April 21, 2024

The Global Sprycel Market is Projected to driven by increasing cancer cases

Sprycel is an oral prescription medicine used to treat certain types of leukemia and types of cancer affecting the blood or bone marrow called Philadelphia chromosome-positive chronic myeloid leukemia (Ph+ CML). The drug belongs to a class of anti-cancer drugs known as kinase inhibitors which stop or slow the growth of cancer cells. It works by inhibiting an enzyme called Bcr-Abl tyrosine kinase which causes uncontrolled growth of certain cancer cells. The growing prevalence of cancer worldwide has increased the demand for targeted therapy drugs like Sprycel for the treatment of cancers.

The global Sprycel market is estimated to be valued at US$ 412.4 Mn in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the global Sprycel market is the development of newer kinase inhibitors. Several pharmaceutical companies are engaged in research and development of second and third generation kinase inhibitors with improved efficacy and reduced side effects for the treatment of CML and other cancers. For instance, brands like Bosulif (bosutinib) by Pfizer and Iclusig (ponatinib) by Ariad Pharmaceuticals have been launched as alternatives to Sprycel. These newer drugs inhibit additional kinases along with Bcr-Abl and show activity against mutant forms of the disease which are resistant to first-generation inhibitors like Sprycel. This has increased treatment options for cancer patients and makes the disease more manageable over the long run.

Porter’s Analysis
Threat of new entrants: The presence of well-established brands and need for high R&D investment act as barriers for new players.
Bargaining power of buyers: Buyers have low bargaining power due to lack of substitutes and life-threatening nature of cancer.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative suppliers and regulated nature of industry.
Threat of new substitutes: Threat of new substitutes is low as innovation in cancer drug development is a complex process.
Competitive rivalry: The market is dominated by few global players competing on basis of novelty, clinical effectiveness and pricing.

Key Takeaways
The global Sprycel market is expected to witness high growth. The global Sprycel market is estimated to be valued at US$ 412.4 Mn in 2023 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030.

Regional analysis: North America is expected to dominate the market during the forecast period supported by increasing prevalence of cancer, advanced healthcare infrastructure and strong reimbursement policies. Asia Pacific is expected to grow at fastest pace due to rising healthcare spending, large patient pool and growing medical tourism.

Key players: Key players operating in the Sprycel market are Bristol-Myers Squibb (BMS), Novartis, Teva Pharmaceutical Industries, Mylan, Accord Healthcare, Sun Pharma, Dr. Reddy’s Laboratories, Aurobindo Pharma. Bristol-Myers Squibb (BMS) leads the market with largest revenue share.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it