Number of pages: 100 | Report Format: PDF | Published date: April 25, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 816.7 million |
Revenue Forecast in 2031 |
US$ 1152.4 million |
CAGR |
3.9% |
Base Year for Estimation |
2022 |
Forecast Period |
2023 to 2031 |
Historical Year |
2021 |
Segments Covered |
Type, End User And Region. |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global myelofibrosis market was valued at US$ 816.7 million in 2022 and is expected to register a revenue CAGR of 3.9% to reach US$ 1152.4 million by 2031.
Myelofibrosis Market Fundamentals
Myelofibrosis is an uncommon form of bone marrow cancer that impairs the body’s natural blood cell synthesis. Myelofibrosis produces substantial scarring in the bone marrow, resulting in severe anemia and weakness. Scarring of the bone marrow can also result in a low quantity of platelets, which raises the risk of bleeding. Myelofibrosis frequently results in an enlarged spleen.
Myeloproliferative neoplasms (MPNs) are rare clonal disorders of the bone marrow that are categorized according to chromosomal abnormalities. The three classic Philadelphia-chromosome-negative diseases (CMPNs) are primary myelofibrosis (PMF), essential thrombocythemia (ET), and polycythemia vera (PV). In PMF, stem cells in the bone marrow do not develop, and fibers inside the bone marrow thicken, creating fewer cells. ET causes an abnormal rise in platelets in the blood and bone marrow. In contrast, PV causes an abnormal increase in red blood cells in the blood and bone marrow, with occasional increases in white blood cells and platelets.
Myelofibrosis affects around one in every 100,000 people globally. Myelofibrosis is a medical disorder that mostly affects the middle-aged and elderly population, with a mean age of diagnosis of 60 years. Males are more likely to be afflicted than females. The male-to-female ratio is around 1.5 to 1. Individuals of the Ashkenazi Jewish ethnicity are more likely to develop myelofibrosis. African Americans, Latin Americans, and Asians have a lower risk of developing myelofibrosis.
The majority of myelofibrosis patients have a low amount of red blood cells. This is known as anemia. As red blood cells include hemoglobin, hemoglobin will be low as well. Hemoglobin transports oxygen throughout the body. As a result, if a patient is anemic, they may feel weary or short of breath. Some people with myelofibrosis have normal or elevated blood hemoglobin levels. At the time of diagnosis, many persons had higher-than-normal white blood cell and platelet counts. These normally decrease as the illness progresses.
The US Food and Drug Administration (FDA) approved two medications for MF: ruxolitinib and fedratinib. Both are JAK inhibitors (JAKi), with ruxolitinib showing equipotent inhibition of both JAK1 and JAK2 and fedratinib showing selective inhibition of JAK2 but not FLT3. Ruxolitinib’s approval was based on the crucial COMFORT I and II studies. These studies revealed that ruxolitinib outperformed placebo.
Despite evident gains in patient quality of life since the introduction of JAKi, there are still significant unmet requirements for MF patients. JAK inhibition, for example, causes on-target myelosuppression since the erythropoietin and thrombopoietin receptors are JAK-STAT dependent. Anaemia and thrombocytopenia are two of the most prevalent treatment-emergent adverse effects (TEAE) of both ruxolitinib and fedratinib, making therapy challenging for individuals with disease-related cytopenias. Targeting the JAK-STAT pathway does not appear to slow the progression to acute myeloid leukemia, commonly known as the MPN blast phase (MPN-BP). In the long-term follow-up of COMFORT-I and -II, the number of patients who developed MPN-BP did not differ between those randomized to ruxolitinib and those randomized to placebo/BAT.
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Myelofibrosis Market Dynamics
Product development has increased in recent years, fueling the expansion of the myelofibrosis therapy market revenue. Various prominent players are developing and launching effective drugs and treatments to treat myelofibrosis. Many leading market companies are focused on R&D efforts to identify innovative medications for treating myelofibrosis. Many goods are in the works, and some are in clinical testing. For instance, Bristol Myers Squibb announced that the European Commission (EC) had granted full Marketing Authorization for Inrebic (fedratinib) for the treatment of disease-related splenomegaly (enlarged spleen), or symptoms in adult patients with primary myelofibrosis, post-polycythemia vera myelofibrosis or post-essential thrombocythaemia myelofibrosis, who are Janus Associated Kinase (JAK) inhibitor naïve or have been treated with ruxolitinib. In addition, AbbVie Inc. published additional findings from a Phase 2 study of navitoclax in conjunction with ruxolitinib in patients with myelofibrosis in April 2022. The findings were presented at the annual conference of the American Association for Cancer Research (AACR 2022, abstract #LB108). Navitoclax is a first-in-class, experimental oral BCL-XL/BCL-2 inhibitor that stimulates programmed cell death (apoptosis) in cancer cells. Furthermore, numerous market players’ growth tactics, such as acquisition, partnership, and product launch, boost the myelofibrosis therapy market.
In the last ten years, the market for cancer pharmaceuticals has shifted from traditional cytotoxic treatments to biological therapies or immunotherapies. Because of their target-specific action and minimal toxicity, monoclonal antibodies (mAbs) have gotten a lot of interest. A range of hormonal drugs, including anti-androgens, have been developed and are used in concert with other therapeutic agents to boost the overall success of the therapy. Recent advances in cancer medicine have greatly decreased the symptoms of many cancer types. New cancer drugs are now being evaluated in clinical trials with other therapy modalities to increase cancer patient survival rates.
The need for a deeper knowledge of myelofibrosis illness and the high treatment costs may hinder the market’s revenue growth to a certain extent. Similarly, the negative effects of myelofibrosis therapy medications are expected to restrain market revenue growth during the forecast period.
Myelofibrosis Market Ecosystem
The global myelofibrosis market is analyzed from three perspectives: type, end user, and region.
Myelofibrosis Market by Type
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The global myelofibrosis market is segmented based on type into targeted therapy, chemotherapy, and others.
The targeted therapy segment will likely dominate the market during the forecast period. Additionally, the JAK inhibitors will likely show significant growth in the targeted therapy segment during the forecast. The growing availability of drugs and the US FDA’s clearance of Ruxolitinib (Jakafi) are driving market expansion. It is a JAK1 and JAK2 inhibitor that targets hyperactive JAK pathway signaling, which is important in the progression of myelofibrosis. Ruxolitinib is currently the sole FDA-approved chemotherapeutic medication for treating myelofibrosis, increasing demand for the medicine and contributing to the segment’s revenue growth.
Myelofibrosis Market by End User
Based on end users, the global myelofibrosis market is segmented into hospitals, clinics, and bone marrow transplant centers.
The hospital segment will likely lead the global myelofibrosis market in terms of revenue share during the forecast period. The rising incidence of myelofibrosis in developing economies raises the demand for various myelofibrosis treatment alternatives. The segment is likely to expand due to significant expenditures in research & development, favorable reimbursement circumstances, and a big pool of patients suffering from myelofibrosis.
Janus kinase inhibitors and hematopoietic stem cell transplant (along with supportive care) are considered for patients with symptomatic and/or high-risk disease, and hematopoietic stem cell transplant is the only treatment option with a chance of cure. These specialized treatments are performed in hospitals by highly qualified doctors.
Myelofibrosis Market by Region
Based on region, the global myelofibrosis market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
In terms of value, North America is recognized to have the largest market share. The region’s revenue growth can be ascribed to increased knowledge, high illness prevalence, a greater percentage of money spent on healthcare compared to other economies, and a proper reimbursement scenario. Additionally, the increased financing for establishing research and healthcare infrastructure in the area is one of the key factors promoting the revenue growth of the Myelofibrosis (MF) market in North America. North America is expected to maintain its dominance in the global myelofibrosis market revenue growth.
During the forecast period, the European region will likely lead the global myelofibrosis market, with a considerable market revenue share. More regulatory approvals for therapy and technologies will likely increase demand for myelofibrosis treatment. The European Medicines Agency, for instance, has accepted momelotinib’s marketing authorization application for myelofibrosis. The European Medicines Agency (EMA) has authorized momelotinib, a new therapy for myelofibrosis, based on findings from the phase 3 MOMENTUM study (NCT04173494). Moreover, Imago BioSciences, Inc. revealed positive results in its ongoing Phase 2 clinical study evaluating bomedemstat in patients with advanced Myelofibrosis (MF) treatment. Furthermore, because there are roughly 0.5 instances per 100,000 persons in the UK, the National Institute of Health (NIH) classifies myelofibrosis as a rare condition. The market will likely expand more as disposable income and spending capacity rise. The market is expected to increase further due to continuous research and the availability of sophisticated therapies.
Asia Pacific is likely to occupy a substantial part of the market. Due to its huge elderly population, higher disposable income, and improved healthcare facilities.
Myelofibrosis Market Competitive Landscape
The prominent market players operating in the global myelofibrosis market include,
Strategic alliances may help companies increase output and fulfill customer demand, increasing revenue and market share. End consumers may benefit from their utilization by promoting innovative items and technology. Companies are developing strategic alliances to boost their manufacturing capacity. Sumitomo Pharma Oncology, Inc., a firm specializing in innovative cancer medicines, released fresh results on TP-354, an experimental selective oral PIM1 kinase inhibitor. In individuals who have already been treated with or are ineligible for JAK inhibitor treatment, TP-3654 is an experimental selective oral PIM1 kinase inhibitor. These findings will be presented at the 2022 American Society of Hematology Annual Meeting & Exposition in New Orleans, LA, from December 2022.
Myelofibrosis Market Strategic Development
Myelofibrosis is an uncommon form of bone marrow cancer that impairs the body’s natural blood cell synthesis. Myelofibrosis produces substantial scarring in the bone marrow, resulting in severe anemia, weakness, and weariness.
The expected size of the myelofibrosis market in 2031 will be 1152.47 billion.
The expected revenue CAGR of the myelofibrosis market during the forecast period is 3.9%.
Some prominent global myelofibrosis market players operating in the myelofibrosis market include Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd, and Novartis AG.
JAK inhibitor segment leads the global myelofibrosis market with the largest revenue share.
*Insights on financial performance are subject to the availability of information in the public domain