North America to dominate the market with the rising prevalence of myelofibrosis and favorable reimbursement scenario
Regional segmentation of the global myelofibrosis treatment market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the global myelofibrosis treatment market owing to the growing public awareness, high prevalence of the disease, favorable reimbursement policies, and a higher percentage of the income spent on healthcare. Click to Read More On Myelofibrosis Treatment Market
According to the American Society of Hematology 2016, myelofibrosis is a potentially life-threatening blood cancer that affected approximately 20,000 Americans. Asia Pacific is expected to hold a large share of the global market during the forecast period owing to increased disposable incomes, high geriatric population, and improved healthcare facilities.
Increase in FDA approval of pipeline drugs is expected to drive the market
Growing prevalence of myelofibrosis in developing economies drives the demand for various treatment options for myelofibrosis. The market is expected to grow owing to heavy investments in research and development, appropriate reimbursement conditions, and a large pool of patients living with myelofibrosis. In addition, the market growth can be attributed to other factors including lifestyle up-gradation, unmet medical needs of the patients, increasing incidences of genetic disorders, and escalating smoking population.
The market is expected to gain significant traction with the medical advancements focusing patients suffering from myelofibrosis. For instance, development of a molecule, CYT387 or Momelotinib, by Gilead Sciences for treating primary myelofibrosis and the innovation of current drug, ruxolitinib, by Incyte Corporation to develop a substitute dosing strategy in patients with myelofibrosis.
Myelofibrosis is a bone marrow disease that interrupts the blood cells production process in the body. Fibrous or scar tissue gets developed in the bone marrow leading to scarring causing insufficient blood cell production. Myelofibrosis is a rare type of chronic leukemia affecting blood production. The symptoms of myelofibrosis include severe anemia, fatigue, weakness, and enlarged spleen.
The disease is usually found to occur in individuals over the age of 50 years. Myelofibrosis is of two types namely, primary myelofibrosis and secondary myelofibrosis. The treatment options are scarce but the U.S. Food and Drug Administration (FDA) approved Jakafi (Ruxolitinib) in 2011, a drug developed by Novartis, which is the only approved product for the treatment of myelofibrosis that forms a major line of defense against the disease.
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Pipeline drug, Pacritinib, developed by Biopharma reveals higher therapeutic efficacy for myelofibrosis treatment
The key players operating in the global myelofibrosis treatment market include Novartis, Eli Lilly, Roche, Merck & Co., Celgene, Amgen, Bristol-Myers Squibb, Incyte Corporation, and Gilead Sciences. The key players are focused on developing effective treatments that are aimed at easing the patient symptoms with fewer side effects and improving the quality of life. For instance, Biopharma developed Pacritinib in 2016, which is proven to be more effective through the clinical trials than the FDA approved ruxolitinib.