easy accessibility of treatment solutions for patients, which is further anticipated to drive the market growth.
Barriers
Limited Access to Advanced Healthcare
Drug development and approval is a lengthy process. The development and support of new cancer treatments is also a lengthy process and requires a substantial investment, along with collaboration between key stakeholders, including the pharmaceutical industry, WHO, local, national health authorities, and other nonprofit, patient-oriented organizations. Due to all these factors, many of the leukemia drugs are not approved in various countries. Such factors are anticipated to restrict the growth of the global leukemia therapeutics market.
Competitive Landscape
Some of the affluent industry leaders in the global leukemia therapeutics market are Amgen Inc., F. Hoffmann-La Roche Ltd., AstraZeneca Plc., Novartis AG, AbbVie Inc., Sanofi and Gilead Sciences.
