The dasatinib drugs market offers significant advantages in the treatment of cancer. Dasatinib drugs help to block the activity of tyrosine kinases, which play a crucial role in cancer cell growth and survival. The drug is an oral medication used to treat several types of cancer including chronic myeloid leukemia (CML) and Philadelphia chromosome-positive acute lymphoblastic leukemia. 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: Key players operating in the dasatinib drugs market include 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.
Key opportunities: Increasing incidence of cancer globally is anticipated to present lucrative opportunities for dasatinib drug manufacturers. Growing demand for effective treatments targeting specific gene mutations also offers opportunities for companies.
Technological advancements: Developments in targeted cancer therapies, personalized medicine, and combination therapies have expanded the potential of dasatinib drugs. Ongoing research aims to widen the scope of cancers treated with dasatinib.
Market drivers
Increasing cancer prevalence: Rising incidence of cancer types treated with dasatinib drugs is a major market driver. According to WHO estimates, global cancer burden is expected to reach 27.5 million new cases by 2040.
Favorable reimbursement policies: Reimbursement of dasatinib drugs by government and private payers supports market growth. Streamlined approval processes by regulatory bodies also augment the demand.
Combination therapies: Combining dasatinib with other drugs enhances therapeutic outcomes. Developments in combination strategies expand its applications and clinical benefits.
Challenges in Dasatinib Drugs Market
The Dasatinib drugs market is facing few challenges currently which can hamper its growth potential in coming years. High prices of Dasatinib drugs is one of the major challenges as it makes difficult for patients from low and middle income countries to afford the treatment. Secondly, patent expiration of some major Dasatinib drugs in coming years can increase the competition resulting in price wars among manufacturers. This may affect the profit margins of companies. Thirdly, side effects associated with Dasatinib drugs such as skin rashes, headache, diarrhea etc. can discourage few patients from opting for the treatment. Lastly, lack of awareness about Chronic Myeloid Leukemia (CML) and its treatment options in some regions pose challenge for market players to penetrate in those areas.
SWOT Analysis
Strength: High efficacy and safety profile of Dasatinib drugs makes it preferred treatment option for CML. Weakness: High prices and side effects of Dasatinib drugs. Opportunity: Patent expiration of major drugs in coming years allow scope for generic versions. Threats: Stiff competition from other CML therapies and biosimilars can erode market share of companies.
North America holds around 40% share of global Dasatinib drugs market due to high diagnosis and treatment rates in the region. Europe is second largest market owing to increasing focus on Rare Cancers research. Asia Pacific region is expected to witness fastest growth over forecast period due to rising healthcare investment and growing incidences of CML in countries like India and China.
In terms of value, North America is currently the highest revenue generating region for Dasatinib drugs market. However, Asia Pacific region is expected to surpass other regions and emerge as fastest growing market between 2023-2030. This is attributed to factors such rapid economic development, rising healthcare expenditure, increasing awareness about CML treatment and emergence of regional generics manufacturers in Asia Pacific countries.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it