New York, May 04, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Blood Cancer Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06067912/?utm_source=GNW
66 billion in 2020 to $21.6 billion in 2021 at a compound annual growth rate (CAGR) of 4.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $28.7 billion in 2025 at a CAGR of 7.4%.
The blood cancer drugs market consists of sales of drugs to treat all types of blood cancers.The blood cancer drugs market excludes biologics and includes establishments that produce drugs used in chemotherapy, surgery and radio therapies for treating leukaemia, lymphoma, and myeloma.
The blood cancer drugs include Rituaxan/Mabthera (Rituximab), Gleevac/Glivec (Imatinib), Revlimid (Lenalidomide), Velcade (Bortezomib), Tasigna (Nilotinib), Pomalyst (Pomalidomide), Vidaza (Azacitidine), Kyprolis (Carfilzomib), Adcetris (Brentuximab Vedotin) and others.
In 2019, Eli Lilly, a US-based Pharmaceutical company, acquired Loxo Oncology, a cancer-focused biotechnology company for $8 billion.This acquisition of Loxo Oncology provides Lilly with a promising pipeline of investigational medicines such as oral RET inhibitor, oral BTK inhibitor and others.
The deal would enable Lilly to attain strong patent on Loxo’s genetically based approach to treat cancer.Loxo Oncology, is a biopharmaceutical company, developing and selling medicines for patients with genetically defined cancers.
The company focuses on building small molecule cancer drugs for genetically defined cancer patients. The company was founded in 2013 and is headquartered in Stamford, Connecticut, USA.
The Food and Drug Administration (FDA) is a federal agency regulating the blood cancer drugs market.In June 2019, FDA declined to approve Daiichi Sankyo’s leukaemia drug for blood cancer treatment.
Daiichi Sankyo, a global pharmaceutical company developing, importing and marketing pharmaceutical products received a rejection notice on its drug – quizartinib used for treating adults with a type of blood cancer.The rejection of drug was due to the negative impact caused after the intake which resulted in FDA’s statement saying faulty application for blood cancer treatment in an internal review.
To avoid the incidences caused by such medicines in treating medical conditions such as blood cancer, FDA has declined to the approval.
The blood cancer drugs market is being driven by the growing death incidences and increasing prevalence of blood cancer cases across the globe.Different types of blood cancers such as lymphoma, leukaemia, myeloma and others have different risk factors where some can be controlled or prevented through drug therapies and others may lead to death.
According to Bristol-Myers Squibb Company report, over 1.85 million new blood cancer cases are expected to be diagnosed across the globe in 2040, out of which 918,872 cases are from lymphoma, 656,345 from leukaemia, and 275,047 cases myeloma. Furthermore, the report estimated, in 2040, the approximate number of deaths worldwide due to blood cancer will be 1,100,000. In 2019, more than 387,000 people are living with leukaemia in the United States and an estimated 68,000 deaths will result from blood cancer. According to national cancer institute, the estimated deaths due to blood cancer are expected to be around 22,840 in 2019. The increasing deaths and increasing incidence of blood cancer cases globally drives the blood cancer drug market.
Drug approval involves series of research stages and regulatory approvals that are often expensive.Drug approval process include about four phases of clinical trials and various stages of screening process with the regulatory body such as FDA.
The costs of failed clinical trials are also high as clinical trial phases involves huge investments. According to Tufts Centre for the Study of Drug Development, the cost of bringing a new drug from its conception to shelves is about $2.7 billion. Thus indicating that the high drug approval costs hinders the growth of the blood cancer drugs market.
Companies in the blood cancer drugs market are increasingly investing in technologies such as artificial intelligence (AI) to save time and reduce research and development costs.AI is the simulation of human intelligence processes by machines, especially computer systems, which has the potential to surpass human intelligence levels.
This technology helps to analyse large sets of chemical and biological data to identify potential drug candidates with higher success rates and at a quicker pace when compared to human analysis.The technology also helps in speeding up the patient recruitment process by matching blood cancer patients with the most relevant clinical trials, thus lowering clinical trial costs.
Major blood cancer drug manufacturers such as Roche, Pfizer and Johnson and Johnson have already invested in AI technologies to reduce time taken and costs incurred for drug development. For instance, Johnson and Johnson entered into an agreement with BenevolentAI, a UK-based artificial intelligence company (start-up), to mine data for designing new blood cancer drugs.
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