Phosphoinositide 3-Kinase Inhibitor Market Scope and overview, Division, New Business Opportunities, Growth Rate, Development Trend And Feasibility Studies up to 2030
The global phosphoinositide 3-kinase inhibitor market is anticipated to grow at a CAGR 5.61%during the forecast period 2019-2026.
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The global phosphoinositide 3-kinase inhibitor market is anticipated to grow at a CAGR 5.61%during the forecast period 2019-2026.
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Phosphoinositide 3-kinase inhibitor (PI3K inhibitor) is basically a class of drugs which function by inhibiting one or more than one PI3K enzymes.
Factors such as growing incidence rate of cancer and ongoing research activities to develop potential therapeutic applications of PI3K inhibitors are expected to drive the market growth. According to the World Health Organization (WHO), cancer was responsible for 9.6 million deaths globally in 2018. The National Cancer Institute (NCI) in 2018 estimated that the US will experience 1,735,350 new cancer cases in 2018. Moreover, favorable reimbursement scenario is expected to drive the market growth.
However, low adoption of drugs, failure in clinical trials, product recalls, and stringent government regulations for product approvals is expected to negatively impact the market growth during the forecast period.
Segmentation:
The global phosphoinositide 3-kinase inhibitor market has been segmented by application, which is further categorized into chronic lymphocytic leukemia (CLL), follicular lymphoma, and others. The CLL segment is expected to hold a major market share throughout the forecast period owing to the high prevalence of CLL globally. According to a data published by the American Society of Clinical Oncology (ASCO) in January 2020, CLL was the most common type of leukemia, especially in adults of 19+ years of age, accounting for approximately 37% of the cases. Such factors contribute to the market growth.
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Regional Analysis:
By region, the global phosphoinositide 3-kinase inhibitor market is segmented into the North America, Europe, Asia-Pacific, and LAMEA.
North America is estimated to lead the global market in 2019, owing to rising prevalence of leukaemia in the region. According to the Leukemia & Lymphoma Society, at least one person in the US is diagnosed with blood cancer in every 3 minutes. Furthermore, presence of leading companies such as Exelixis Inc., Gilead Sciences, Inc., TG Therapeutics, and Verastem Oncology in the US is expected to boost the market growth. The Europe market is expected to garner significant market share owing to favourable reimbursement policies in the Western European countries and high number of cancer cases. According to a statistics published by the World Health Organization in 2018, number of new cases of cancer in Europe was 4,229,662. Out of these new cases, 94,780 were of leukemia. The phosphoinositide 3-kinase inhibitor market is the Asia-Pacific region is anticipated to grow at the fastest CAGR owing to increasing prevalence of cancer as well as increasing healthcare expenditure in the region. According to a data published by the World Bank, the healthcare expenditure of Japan, Republic of Korea, New Zealand, and Australia was 10.94%, 7.60%, 9.17%, and 9.21% of their GDP respectively in 2017. The market in LAMEA is expected to slowly grow owing to developing healthcare infrastructures of countries in the Latin American region and Middle East region.
Competitive Landscape:
Key market players covered in the report include Sanofi-Aventis (France), Exelixis, Inc. (US), Bayer AG (Germany), Gilead Sciences, Inc. (US), TG Therapeutics (US), Verastem Oncology (US) and Novartis AG (Switzerland). These companies are involved in a lot of strategic developments for growing in the market. For instance, Bayer AG received product approval for copanlisib (ALIQOPA) in September 2017. The drug is used for the treatment of follicular lymphoma and with this, the company expanded its product portfolio.
What are the key findings of the report?
•This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
•The report offers the current state of the market and future prospects for various geographical regions.
•This report provides both qualitative and quantitative information about the competitive landscape of the market.
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