Myelofibrosis (MF) Treatment Market Size to Reach USD 1177.2 Million by 2031, Says The Brainy Insights
Rising R&D Activities and Latest Drug Approvals to Boost the Growth of the Myelofibrosis Treatment Industry. Myelofibrosis treatment market revenue development is expected to be pushed by the increased number of smokers worldwide, supporting revenue development. North America region emerged as the largest market for the global Myelofibrosis (MF) Treatment market, with a 38.5% share of the market revenue in 2023.
Newark, March 20, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the Myelofibrosis (MF) Treatment market will grow from USD 847.1 million in 2023 and reach USD 1177.2 million by 2031. In just eight years, Myelofibrosis (MF) Treatment has moved from an uncertain, standalone niche use case to a fast-growing, high return on investment (ROI) application that is truly delivering value to users. The unmet needs of patients suffering from myelofibrosis propel manufacturers to innovate new solutions. The increasing investments in R&D activities to create a specific therapy for myelofibrosis are anticipated to support the industry’s development in the projection time.
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Key Insight of Myelofibrosis (MF) Treatment Market
North America to account for largest market size during the forecast period
North America is expected to have the largest market share in the Myelofibrosis (MF) Treatment market. Key factors favouring the growth of the Myelofibrosis (MF) Treatment market in North America is due to advanced funding for building research and healthcare infrastructure in the region, North America is anticipated to hold its dominance in the global myelofibrosis market. The increased percentage of revenue spent on healthcare corresponded to other economies, and profitable reimbursement possibilities are all aspects that have contributed to the region’s growth. The Asia Pacific Myelofibrosis treatment market is expected to increase fast during the projection years due to its enormous geriatric population, high disposable income, and the better healthcare system.
The chemotherapy segment accounted for the largest market share of 35% in 2023
The type segment is divided into chemotherapy, targeted therapy, and others. The chemotherapy segment dominated the market, with a market share of around 35% in 2023. Chemotherapy is a drug treatment that uses strong chemicals to kill fast-growing cells in the body. Chemotherapy is most frequently used to treat cancer since cancer cells grow and multiply much faster than most cells in the body. Now many different chemotherapy drugs are available on the market.
The oral segment accounted for the largest market share of 38% in 2023
The route of administration segment is divided into parenteral, oral, and others. The oral segment dominated the market, with a market share of around 38% in 2023. Multiple technologies have enhanced the development of drugs for myelofibrosis on the market, as well as FDA-approved drugs on the market.
The retail pharmacy segment accounted for the largest market share of 25% in 2023
The end-use segment is divided into homecare, hospitals, retail pharmacy, specialty clinics, and others. The retail pharmacy segment dominated the market, with a market share of around 25% in 2023.
Advancement in market
In February 2021: The European Commission approved full marketing authorization for fedratinib (INREBIC). The suggested dosage for fedratinib is 400 mg once daily orally with or without food for patients with an average platelet count of ≥50 × 109/L.
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Market Dynamics
Drivers: The rising number of cancer patients will boost growth at a substantial rate
On the type of myelofibrosis treatment, the market for chemotherapy is anticipated to boost the market. Chemotherapy drug market development is expected to be raised by increasing cancer majority. Growth in healthcare expenses also contributes to the growth of the chemotherapy market. Governments are also trying to enhance the healthcare infrastructure by improving government budgets available to the industry, which will also affect market dynamics.
Restraint: Less knowledge about the treatment procedure
Lack of awareness of myelofibrosis disease, along with its treatment procedure and high treatment expenses, restrict revenue growth of the global myelofibrosis market. Furthermore, Side effects caused by myelofibrosis treatment drugs are anticipated to restrain the market’s revenue development.
Opportunity: Rising R&D activities and latest drug approvals to boost the growth of the myelofibrosis treatment industry
The unmet needs of patients suffering from myelofibrosis propel manufacturers to innovate new solutions. The increasing investments in R&D activities to create a specific therapy for myelofibrosis are anticipated to support the industry’s development in the projection time. The fast technical improvements and continuing clinical trials contribute to the industry’s growth. Different elements like enhanced reimbursement guidelines, promising government initiatives, increasing healthcare sector, active lifestyles and transforming dietary habits, rise in smoking population, and growing incidence of hereditary diseases also contribute to the industry growth. Regardless, limited understanding and high expenses in treatment might hinder the industry’s growth in the future.
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Some of the major players operating in the Myelofibrosis (MF) Treatment market are:
• Teva Pharmaceutical Industries Ltd.
• Sun Pharmaceutical Industries Ltd
• Sanofi
• Pfizer Inc.
• Novartis AG
• Mylan N.V.
• Hikma Pharmaceuticals PLC
• GSK Plc.
• Fresenius Kabi AG
• F. Hoffmann-La Roche Ltd
• Bristol Myers Squibb Company
• Boehringer Ingelheim International Gmbh
• Bayer AG
Key Segments cover in the market:
By Type:
• Chemotherapy
• Targeted Therapy
• Others
By Route of Administration:
• Parenteral
• Oral
• Others
By End-Use:
• Homecare
• Hospitals
• Retail Pharmacy
• Specialty Clinics
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Million). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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