Global Polycythemia Vera Drug Sales Market to Flourish with An Impressive CAGR during the Forecast Period
Published | 25 May 2021
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global polycythemia vera drug sales market witnessed a huge surge in its revenue in the year 2020. It is estimated that the market will continue to flourish during the forecast period as well due to the increasing prevalence of life-threatening diseases among the general population. Additionally, better licensing opportunities are contributing to the growth of the global polycythemia vera drug sales market. Also, biotechnology industries are also working towards a better understanding of the disease, which is resulting in a better approach towards the treatment of the same. These factors are favoring the market growth significantly.
Consistent R&D Strategies Driving the Growth of the Global Polycythemia Vera Drug Sales Market
Biotechnology and pharmaceutical companies are heavily investing in polycythemia research and expanding their expertise to gain a better understanding of the disease and find a cure with minimal side effects. Constant research and development are being carried out to gain a deeper understanding of the nature of this life-threatening disease and improve its treatment. Thus, continuous research efforts are likely to play a key role in driving the growth of the global polycythemia vera drug sales market during the forecast period.
Rising Prevalence of Myeloproliferative Disorders
The myeloproliferative disorder is a very rare type of blood cancer that involves an abnormal rise in the mature myeloid cells. Its prevalence is increasing at a very high rate but its causes are still unknown. Polycythemia vera drugs are widely used in the treatment of myeloproliferative disorders since it shares one of the symptoms of polycythemia vera, which is an abnormal increase in red blood cells through the bone marrow. This is expected to propel the demand for global polycythemia vera drug sales, thereby pushing the market growth.
Hospitals Hold the Largest Market Share in Polycythemia Vera Drug Market
The polycythemia vera drug market is divided into the following segments— hospitals, clinics, and others. Among these, the hospital segment has the highest demand for polycythemia vera drugs. This is owing to the trust patients have in hospitals for the treatments of such life-threatening diseases. Over the coming years, the number is expected to rise substantially in many countries due to infrastructural development. It will further boost the demand for Polycythemia Vera drugs during the forecast period.
Global Polycythemia Vera Drug Sales Market: Regional Market
Geographically, the polycythemia vera drug sales market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle-East & Africa (MEA). Developed infrastructure plays a very crucial role in driving the demand for polycythemia vera drug sales. Therefore, North America leads the global market with a major revenue share, followed by Europe. However, with the increasing prevalence of such disease all around the globe, other regions, especially the Asia Pacific are catching up as a potential market for polycythemia vera drug sales.
Impact of COVID-19 on the Global Polycythemia Vera Drug Sales Market
The COVID-19 pandemic has had an impact on almost all industries. However, in the case of healthcare, the market has witnessed considerable growth. The operations of a majority of sectors were halted due to the pandemic-induced lockdown imposed by the governments of different countries to curb the spread of the virus. However, all pharmaceutical firms and other healthcare institutions have won exemptions for their operations in order to maintain the general public's well-being by fulfilling the demands of all kinds of drugs. This has helped ensure the steady growth of the polycythemia vera drug sales market. Polycythemia vera is a life-threatening disease. Its medication cannot be stopped for any reason. As a result, the supply chain was not disrupted during the lockdown in any country.
The leading key players in the polycythemia vera drug sales 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 competitive landscape of the global polycythemia vera drug sales market is very stiff with only giant companies dominating the larger share of the market. Through increasing effectiveness and decreasing the side effects of the drugs, these companies are constantly working on establishing themselves as market leaders.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global polycythemia vera drug sales market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global polycythemia vera drug sales market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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