FMS Like Tyrosine kinase 3 inhibitors Market To Grow At Rate Of 14.6% Through 2030
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Rising incidence of Acute Myeloid Leukemia (AML) is a key factor driving FLT3 inhibitors market revenue growth
VANCOUVER, BC, CANADA, January 23, 2023 /EINPresswire.com/ -- According to the most recent analysis by Emergen Research, the market for FMS-Like Tyrosine Kinase 3 (FLT3) inhibitors was valued at USD 405.6 Million in 2021 and is anticipated to grow at a rate of 14.6% over the projected period. One of the main factors influencing the growth of the market revenue is the rising high-value investments for Research & Development (R&D) activities by various major pharmaceutical companies for improvement in therapeutic tolerability and medications. In addition, the prevalence of Acute Myeloid Leukemia (AML) and relapse cases is increasing, there are more prospective medications in development, and regulatory agencies are increasingly approving novel FLT3 inhibitor drugs, all of which are fueling the market's revenue growth.
AML has the lowest survival rate of all adult leukaemias, according to Novartis, and makes up about 25% of all cases. The FDA has officially approved the use of three FLT3 inhibitors in the United States. Gilteritinib is approved for R/R illness, but midostaurin is for first-line chemotherapy. Two novel AML inhibitors, quizartinib and crenolanib, are in the last stages of development for first-line and R/R therapy. The market for FLT3 inhibitors is expanding because to a number of benefits of enhanced targeted treatments, including higher long-term survival rates, quality, and safety. Cancer.net reports that the 5-year survival rate for those with AML who are 20 years of age and older is 27%, compared to 69% for people who are younger than 20.
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Target Audience of the Global FMS Like Tyrosine kinase 3 inhibitors Market Report:
Key Market Players
Investors
Venture capitalists
Small- and medium-sized and large enterprises
Third-party knowledge providers
Value-Added Resellers (VARs)
Global market producers, distributors, traders, and suppliers
Research organizations, consulting companies, and various alliances interested in this sector
Government bodies, independent regulatory authorities, and policymakers
Competitive Landscape:
Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
Key Companies Profiled in the Report:
Astellas Pharma Inc., Novartis AG, Pfizer Inc., Daiichi Sanyo Company, Limited, Cullinan Oncology, Inc., AROG Pharmaceuticals, Inc., Aptose Biosciences Inc., FUJIFILM Pharmaceuticals U.S.A., Inc., CSPC Pharmaceutical Group Limited, and Allarity Therapeutics, Inc
Some Key Highlights From the Report
The gilteritinib segment accounted for largest revenue share in 2021 owing to continuing clinical trials and increasing regulatory approvals. Gilteritinib, which is a kinase inhibitor, is recommended for people with acute myeloid leukemia that has relapsed or become resistant to treatment and has FLT3-TKD or FLT3-ITD mutation. This can increase patients survival rates, which is one of the main requirements for getting regulatory approval. For patients with severe, relapsing, or refractory illness, gilteritinib is a safe, mutation-targeted therapeutic option. A complex pyrazine carboxamide derivative, medication also has increased activity, selectivity, and effectiveness against FLT3-TKD and FLT3-ITD mutations.
Type 1 FLT3 inhibitors segment accounted for largest revenue share in 2021 owing to increasing number of successful clinical trials and research studies. Type 1 inhibitors are more effective in AML cells containing either ITD or TKD mutations as they inhibit ATP binding in contrast to Type 2 FLT3 inhibitors. Moreover, Type 1 FLT3 inhibitors can be used in patients who have relapsed owing to acquired TKD mutations, which is one of the key factors driving revenue growth of the market. Type 1 inhibitors include midostaurin, crenolanib, and gilteritinib. Additionally, better efficacy, fewer side effects, and low toxicity of drugs are major factors driving revenue growth of this segment.
The North America market accounted for largest revenue share in 2021. A few factors driving market revenue growth include surging number of AML patients, rising requirement for targeted therapies as well as increasing investments by major pharmaceutical companies for R&D in the area of FLT3 inhibitors drug development. Furthermore, rising collaborations between governments and pharmaceutical companies and increasing number of approval of new innovative drugs along with a number of potential pipeline drugs are significantly contributing to growth of the FLT3 inhibitors market in North America.
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Segmental Analysis
The global FMS Like Tyrosine kinase 3 Inhibitors market is broadly segmented on the basis of different product types, application range, end-use industries, key regions, and an intensely competitive landscape. This section of the report is solely targeted at readers looking to select the most appropriate and lucrative segments of the FMS Like Tyrosine kinase 3 Inhibitors sector in a strategic manner. The segmental analysis also helps companies interested in this sector make optimal business decisions and achieve their desired goals.
Segments Covered in this report are:
Drug Type Outlook (Revenue, USD Million; 2019-2030)
Midostaurin
Gilteritinib
Sorafenib
Therapies Outlook (Revenue, USD Million; 2019-2030)
Type 1 FLT3 inhibitors
Type 2 FLT3 inhibitors
Regional Outlook (Revenue, USD Million; 2019–2030)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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Key reasons to buy the Global FMS Like Tyrosine kinase 3 inhibitors Market report:
The latest report comprehensively studies the global FMS Like Tyrosine kinase 3 inhibitors market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the market.
It offers a detailed account of the end-use applications of the products & services offered by this industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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Will leading FMS Like Tyrosine kinase 3 inhibitors markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
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