Product Approvals & Acquisition - Major Growth Strategies Adopted by Key Players in the Leukemia Therapeutics Market
The leukemia therapeutics market is projected to reach USD 17.1 billion by 2024 from USD 12.3 billion in 2019, at a CAGR of 6.8% during the forecast period. Leukemia is a type of cancer originating from white blood cells or the bone marrow, which occurs due to an abnormal increase in the count of white blood cells. It is identified by the spread of the disease (either acute or chronic), and by the type of the blood cell that is affected (lymphocytic or myeloid). The treatment options depend on several factors, including the phase of the disease, possible side effects, and the patient’s overall health. Leukemia therapeutic drugs are used to destroy cancer cells. This type of medication is given through the bloodstream to reach cancer cells throughout the body.
The leukemia therapeutics market is dominated by various players offering leukemia chemotherapies, targeted drugs, and immunotherapies. The major players in this market are Novartis (Switzerland), AbbVie (US), Bristol-Myers Squibb (US), F. Hoffmann-La Roche (Switzerland), Sanofi (France), Pfizer (US), Amgen (US), Gilead Sciences (US), Takeda Pharmaceutical (Japan), Celgene (US). Product launches and acquisition are the key growth strategies followed by most players in this market.
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Novartis (Switzerland) is the leading company in the global leukemia therapeutics market, owing to its strong sales channel and innovative therapies. The company invested approximately 17.5% of its revenue in research and development activities. In August 2017, Novartis received the FDA approval for its CAR-T cell therapy, Kymriah (CTL019), which is used for the treatment of cancer. With this launch, Novartis became the pioneer of leukemia immunotherapies, thus maintaining its dominant position in the market. In August 2018, Novartis received the EU approval for its CAR-T cell therapy, Kymriah.
Roche (Switzerland) holds the second position in the leukemia therapeutics market, and its leading position can be attributed to its strong product portfolio and wide geographical reach. In order to further strengthen its market position and hold a competitive edge over other players, the company adopts inorganic growth strategies such as acquisitions. The company also focuses on maintaining and enhancing its production capabilities. For example, in November 2015, Roche invested USD 295.81 million (CHF 300 million) for restructuring its manufacturing network for small molecules, which are used in the development of leukemia drugs. In November 2016, Roche launched the Centers of Research Excellence (imCORE), a network of 21 academic centers around the world to access and share technology, data, and expertise to advance the science of cancer immunotherapy. Such initiatives have helped the company maintain its market share and remain competitive in the leukemia therapeutics market.
Related Reports:
Leukemia Therapeutics Market by Type (CLL, ALL, CML, AML), Treatment Type (Chemotherapy & Targeted Drugs by (CLL, ALL, CML, AML)), Mode of Administration (Oral, Injectable), Molecule Type (Small Molecules, Biologics), Gender, and Region - Global Forecast to 2024
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