The global sprycel market Growth Accelerated by Increased Adoption of Tyrosine Kinase Inhibitors


 The sprycel market comprises tyrosine kinase inhibitors that are used for the treatment of various types of cancers including leukemia and lymphoma. Sprycel offers improved tolerability and superior efficacy over other tyrosine kinase inhibitors in chronic myeloid leukemia. It inhibits BCR-ABL kinase which is the main cause of chronic myeloid leukemia.

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:
The increased adoption of tyrosine kinase inhibitors like sprycel over other conventional treatment options is the key factor driving the growth of this market. Sprycel offers higher survival rates and minimal side effects compared to chemotherapy and bone marrow transplants in chronic myeloid leukemia patients. With growing awareness about the benefits of targeted drug therapy, more number of patients are opting for sprycel which is accelerating the growth of this market. Innovation in drug delivery systems is another upcoming trend in this market with players developing novel drug formulations to improve patient compliance.

Segment Analysis

The global Sprycel market is dominated by the chronic myeloid leukemia (CML) segment. CML accounts for over 70% of the total market share as Sprycel is one of the most preferred treatments for chronic phase CML. Sprycel is effective in controlling the disease and reducing the size of an enlarged spleen or liver caused by CML.

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.

North America currently dominates the market due to rising cases of CML and wider acceptance of costly but effective treatment options like Sprycel. However, Asia Pacific is expected to witness the fastest growth during the forecast period owing to growing incidence of cancers, rising healthcare spending, and increasing focus of international players on emerging Asian countries.

Key players related content comprises
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, and Aurobindo Pharma. Bristol-Myers Squibb (BMS) leads the market with over 50% share owing to its early dominance with Sprycel. However, market share of other major generics players is rising with the launch of generic versions after patent expiration of Sprycel.

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