Global Statistics Representing Venetoclax Market Scenario
Venetoclax is an antineoplastic agent used in combination with chemotherapy. The drug is used in the treatment of chronic lymphocytic leukemia and small lymphocytic lymphoma. In May 2019, the U.S. FDA approved Veneclexta (venetoclax) for treating chronic lymphocytic leukemia (CLL). To extend the use of the drug into other hematological cancer, many players like Roche's Genentech unit are collaborating with different companies on Venclexta's development. As the drug is only patented in the U.S., many companies such as Roche, Tolero Pharmaceuticals, and others are trying to introduce the drug in the other regions, which, in turn, is likely to boost the global Venetoclax market growth.
According to the Leukemia Research Foundation, more than 201,870 new cases are expected to suffer from blood cancer in the U.S. Apart from this, 68,000 people are likely to die from blood cancer.
Global Venetoclax market is segmented into applications, end user, and region.
By applications, the market is segmented into chronic lymphocytic leukemia and small lymphocytic lymphoma. Among applications, the chronic lymphocytic leukemia segment is expected to hold major share of the market owing to the continuously growing prevalence of the cancer type. Whereas, small lymphocytic lymphoma is anticipated to account for the market share owing to the low prevalence of this type of cancer.
By end user, the market is segmented into hospitals/clinics, oncology centers, and others. Hospitals/clinics segment is expected to account for the largest share of the market, owing to technological advancements regarding treatment procedures in the hospitals/clinics. With the increasing demand for oncology centers for treating cancers, the oncology centers segment is expected to witness considerable growth.
In terms of region, the global Venetoclax market is segmented into North America, Europe, Asia Pacific (APAC), and Latin America and the Middle East & Africa (LAMEA).
North America dominated the global market in 2018 and is expected to continue the same during the forecast period 2019–2026. This can be attributed to some of prominent factors like exponentially growing healthcare sector and rapid technological advancements in the services provided by the hospitals and clinics. Apart from this, growing demand for the oncology centers in the region and favorable government policies are projected to fuel the market growth in the years to come.
Europe is expected to be the second leading region, owing to the huge presence of hospitals & clinics and oncology centers. The strong presence of AbbVie Inc., a pharmaceutical company by which the Venetoclax drug is patented has significantly boosted the overall regional growth.
Asia Pacific is expected to be the fastest growing region in the global Venetoclax market due to the high prevalence of chronic lymphocytic leukemia or small lymphocytic lymphoma. In addition, large population base and constant increase in the population are expected support the growth further.
Latin America and the Middle East & Africa (LAMEA) are anticipated to experience sluggish growth in the global Venetoclax market owing to the poor healthcare infrastructure, low disposable income, and low awareness among people regarding chronic lymphocytic leukemia or small lymphocytic lymphoma.
Some of the key players in the global Venetoclax market are AbbVie Inc., F. Hoffmann-La Roche Ltd, and Sumitomo Dainippon Pharma Co., Ltd.
Venetoclax Market Segmentation
By End User