Report Overview

Global Polycythemia Vera Drug Sales Market- Industry Trends & Forecast Report 2027

The global polycythemia vera drug sales market is growing at an impressive rate across the globe and is expected to witness significant progress in the foreseeable future. The rising risk associated with polycythemia vera and the growing public awareness regarding health and diseases, combined with developing healthcare infrastructure, and increasing disposable income of the masses are some of the primary factors contributing towards the growth of the global polycythemia vera drug sales market. Additionally, researchers are focusing on the development of novel treatments for combating polycythemia vera, which is expected to fuel the growth of the polycythemia vera drug industry.

Global Polycythemia Vera Drug Sales Market- Overview

Polycythemia vera is a very rare type of blood cancer that originates in the bone marrow. It triggers your bone marrow to produce an abnormally large number of red blood cells. These extra cells end up thickening the blood, restricting its circulation, and potentially causing severe problems including blood clots. Polycythemia is diagnosed when the hematocrit exceeds 48% and 52% in women and men, respectively. It also results in a high level of hemoglobin which becomes serious if it gets higher than 16.5g/DL in women and 18.5g/DL in men. The rising prevalence of Polycythemia vera cases is expected to propel the polycythemia vera treatment market forward.

Global Polycythemia Vera Drug Sales Market Forecast and Trends

Growth Drivers

The Increasing Dependence on Drug Therapy for Driving the Market Growth

The polycythemia vera disease is non-curable and can only be treated. Drug therapy or Phlebotomy are used in the treatment of polycythemia vera. While Phlebotomy is the elimination of blood from the body, Interferon-alfa and Hydroxyurea are used in drug therapy. Ruxolitinib (jakafi) or busulfan are used to treat patients who do not react to hydroxyurea.

Phlebotomy is a surgical operation in which a vein is opened or punctured to withdraw blood. This type of treatment entails a higher level of risk and is often more costly. Therefore, patients choose drug therapy over surgical operations. This induces the demand for global polycythemia vera drugs, which in turn propels the growth of the polycythemia vera disease sales market. Furthermore, since polycythemia vera drugs are more successful and provide better results, patients have a higher level of confidence in such drugs.

Advancements in Healthcare Infrastructure Boosting Polycythemia Vera Drugs Sales Market

The demand for polycythemia vera drugs is higher in North America and European regions. This means developed healthcare infrastructure plays a crucial role in boosting the growth of the global polycythemia vera drug sales market. The developing economies are investing huge amounts for improving their healthcare sector. This is a primary factor that will help to boost demand for Polycythemia vera drugs in these regions, especially in China and India. Furthermore, public awareness of the types of treatment that medical healthcare can provide for this treating Polycythemia Vera is expected to propel market growth over the forecast period.

Restraints

Strict Pricing System May Hamper the Market Growth

The Polycythemia vera drug sales market will have to face obstruction in its growth due to its high pricing. If these drugs are not easily available, access and use will suffer in the long run, especially among the middle and lower classes. Although the cost of producing these drugs is high, which drives up their prices, the industry may be able to thrive as a result of favorable government policies and subsidies. However, with the growing prevalence of this disease, the government of different countries may face difficulty affording such large-scale healthcare benefits.

Covid-19 Impact

Except for the healthcare industry, the COVID-19 outbreak and pandemic have had a negative impact on almost all sectors. Despite the pandemic-induced lockdown imposed by the government to curb the spread of the deadly virus, the polycythemia vera drug market witnessed a steady demand. Unlike other sectors, the pharmaceutical industry obtained lockdown exemptions by the government as a result of which their manufacturing and supply chain were not affected. However, the decline in the purchasing power of people has somewhat affected the market as many people were unable to obtain treatment due to financial issues. Currently, the global polycythemia market is undergoing steady growth; nevertheless, the market is likely to catch pace in the post-COVID-19 period.

Global Polycythemia Vera Drug Sales Market - By Type

Based on type, the polycythemia vera drug market is segmented into Dasatinib, Idelalisib, Givinostat, M-009, and others. All these types are chemo drugs effective in the treatment of polycythemia vera. Among these, Dasatinib drug type held the largest share with an impressive revenue in the year 2020. The high market share of this drug is the result of its high success rate in the treatment of the disease. It is also estimated that this drug type will witness a surge in the demand with a striking growth rate during the forecast period.

Global Polycythemia Vera Drug Sales Market - By Application

Based on application, the market is segmented into hospitals, clinics, and others. The hospital segment held the largest market share in the year 2020. It is because patients reach out to hospitals more than clinics or others for the treatment of a disease as serious as polycythemia vera. Furthermore, hospitals have more structured treatment processes and enjoy the trust of patients more as compared to clinics, which results in high demand for the drug here. Further rise in hospitals treating this disease is going to propel the market forward.

Global Polycythemia Vera Drug Sales Market - Regional Insights

Geographically, the market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle-East & Africa (MEA). Because of the disease's higher prevalence, North America is projected to have the largest share of the market. North America is followed by Europe, which holds the second-largest market share.

The western regions like North America and Europe dominate the Polycythemia Vera Drug market as these regions have more developed healthcare infrastructure, and people of these regions are more aware of how to treat rare and severe diseases. Due to this, the demand for polycythemia vera drugs is high here. However, the Asia-Pacific region is coming up as a big market for these drugs due to the rising population, especially in countries like China and India.

Source: BlueWeave Consulting

Competitive Landscape

The leading key players of polycythemia vera drug market are ANP Technologies, Inc., Bristol-Myers Squibb Company, F. Hoffmann-La Roche Ltd., Galena Biopharma, Inc., Gilead Sciences, Inc., Italfarmaco S.p.A., Karu, Therapeutics Limited, miRagen Therapeutics, Inc., Nerviano Medical Sciences S.r.l., Novartis AG, PharmaEssential Corporation, Alfarm, GNC, Vector, Zydus Cadila Incyte Corp., Pfizer, Eli Lilly and Company and other prominent players. The competition is very stiff and rigid in this pharmaceutical market. Since polycythemia vera drugs are the main source for the treatment of the disease, the market players constantly work on improving the effectiveness and quality of their product for better progress and outcomes of the treatment.

Recent Developments

• In April 2021, data published by ‘Blood Cancer Journal’ stated that patients with life-threatening diseases like polycythemia vera and a Janus kinase 2 (JAK2V617F) gene mutation responded well to givinostat treatment. Givinostat is a “histone deacetylase inhibitor with potential anti-inflammatory, anti-angiogenic, and antineoplastic activities”. The research is a four-year-long study. It also states that the treatment proved to be safe and free from any side effects.
• In March 2021,I Protagonist Therapeutics, a US-based biochemical company, announced that they have received positive feedback from the Division of Nonmalignant Hematology at the US Food and Drug Administration for the End-of-Phase 2 meeting on Rusfertide. This feedback will let them initiate a global phase three clinical trial of Rusfertide in polycythemia vera (PV).

Scope of the Report

By Type

• Dasatinib
• Idelalisib
• Givinostat
• M-009
• Others

By Application

• Clinic
• Hospital
• Others

By Region

• North America
• Europe
• Asia-Pacific (APAC)
• Latin America (LATAM)
• Middle-East & Africa (MEA)