Global Leukemia Therapeutics Market - Segmented By Drug, Type of Leukemia, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global leukemia therapeutics market is expected to register a CAGR of 5.5% during the forecast period, 2018 to 2023. North America dominates the market, due to increasing prevalence of leukemia and the rising healthcare expenditure in the region.
Rise in Number of Leukemia Patients Worldwide
Leukemia is the eleventh most common cancer worldwide and in 2012, accounted for nearly 352,000 new cases. In 2014, an estimated 387,728 people were living with leukemia in the United States. Leukemia is common among children, however it often occurs in adults. Leukemia is marginally more common in men than in women. The number of new cases of leukemia was 13.7 per 100,000 men and women per year, based on cases from 2010 to 2014. Acute Lymphocytic Leukemia (ALL) is the most common form of leukemia, and it is estimated that the number of new cases recorded is around 1.7 per 100,000 men and women per year. Additionally, innovative therapies for leukemia treatment, rising investment in healthcare sectors, and high unmet need for curative cancer therapy are likely to drive the market growth.
Stringent Regulatory Scenario
Research is currently being conducted for the development of cancer therapeutics, particularly cancer vaccines and targeted therapy for leukemia. However, the entry of new anticancer treatments into clinical trials is restricted by the strict regulatory principles of drug safety and marketing. Regulatory authorities such as the Food and Drug Administration (FDA, USA), European Medicines Agency (EMA, EU), Japanese Pharmaceuticals and Medical Devices Agency (Japan), Australian Therapeutics Goods Administration (Australia), Health Canada (Canada), and regulatory authorities of other countries have strict regulations regarding the marketing of new drugs. This has greatly impacted the growth of the cancer therapeutics market. Additionally, the high cost of treatment is likely to impede the market growth of the global leukemia therapeutics market.
North America to Dominate the Market
North America is anticipated to register the highest share in 2017 in global leukemia therapeutics market. The development and availability of advanced therapeutics in the region and the rising expenditure toward healthcare is augmenting the market growth in the region. The Asia-Pacific region is anticipated to register a high growth rate during the forecast period, owing to rising prevalence of leukemia, and growing market of generic drugs in the region.
Key Developments in the Market