Increase in healthcare expenditure among individuals drives the growth of the global myelofibrosis market.
PORTLAND, Ore., Feb. 6, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Myelofibrosis Treatment Market by Type (Targeted therapy, Chemotherapy, Others), by Distribution Channel (Hospital pharmacies, Retail and specialty pharmacies, Online pharmacies): Global Opportunity Analysis and Industry Forecast, 2021-2031″ According to the report, the global myelofibrosis treatment industry generated $786.1 million in 2021, and is estimated to reach $1.16 billion by 2031, witnessing a CAGR of 4.0% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Increase in healthcare expenditure among individuals drives the growth of the global myelofibrosis market. On the other hand, JAK inhibitors, immunomodulators, and corticosteroids that are used to treat myelofibrosis have a number of negative side-effects, which in turn impede the growth to some extent. However, several government initiatives in developed and developing countries are expected to create lucrative opportunities in the industry.
- The outbreak of the pandemic gave way to disruptions in the manufacturing and transportation of healthcare essentials. The fear of infection made the majority of individuals avoid getting hospitalized. These factors had a negative impact on the global myelofibrosis treatment market.
- Also, limited availability of medical care, dearth of healthcare personnel, and increase in the number of Covid-19-related hospitalizations aggravated the scenario even more. However, the market has now got back on track.
The targeted therapy segment to maintain its dominance during the forecast period-
By type, the targeted therapy segment contributed to nearly two-thirds of the global myelofibrosis treatment market share in 2021, and is expected to rule the roost by 2031. The same segment would also display the fastest CAGR of 4.1% during the forecast period. Rise in product launches and effective treatment of myelofibrosis drive the segment growth.
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The retail and specialty pharmacies segment to retain its leadership status by 2031-
By distribution channel, the retail and specialty pharmacies segment accounted for nearly three-fifths of the global myelofibrosis treatment market revenue in 2021, and is projected to retain its dominance by 2031. This is due to easy availability of drugs and availability of Jakafi in specialty pharmacies. On the other hand, the online pharmacies segment would showcase the fastest CAGR of 5.1% from 2022 to 2031. Rise in the trend of online shopping as they provide home delivery of medicines along with lucrative discounts propels the segment growth.
North America garnered the major share in 2021-
By region, North America garnered the highest share in 2021, holding more than two-fifths of the global myelofibrosis treatment market revenue. This is attributed to the rising geriatric population, new product launches, and the presence of key and robust hospital infrastructure across the region. Simultaneously, Asia-Pacific would cite the fastest CAGR of 4.8% throughout the forecast period. Development of healthcare infrastructure and rise in investment projects in the region fuel the market growth.
Leading Market Players-
- Incyte Corporation
- Actuate Therapeutics Inc.
- Bristol-Myers Squibb Company
- Galecto, Inc.
- Amneal Pharmaceuticals, Inc.
- AbbVie Inc.
- GlaxoSmithKline plc
- Pfizer Inc.
- CTI BioPharma Corp
- Imago BioSciences
The report analyzes these key players of the global myelofibrosis treatment market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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