Global Myelofibrosis Therapeutics Market 2018-2022| High Off-Label Prescription to Boost Demand | Technavio
The global myelofibrosis therapeutics market is expected to post a CAGR of over 7% during the period 2018-2022, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global myelofibrosis therapeutics market from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the global myelofibrosis therapeutics market is the increasing number of companies entering the myelofibrosis segment. There were very few companies investing in the R&D of myelofibrosis therapies before the launch of JAKAVI/JAKAFI. After the sales of JAKAVI/JAKAFI resulted in high revenue growth of Incyte pharmaceuticals, several manufacturers have entered the market. Novartis acquired the exclusive rights of ruxolitinib outside the US from lncyte, and currently, both the companies are successfully marketing ruxolitinib for myelofibrosis. Hence, the emergence of a surge of new companies will propel the growth of the market during the forecast period.
This market research report on the global myelofibrosis therapeutics market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period.
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In this report, Technavio highlights the high off-label prescription as one of the key emerging trends in the global myelofibrosis therapeutics market:
Global myelofibrosis therapeutics market: High off-label prescription
Over the years, the patients with myelofibrosis were treated with drugs such as hydroxyurea, immunomodulators thalidomide, lenalidomide, and steroids. At present, physicians continue to prescribe these drugs to the patients to ease the symptoms and prolong the survival. However, these drugs are considered as off-label by FDA because they are prescribed for conditions other than the ones for which they have been approved. For instance, Pegasys, a pegylated form of interferon alpha by Roche, is approved for Hepatitis C, but because of its efficacy and tolerance in the Phase II studies of MPN, it is being prescribed more often for MPN. Thus, the high off-label prescription will impact market growth.
“Apart from the increasing number of companies entering the myelofibrosis segment, other factors such as the need for disease-modifying drugs for myelofibrosis, and the initiatives by government and non-government organizations are expected to propel the growth of the global myelofibrosis therapeutics market during the forecast period,” says a senior research analyst at Technavio.
Global myelofibrosis therapeutics market: Segmentation analysis
This market research report segments the global myelofibrosis therapeutics market by type of treatment (drug therapy, blood transfusion, HSCT, and androgen therapy) and geographical regions (APAC, EMEA, and the Americas).
The Americas region led the market in 2017 with a market share of close to 52%, followed by EMEA and APAC respectively. Although the EMEA region held a market share lesser than the Americas in 2017, it is expected to register the highest incremental growth during the forecast period.
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