During the forecast period 2023 to 2033, the Secondary Myelofibrosis Therapeutics Market is expected to grow at a value of 6.3% CAGR, according to Future Market Insights. By the year 2033, the global market for Secondary myelofibrosis therapeutics is expected to rise up to a market valuation of US$ 2.74 Billion. Growth of the market can be attributed to growing prevalence of the condition, increasing investment in research and development, and the introduction of new treatment options.
One of the key drivers of growth in the secondary myelofibrosis therapeutics market is the increasing prevalence of the condition. Myelofibrosis affects approximately 1 in 50,000 people worldwide, and the number of cases is expected to rise due to aging populations and other risk factors such as exposure to environmental toxins. Secondary myelofibrosis accounts for approximately 20% of all myelofibrosis cases, making it an important target for therapeutic development.
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Investment in research and development is also contributing to growth in the secondary myelofibrosis therapeutics market. Pharmaceutical companies are investing heavily in the development of new treatments for myelofibrosis, including secondary myelofibrosis. In recent years, several new drugs have been approved for the treatment of myelofibrosis, including ruxolitinib and fedratinib, both of which have been shown to be effective in treating secondary myelofibrosis.
Key Takeaways from the Market Study
- The Secondary myelofibrosis therapeutics market is expected to grow at a value of 6.3% CAGR in the forecast period 203 to 2033.
- By distribution channel, hospital pharmacies are expected to possess 40% market share for SMF therapeutics market in 2023.
- North America is expected to possess 42% market share for Secondary myelofibrosis therapeutics market in 2023.
- Europe Secondary myelofibrosis therapeutics market size is expected to possess 40% market share in 2023.
“In addition to new drug development, there has also been a focus on improving the use of existing treatments for myelofibrosis, including secondary myelofibrosis. This, in turn, is driving the growth of the market.” states an FMI analyst
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Competitive Landscape
Key players in the secondary myelofibrosis therapeutics market are CTI BioPharma Corp, Incyte Corporation, Bristol-Myers Squibb Company, Amneal Pharmaceuticals, Inc., AbbVie Inc., GlaxoSmithKline plc, Pfizer Inc., Actuate Therapeutics Inc., Imago BioSciences, Galecto, Inc.
- CTI BioPharma has also conducted preclinical research on several other therapeutic candidates for secondary myelofibrosis, including compounds that target the TGF-β signaling pathway and the HIF-2α pathway.
- Incyte Corporation has contributed to the development of ruxolitinib, a JAK1/JAK2 inhibitor that has been approved for the treatment of primary and secondary myelofibrosis, as well as conducting preclinical research on other therapeutic candidates for secondary myelofibrosis.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Secondary myelofibrosis therapeutics market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights based on Treatment (Targeted therapy, Chemotherapy, Radiation therapy) Diagnosis (Physical exam, Blood tests, Imaging tests, Bone marrow examination) Drug Class (Ruxolitinib, Fedratinib, Pomalidomide) Distribution Channel (Hospital Pharmacies, Retail and specialty pharmacies, Online pharmacies)
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Key Segments Profiled in the Secondary Myelofibrosis Therapeutics Industry Survey
Treatment:
- Targeted therapy
- Chemotherapy
- Radiation therapy
Diagnosis:
- Physical exam
- Blood tests
- Imaging tests
- Bone marrow examination
Drug Class:
- Ruxolitinib
- Fedratinib
- Pomalidomide
Distribution Channel:
- Hospital pharmacies
- Retail and specialty pharmacies
- Online pharmacies
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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