Chemotherapy-Induced Myelosuppression Treatment Market size is projected to expand at a commendable rate during the forecast period of 2023-2032, owing to the increase in the overall expenditure on healthcare across the world.
The number of people suffering from leukemia is also increasing, thereby prompting medical bodies to increase their approvals for various drugs. Cancer-related research has picked up immense pace over the past few years, with various companies working to develop best-in-class treatments and increase the patient survival rate. For example, in August 2022, Polish biotech firm Ryvu Therapeutics announced that the European Investment Bank (EIB) had provided funds worth USD 23.4 million to speed up the development of novel therapies to treat a variety of chronic blood cancers and solid tumors.
Chemotherapy-induced myelosuppression is considered one of the most common dose-limiting and fatal complications of cancer treatment. The rising incidence of a variety of cancer-related surgeries as well as chemotherapy & radiotherapy sessions will thus stimulate chemotherapy-induced myelosuppression treatment market expansion.
However, the ongoing Russia-Ukraine war has had an adverse effect on the development of the chemotherapy-induced myelosuppression market as several cancer-related surgeries were put on hold during this period. Since most of the healthcare resources were dedicated to offering primary medical facilities to the countries’ military personnel, cancer patients found it challenging to receive treatment. Research & development processes also came to a complete halt, thereby hampering the advancement of cancer therapeutics in this area.
Based on drug class, global chemotherapy-induced market is bifurcated into thrombopoietic agents, erythropoietin stimulating agents, growth factors, iron supplements, and others. The industry share from the erythropoietin stimulating agent segment is set to grow at a notable rate by 2032 with the high prevalence of anemia worldwide. The World Health Organization (WHO) has predicted that about 42% of children aged below 5 years and 40% of pregnant women suffer from anemia across the globe. One of the major benefits of these agents, apart from reducing the transfusion rate, is the ability to improve a patient’s cognition. Erythropoietin stimulating agents are also used by physicians for patients undergoing chemotherapy as they can enhance their quality of life. These factors are projected to positively influence chemotherapy-induced myelosuppression treatment market trends over the forecast period.
Based on route of administration, the chemotherapy-induced myelosuppression treatment industry from the injectables segment is set to register significant revenue by 2032. Injectables are becoming a vital part of the oncology field as they can mitigate the rising threat of myelosuppression. Injectables are also gaining preference over oral medications as they have better therapeutic availability. This can be attributed to the ability of this route of administration to boost the performance of a patient’s bone marrow and enhance the production of specific blood cells. New product launches by major players are also likely to augment the market progress.
North America chemotherapy-induced myelosuppression treatment market is poised to showcase a robust increase in its valuation by 2032. This is on account of the increase in research and development initiatives by pharmaceutical companies in the region. The burden of cancer is also rising in the U.S. As per the American Cancer Society, in 2022, new cancer cases in the country were predicted to reach 1.9 million. Such instances are likely to escalate the demand for chemotherapy-induced myelosuppression treatments.
Some of the organizations operating in the chemotherapy-induced myelosuppression treatment market include Mission Pharmacal Company, Janssen Pharmaceutical NV, Mylan NV (Viatris), Partner Therapeutics, Inc., Dova Pharmaceuticals (Swedish Orphan Biovitrum), Pfizer Inc., Novartis AG, Amgen Inc., and Teva Pharmaceutical Industries Ltd., among others.