Imatinib Drug Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Imatinib Drug Market is expected to register a CAGR of 3% during the forecast period. Several factors are propelling the growth of this market such as increasing prevalence of cancer, increase in demand of target drug therapy and patient expiry of imatinib drug. For instance, according to National Cancer Institute in 2017 the number of new cases for leukemia is 62,130 and number of deaths was 24,500 which shows increasing prevalence of cancer patients in future and propell the imatinib drug market. In addition, Food and Drug Administration (FDA) approves enasidenib (IDHIFA®) a target drug therapy for patients who has Acute myeloid leukemia (specifically genetic mutation IDH2). Moreover, Imatinib drug is helpful in treating the patient with cancer by blocking the growth of eosinophils. This drug has been attributed to its higher efficacy in treating the Chronic Eosinophilic Leukemia, Hyper-Eosinophilic Syndrome, Gastrointestinal Stromal Tumors (GIST) and many more, However, high cost of imatinib with several substitute such as tarceva, sprycel and tasigna may hamper the market to certain extent.

Key Market Trends

Application of Imatinib Drug in Chronic Eosinophilic Leukemia Segment is expected to Witness a Healthy Growth.

Chronic eosinophilic leukemia will show healthy growth in the future attributing to the increasing prevalence of cancers. Chronic eosinophilic leukemia (CEL) is a disorder in which eosinophil count is greater than 1500 µl in peripheral blood also called hyper-eosinophilia. It is a rare myeloproliferative neoplasm, overproduction of eosinophils in the bone marrow. This imatinib drug helps in treating the disorder by stopping the tyrosine kinase enzyme which blocks the abnormal eosinophils. Imatinib drug is more beneficial in patients who have leukemia from a genetic mutation. Moreover, Imatinib drug also helps in improving blood counts and symptoms very fast which makes this drug highly adopted by the targeted patient pool and promotes the revenue growth of the imatinib drug market.

Gastrointestinal Stromal Tumors (GIST) is also showing a significant share as this is a type of tumor that arises in the gastrointestinal tract (stomach and small intestine). Imatinib has been the first-line therapy for GIST. The drug targets KIT and PDGFRA (platelet-derived growth factor receptor A) proteins blocking the growth of tumor cells.

In addition, incidences of leukemia worldwide leading to high demand of imatinib drug to treat the disorder and promotes the growth of market

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

North America is expected to hold a major market share in the global Imatinib Drug Market due to increasing incidences of cancer and growing healthcare concern. As per the National Cancer Institute, in 2018 an estimate of 1.7 million new cases of cancer was diagnosed wherein these drugs were used and thus promoting the growth of the imatinib drug market. Moreover, R&D expenditure in healthcare (oncology) is also anticipated to propel the growth of the imatinib drug market in North America. Furthermore, increasing healthcare expenditure and the presence of well-established healthcare infrastructure is also fueling the growth of the overall regional market to a large extent.

Competitive Landscape

The Imatinib Drug Market is fragmented in terms of competition and consists of several major players. Some of the companies which are currently dominating the market are Sun Pharmaceutical Industries Ltd., Novartis AG, Dr. Reddy’s Laboratories Ltd, Teva Pharmaceutical Industries Ltd., Mylan N.V., Cipla Inc and Apotex Inc.

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