Leukemia Therapeutics Market Trends

Growth Drivers

Leukemia is a type of cancer that affects the lymphatic system and hampers blood cell formation. There are four significant leukemia classes, which include Acute Lymphoid Leukemia (ALL), Acute Myeloid Leukemia (AML), Chronic Lymphoid Leukemia (CLL), and Chronic Myeloid Leukemia (CML). According to the Leukemia Research Foundation, the diseases are diagnosed ten times more often in adults than children. Additionally, approximately 170 Americans are diagnosed with leukemia every day. The increasing cases of leukemia are further projected to create a surge in demand for advanced therapeutic solutions, which in turn is estimated to drive the growth of the global leukemia therapeutics market.

Increasing Healthcare Expenditure

Higher investments in various international healthcare programs financed by multiple governments and organizations such as the global health protection program by the government of Germany and National Cancer Control Programmes by the World Health Organization, exhibits an increase in healthcare investments, signifying the growth of the market globally. Healthcare spending is increasing owing to numerous factors, such as an aging population, changes in disease prevalence or incidence rate, and increases in the price and intensity of services. According to Health System Tracker, in the US, the amount spent on health had more than doubled to USD 3.5 trillion in 2017, including the amount spent on healthcare and health-related activities, including expenditures from both public and private funds. Healthcare is one of the highest growing industries in the world. Growing healthcare investment by the various public and private companies across the globe acts as a driving force for the market. According to the Centre for Medicare & Medicaid Services, US national health expenditure grew from USD1,369.2 billion to USD 3,649.4 billion from 2000 to 2018. According to the OECD, healthcare spending on patient care increased dramatically to 2.4% in 2018 compared to 0.3% in 2010, with average public funding accounting for 15% of the total government expenditure. Moreover, the increase in healthcare expenditure in various countries has led to the development of healthcare infrastructure and easy accessibility of treatment solutions for patients, which is further anticipated to drive the market growth.

Challenges

Limited Access to Advanced Healthcare

Drug development and approval is a lengthy process. The development and support of new cancer treatments is also a lengthy process and requires a substantial investment, along with collaboration between key stakeholders, including the pharmaceutical industry, WHO, local, national health authorities, and other nonprofit, patient-oriented organizations. Due to all these factors, many of the leukemia drugs are not approved in various countries. Such factors are anticipated to restrict the growth of the global leukemia therapeutics market.