Myelofibrosis Treatment Market Continues To Grow Owing To the Demand from Healthcare Sectors and Favorable Government Reimbursement Systems

 

Myelofibrosis Treatment includes medications and surgery. There are drugs and medicines which are used to cure myelofibrosis. Myelofibrosis is a muscle disease and various types of myelofibrosis treatment are available in the market to cure this condition. The muscle disease is caused due to myelodysplasia, a genetically determined trait that prevents the muscle from growing properly. Myelofibrosis is also known as spider veins, lying in regions close to the skin, like the armpits, groin, elbows, and knees. Myelofibrosis is the most common type of connective tissue disease. These medicines are generally used to control and stop the progress of the disease, after which, they suppress the activity of the immune system. Various types of steroids are used as medicines for myelofibrosis, to control the activity of the immune system and thereby stop the disease in its tracks.

One of the most common drugs for myelofibrosis treatment is prednisone, which is generally used along with steroids. However, to treat spider veins and not myelofibrosis, a compound called Finasteride is used. The most important part of myelofibrosis treatment is a regular check-up, as early as 18 months of the disease a doctor can monitor the progress of the disease. Myelofibrosis treatment also includes physical therapy and other treatments to improve the symptoms of myelofibrosis.

Market Dynamics                                  

The main driving factor influencing the growth of the myelofibrosis treatment market is the increasing prevalence of myelofibrosis in emerging economies. For instance, according to Gleneagles Global Hospitals, the yearly incidence rate of myelofibrosis in India is 0.3 to 1.5 cases per 100,000 individuals. Most of the times these cases goes unnoticed since it is sometimes asymptomatic or less severe. Moreover, the market is estimated to grow owing to a large number of R&D investments, a large cluster of patients suffering from myelofibrosis, and better reimbursement policies. The growth of the myelofibrosis treatment market can be propelled by other factors such as the increasing smoking population, rapid growth of genetic disorders, medical requirements, and lifestyle change.

However, limited awareness about novel therapies and the high costs of the treatments are the main restraining factor hindering the growth of the myelofibrosis treatment market.

This market is distributed in five regions that include North America, Europe, Asia-Pacific, Middle East, and Africa, and Latin America. Among these, North America is expected to hold a bigger share of the myelofibrosis treatment market owing to the increase of public awareness, a high percentage of expenditure on healthcare, better reimbursement policies, and increased prevalence of the disease. For instance, according to Centers for Medicare & Medicaid Services, in 2019 hospital expenditures in the U.S. rose 6.2% to US$ 1192 billion. The myelofibrosis treatment market in Asia-Pacific is estimated to witness significant growth owing to the favorable government support and prevalence of key players in the region.

Competitive Analysis

The key players operating in the global myelofibrosis treatment market include Gilead Sciences, Incyte Corporation, Bristol-Myers Squibb, Amgen, Celgene, Merck & Co., Roche, Eli Lilly, and Novartis.

In February 2021, The European Commission authorized the marketing of Fedratinib, which is used in the treatment of myelofibrosis. Likewise in February 2021, Transplantation and Cellular, Therapy Meetings report shows that a maximum of 10 mg dose of Ruxolitinib, is safe for patients suffering from myelofibrosis.