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Dasatinib drugs are primarily used for the treatment of various types of cancers including chronic myelogenous leukemia (CML), Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL), and other rare cancers. Dasatinib is a tyrosine kinase inhibitor (TKI) that works by binding to and inhibiting the activity of BCR-ABL1 and SRC family kinases. It stops the growth of cancer cells by blocking these kinases which allow cancers like CML to grow. With a rise in cancer cases globally due to changing lifestyle habits and other environmental factors, the demand for effective cancer therapeutics like dasatinib drugs is expected to increase substantially in the coming years.
The global dasatinib drugs market is estimated to be valued at US$ 1350.6 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rise in cancer prevalence is one of the major drivers propelling the growth of the dasatinib drugs market. According to GLOBOCAN estimates, the global cancer burden has risen to 19.3 million new cases and 10 million cancer deaths in 2020. It is further projected that new cancer cases will rise to 28.4 million and cancer deaths to 16.3 million by 2040. Chronic myeloid leukemia (CML) accounts for around 10-15% of all adult leukemia cases. The growing geriatric population base which is more susceptible to developing various cancers is directly contributing to the increasing cancer patient pool globally. Similarly, increasing adoption of sedentary and unhealthy lifestyle habits is aggravating the risk of developing different types of cancers. Dasatinib drug is one of the preferred treatment options for CML and ALL due to its high efficacy which drives its demand worldwide.
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Further, government and non-profit organizations are undertaking several initiatives to spread cancer awareness and subsidize cancer treatment costs which is positively impacting the usage and adoption of innovative drug therapies including dasatinib drugs. However, patent expiry of blockbuster drugs coupled with availability of generic versions can hamper the growth of dasatinib drugs market during the forecast period.
Segment Analysis
The global Dasatinib Drugs market is dominated by the chronic myeloid leukemia (CML) segment which holds around 85% of the total market share. Dasatinib is primarily used for the treatment of chronic myeloid leukemia which is a type of cancer that affects white blood cells. It works by blocking proteins called tyrosine kinases, which are important for cell signaling and growth. This stops the growth of cancerous cells and induces cancer cell death.
PEST Analysis
Political: Government initiatives to increase awareness about cancer and availability of oncology drugs positively impacts the market. However, stringent regulations for drug approval delays new drug launches.
Economic: Rising healthcare spending and increasing healthcare insurance coverage are fueling market growth. However, pricing pressure and drug affordability challenges restrict market penetration in price sensitive regions.
Social: Increasing incidence of cancers like CML due to changing lifestyles and growing geriatric population drives market demand. However, social stigma associated with cancer limits treatment seeking.
Technological: Advancements in targeted drug therapies improve treatment outcomes. Continuous R&D to develop novel drug delivery systems and combination therapies further expands the application scope.
Key Takeaways
The global Dasatinib Drugs market is expected to witness high growth over the forecast period of 2023 to 2030. North America holds the major share of over 35% of the Dasatinib Drugs market and is expected to maintain its dominance during the forecast period. The high prevalence of blood cancer like CML and strong availability of advanced treatment options drive market growth in the region.
Key players operating in the Dasatinib Drugs market are Bristol-Myers Squibb Company, MSN Labs, Lupin, Dr. Reddy’s Laboratories, Gilead Sciences, Inc., Hetero Labs, MANUS AKTTEVA BIOPHARMA LLP, Alembic Pharma, JINLAN Pharm-Drugs Technology Co., Ltd., and Zhejiang Hisun Pharma. Bristol-Myers Squibb Company leads the market with over 60% revenue share as it markets dasatinib under the brand name Sprycel which is one of the preferred treatment options for CML.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
