The dasatinib drugs market has seen significant growth in recent years due to the rising prevalence of types of cancers like chronic myeloid leukemia (CML) and gastrointestinal stromal tumor (GIST). Dasatinib, a protein kinase inhibitor, is used for the treatment of hematological cancers like CML in its chronic, accelerated, or myeloid or lymphoid blast phase. It is also used to treat Philadelphia chromosome-positive acute lymphoblastic leukemia. Dasatinib drugs offer advantages like fewer side effects and higher response rates compared to other available cancer therapies. With the increasing cases of various cancers worldwide, the need for improved and targeted treatment options has risen tremendously, driving the demand for dasatinib drugs. The Global dasatinib drugs market is estimated to be valued at US$ 1350.6 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the dasatinib drugs are Bristol-Myers Squibb Company, MSN Labs, Lupin, Dr. Reddy’s Laboratories, Gilead Sciences, Inc., Hetero Labs, MANUS AKTTEVA BIOPHARMA LLP, Alembic Pharma, JINLAN Pharm-Drugs Technology Co., Ltd., and Zhejiang Hisun Pharma.
The dasatinib drugs market is expected to witness significant growth opportunities due to the rising prevalence of various cancers worldwide. Market players are investing heavily in research and development of improved and novel therapeutic drugs for cancer treatment.
Advancements in cancer diagnosis and treatment such as targeted drug therapies, personalized medicine, and combination therapies have provided impetus to the dasatinib drugs market. Further innovations in drug delivery systems are also boosting the market growth.
Market Drivers
The global dasatinib drugs market is driven by the growing geriatric population susceptible to developing various cancers. According to WHO, the proportion of the world’s population over 60 years will nearly double from 12% to 22% between 2015 and 2050.
Rising investments in research & development of oncology therapeutics by pharmaceutical players for developing novel targeted drug therapies is also fueling the market growth. Growing awareness about early cancer diagnosis and treatment availability is another key factor driving the demand for dasatinib drugs.
Current challenges in Dasatinib Drugs market:
The Dasatinib Drugs market faces various challenges currently. One of the major challenges is the patent expiration of the blockbuster drugs like Sprycel which will allow the entry of generic competition. Another major challenge is the availability of alternative treatment options for CML and other cancers treated with Dasatinib. Biosimilars of Dasatinib are also expected to eat into the market share of branded drugs once approved. Other challenges include rising R&D costs for developing new indications and formulations, stringent regulations, and pricing pressure in major markets.
SWOT Analysis
Strength: High efficacy and favorable side effect profile for CML treatment. Approved for various cancer indications.
Weakness: Strong competition from alternative targeted therapies. High costs of therapy.
Opportunity: Potential approvals in new cancer indications. Emergence of combination regimens.
Threats: Generic competition post major drug patents expiration. Biosimilar approvals once reference drugs go off-patent.
Geographical regions with high concentration:
North America currently dominates the dasatinib drugs market owing to high healthcare spending, rising cancer incidence, and presence of key market players. The United States represents the largest regional market in terms of both value and volume. Asia Pacific is anticipated to be the fastest growing regional market during the forecast period with double-digit CAGR driven by growing healthcare expenditure, increasing awareness, and emergence of regional pharmaceutical players. Countries like China and India will be lucrative markets in Asia Pacific region.
Fastest growing geographical region:
Asia Pacific region is poised to witness the fastest growth in the dasatinib drugs market during the forecast period from 2023 to 2030. This can be attributed to factors like rising cancer burden associated with changing lifestyle, increasing healthcare access and expenditure, rapidly developing pharmaceutical industry, and emergence of regional generic manufacturers. China and India will lead the market growth in Asia Pacific due to their huge patient populations and growing middle-class with medical insurance.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
