Global Myelofibrosis (MF) Market – Industry Trends and Forecast to 2029

Myelofibrosis (MF) Market Analysis and Size

The global myelofibrosis (MF) market is expected to witness significant growth during the forecast period. Different therapies in development for myelofibrosis focus on a widespread variety of targets. The majority of the pipeline drugs are administered through the oral route. Novartis has the maximum number of completed clinical trials for myelofibrosis, with 15 trials. It has been said that no drug therapy can cure myelofibrosis. The only likely cure for myelofibrosis is allogeneic stem cell transplantation, but this process is risky for older patients and those with other health problems. COVID-19 also had a major impact on the market growth.

Data Bridge Market Research analyses a growth rate in the global myelofibrosis (MF) market in the forecast period 2022-2029. The expected CAGR of global myelofibrosis (MF) market is tend to be around 4% in the mentioned forecast period. The market was valued at USD 560 million in 2021, and it would grow upto USD 766.40 million by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Myelofibrosis (MF) Market Scope and Segmentation

Market Definition

Myelofibrosis (MF) is type of haematological cancer and subtype of myeloproliferative disorders. In this disease,  cancer arises from the bone marrow. It is occurred when scar tissue gathers inside the bone marrow which results in insufficient production of the blood cells. Typical clinical features in myelofibrosis include hepatosplenomegaly, anemia, and other symptoms includes low-grade fever, fatigue, night sweats, and progressive cachexia with loss of muscle mass, bone pain, pruritus, nonhepatosplenic EMH, splenic infarct, thrombosis, and bleeding.  

Global Myelofibrosis (MF) Market  Dynamics

Drivers

• Increased Awareness Associated With Chemotherapy

The market growth can be attributed to the wide availability of agents required for chemotherapy and the approval of Ruxolitinib (Jakafi) by the US FDA. It is a JAK1 and JAK2 inhibitor which targets overactive JAK pathway signalling, that plays a main role in the development of myelofibrosis. Presently, Ruxolitinib is the only FDA-approved chemotherapeutic agent for the treatment of myelofibrosis, which in return is boosting the demand for this drug and assisting the growth of the segment.

• Increasing Incidence in Elderly Population

Myelofibrosis cases are mostly witnessed in the age group ≤ 40 years, 41−60 years, and > 60 years. The >60 years group saw highest number of patients mostly around 10,275 in 2021 in the U.S. In 2021, treatment eligible population of myelofibrosis accounted for 9,511 cases in the U.S. Thus, this elderly population with higher chances of getting this disease boosts the market growth.

Opportunities

• Rising R&D and New Drug Approvals

The unmet needs of patients suffering from myelofibrosis are encouraging manufacturers to innovate new solutions. The rising investments in the research and development activities to develop a precise treatment for myelofibrosis is anticipated to boost the growth of the industry in the forecast period. The speedy technological advancements and ongoing clinical trials are contributing to the industry growth. Other factors such as improved healthcare sector, reimbursement policies, favourable government initiatives, busy lifestyle and changing dietary patterns are also resulting in the industry growth.   

• Varied New Treatments

For most people suffering from myelofibrosis, the treatment mostly aims to control disease symptoms and complications, augment the quality of life, and extend survival. For patients having low-risk symptoms, treatment options includes Ruxolitinib (Jakafi), Interferon alfa, although the best use of these treatments may be in a clinical trial, and Hydroxyurea (Hydrea). Patients with intermediate and high-risk treatment include Pacritinib, Ruxolitinib, Fedratinib, and allogeneic stem cell transplantation.

 Restraints/Challenges

• Lack of Awareness

The lack of awareness about the diseased condition and the unavailability of several awareness programs restrict the market growth.

• High Cost

The huge expenditure associated with these agents surely hamper the market growth. The huge drug development and associated processes hamper the market's growth.

This global myelofibrosis (MF) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global myelofibrosis (MF) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In February 2021, the European Commission approved full marketing authorization for fedratinib (INREBIC). The suggested dosage for fedratinib is 400 mg once daily orally with or without food for patients with a normal platelet count of ≥50 × 109/L.
• In June 2022, Sierra Oncology performed Phase III data in ASCO 2022 and at the European Hematology Association Hybrid Congress 2022. Based on the affirmative results, the company submitted an NDA to FDA in the second quarter of 2022.

Global Myelofibrosis (MF) Market Scope

The global myelofibrosis (MF) market is segmented on the basis of treatment type, route of administration, distribution channel and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Treatment Type

• Chemotherapy
• Targeted Therapy
• Others

Route of Administration

• Oral
• Parenteral
• Others

End User

• Hospitals
• Homecare
• Specialty Clinics
• Others

Distribution Channel

• Hospital Pharmacy
• Online Pharmacy
• Retail Pharmacy

Myelofibrosis (MF) Market Regional Analysis/Insights

The global myelofibrosis (MF) market is analysed and market size insights and trends are provided by treatment type, route of administration, distribution channel and end-user as referenced above.

The major countries covered in the global myelofibrosis (MF) market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific has been witnessing positive growth for global myelofibrosis (MF) market throughout the forecasted period due to the increased awareness about the diseases and rapidly disposable income.

North America dominates the market due to the increase prevalence of myelofibrosis (MF), high demand of targeted therapies and advanced healthcare facilities.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Myelofibrosis (MF) Market Share Analysis

The global myelofibrosis (MF) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global myelofibrosis (MF) market.

Key players operating in the global myelofibrosis (MF) market include:

• Pfizer Inc (U.S.)
• F. Hoffmann-La Roche Ltd (Switzerland)
• Mylan N.V. (U.S.)
•  Fresenius Kabi AG (Germany)
•  Hikma Pharmaceuticals PLC (Japan)
• Novartis AG (Switzerland)
• Teva Pharmaceutical Industries Ltd. (Israel)
• Bristol Myers Squibb Company (U.S.)
• GSK Plc. (U.K.)
• Bayer AG (Germany)
• Sun Pharmaceutical Industries Ltd (India)
•  Boehringer Ingelheim International Gmbh (Germany)
• Sanofi (France)

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