The global “leukemia therapeutics market” size is projected to reach USD 27.78 billion by 2027, exhibiting a CAGR of 8.1% during the forecast period. The increasing demand for enhanced treatments for blood cancers amid the COVID-19 pandemic will accelerate the market, states Fortune Business Insights™ in its report, titled “Leukemia Therapeutics Market Size, Share & COVID-19 Impact Analysis, By Type of Leukemia (Chronic Myeloid Leukemia (CML), Chronic Lymphocytic Leukemia (CLL), Acute Lymphocytic Leukemia (ALL), Acute Myeloid Leukemia (AML), and Others), By Treatment Type (Chemotherapy, Targeted Therapy, Immunotherapy, and Others), By Route of Administration (Oral Mode and Injectable Mode), By Distribution Channels (Hospital Pharmacy, Retail Pharmacy, and Others), and Regional Forecast, 2020-2027”. Cancer patients are at a heightened risk of contracting the coronavirus and likely to experience severe effects of the infection due to their weakened immune systems.
According to a study conducted by the UK Coronavirus Cancer Monitoring Project (UKCCMP), patients with leukemia, multiple myeloma, and lymphoma are highly susceptible to COVID-19 and leukemia patients have twice the chance of dying from the virus. The study found that patients with blood cancer are 57% more likely to experience severe symptoms of COVID-19 than patients with other types of cancers. Given these and other similar findings, the demand for leukemia therapeutics has been soaring during the COVID-19 pandemic, with market players reporting increased sales. Bristol-Myers Squibb, for instance, announced that the sales of Sprycel, its treatment for chronic myeloid leukemia (CML) jumped 14% to USD 521 million in the first quarter of 2020. However, the disruption in the medical supply chain will lead the market to register a lower growth rate of 6.2% and touch a value of USD 16.15 billion in 2020.
As per the report findings, the estimated value of the global market stood at USD 15.21 billion in 2019. The main highlights of the report include:
- Calculated estimations about the upcoming trends and prospects in the market;
- Path-breaking research into the regional dynamics of the market;
- Comprehensive study of the factors driving and restraining the market; and
- Careful profiling and diagnosis of the key market players and their dominant strategies.
Debilitating Side Effects of Chemotherapy May Hinder Market Growth
Chemotherapy is one of the most potent leukemia therapeutics and has emerged as the most powerful and the most commonly recommended treatment for most types of cancers. Chemo drugs are designed to attack and kill fast-growing cells, and since cancer cells proliferate rapidly, these medications speedily eliminate them. However, because chemo medicines travel throughout the body, they end up killing healthy cells, leading to side effects that can considerably weaken the patient, albeit temporarily. For example, chemotherapy can harm the blood cells in the bone marrow, where red blood cells (RBCs) are manufactured. With RBC production disrupted, the patient is likely to experience moderate to severe anemia, which in turn can cause symptoms such as fatigue, lightheadedness, and general weakness. Furthermore, chemo can also harm the production of white blood cells (WBCs), the body’s soldiers that fight infections. As a result, cancer patients become extremely susceptible to infections and even a minor bout of cough & cold can prove detrimental for them. Thus, the known side effects of chemotherapy may hamper the leukemia therapeutics market growth.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
The current pandemic of Covid-19 has made a catastrophic impact on the world. Most businesses are shut as a result of the increasing COVID-19 cases. The healthcare industry is facing shortage of medical aid as there are not enough beds to suffice the needs of the increasing number of patients. The world economy is fluctuating as most businesses are at a halt and the ones running from the vicinity of their homes are barely able to manage revenue.
Special reports on various markets affected by the coronavirus pandemic are provided by Fortune Business Insights. These reports will help visualize the current situation and what strategies can be adopted to help the market gain momentum in the coming years.