Jan 16, 2020 1:06 AM ET
Myelodysplastic Syndrome Market Size is Forecast to Grow at CAGR of 9.68% During 2019-2024
iCrowd Newswire -
Jan 16, 2020
The global Myelodysplastic Syndrome Market size is forecast to reach $2.69 billion by 2024, growing at a CAGR of 9.68% during 2019-2024. Myelodysplastic syndrome is a condition where immature cells in the bone marrow do not mature to become healthy blood cells. Loss of a part of the long arm of chromosome 5 is a common chromosomal abnormality seen in patients with myelodysplastic syndrome. With rise in the overall geriatric population as well as with the growing awareness regarding the disease the market is set to witness noteworthy growth in coming future. Also, government initiatives such as reimbursement policies has the potential to fuel overall market growth. Commonly used treatment procedures for this disease are: stem cell transplantation and radiation therapy.
- The North America region has been estimated to hold the largest share owing to the increased awareness as well as increased expenditure for health. Information on other major regions given in full myelodysplastic syndrome market report.
- The rise in the overall geriatric population globally is set to drive the market. Other major growth drivers mentioned in full myelodysplastic syndrome market report.
- The high treatment cost is considered as a challenge for the market growth. Other major challenges that has influence over the market mentioned in the full myelodysplastic syndrome market report.
Drug Class – Segment Analysis
The immunomodulatory drug class is estimated to hold the largest share in this segment. This is a drug class that is used in chemotherapy and is used for people with chromosomal abnormalities. However, the Hypomethylating drugs segment is estimated to have the largest CAGR of 8.64% during the forecast period owing to its increased use.
Geography – Segment Analysis
The North America region has been estimated to hold the dominance with myelodysplastic syndrome market share of 46.2%. This is owing to the high health expenditure cost as well as increased awareness regarding the disease and the easy availability of treatment options. However, the APAC region is estimated to have the highest CAGR during the forecast period. This is due to the rapid urbanization of Asian Countries as well as a rapid growth rate of the geriatric population. In the APAC region, Japan is set to hold the highest growth rate.
Drivers – Myelodysplastic Syndrome Market
- Rising Geriatric Population
There is an overall increase in the geriatric population in the world. Studies has shown that the prevalence of myelodysplastic syndrome increases in elderly population and they are more likely to seek for treatment. This factor could be considered as a major market driver.
The various government initiatives that provide target specific treatment as well as favorable reimbursement policies are estimated to fuel the overall myelodysplastic syndrome market. The government initiatives can also rise the overall awareness of the people.
Challenges – Myelodysplastic Syndrome Market
The treatment for myelodysplastic syndrome requires huge capital input. Also, other risks associated with the treatment are present which can make the people reluctant to obtain the treatment. This factor has the potential to limit the overall market growth.
Myelodysplastic Syndrome Industry Outlook
Partnerships and Product Launches are the key strategies employed by the major players of this market. Myelodysplastic Syndrome top 10 companies include: Celgene Corporation, Cipla, Inc., Dr. Reddy’s Laboratories Ltd., Hikma Pharmaceuticals PLC, Johnson & Johnson, Lupin Ltd., Otsuka Pharmaceutical Co., Ltd., Pfizer, Inc., Amgen Inc. and Takeda Pharmaceutical Company Limited., among others.
- On January 2015, Amgen and MD Anderson Cancer Center had announced an agreement for developing BiTE therapies for Myelodysplastic syndrome. This collaboration will call on the use of the MD Anderson Cancer Centre’s Moon Shots Program that aims to convert scientific discoveries into clinical advances at a much faster rate.
- On March 2017, Janssen-Cilag International N.V.(Johnson & Johnson) had announced that the product named “EPREX”for the treatment of symptomatic anemia for myelodysplastic syndrome has been approved for marketing by the French Authority Agence Nationale de Sécurité du Médicament et des Produits de Santé
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