Overview:
Sprycel belongs to a class of medications known as tyrosine kinase inhibitors (TKIs). Unlike traditional chemotherapy, which broadly attacks both cancerous and healthy cells, Sprycel precisely targets specific proteins responsible for cancer growth and proliferation. This targeted approach not only enhances its efficacy but also minimizes the adverse effects associated with conventional treatments. Sprycel has demonstrated efficacy in treating Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL), a rare and aggressive form of leukemia. Sprycel is available in a convenient oral formulation, making it more accessible and easier. One of the challenges in cancer treatment is the development of drug resistance, which can limit the long-term efficacy of medications. However, Sprycel has shown promising results in managing resistance to other TKIs commonly used in CML therapy.
Market Dynamics:
Rising product approvals are estimated to augment the growth of the global Sprycel Market during the forecast period. For instance, Lupin Limited gained tentative approval from the US FDA for their Abbreviated New Drug Application, Dasatinib Tablets, in August 2022. These tablets are anticipated to make an annual sales of USD 1569 million, in the United States of America. Moreover, rising adverse effects and increasing costs are anticipated to restrain the growth of the global Sprycel market during the forecast period.
Impact of COVID-19:
The pandemic was first reported in 2019 in China. It hampered the growth of many sectors globally. It also had a huge impact on the growth of several sectors globally. The pandemic caused the shutting down of manufacturing activities in several industries. This was due to the strict nationwide lockdowns imposed in many regions. These restrictions also caused disruptions in supply chains and a shortage of raw materials. The pandemic had a significant impact on the growth of the healthcare sector also. The number of COVID-19 patients was increasing on a daily basis and this increased the burden on the healthcare sector. Several hospitals had to monitor their patients remotely so as to avoid the risk of transmitting t eh infection. This led to the delay or cancellation of several other surgeries and treatments. This had a negative impact on the growth of the global Sprycel market.
Key Takeaways:
The global Sprycel market is expected to witness high growth, exhibiting a CAGR of 5.5 % over the forecast period, due to growing partnerships among key players. For instance, Xspray Pharma and EVERSANA entered into a partnership in February 2023, for launching and commercializing Dasynoc. This is their innovative cancer therapy for acute lymphatic leukemia and chronic myeloid leukemia in the United States of America. The global Gemigliptin Market size was valued at US$ 1.79 billion in 2023 and is expected to reach US$ 2.59 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030.
North America is anticipated to witness significant growth in the global Sprycel market during the forecast period, due to growing research on chronic myelogenous leukemia and the increasing presence of major players.
Key players operating in the global Sprycel market are Qilu Antibiotics, Bristol-Myers Squibb, PLIVA, LUCIUS Pharma, ALP PHARM, MSN Labs, Kolon Life Science, Hetero Labs, Teva, Alembic Pharma, Zhejiang Hisun Pharma, JINLAN Pharm-Drugs Technology Co., Ltd., and Dr. Reddy’s.