March 5, 2024

The global Sprycel Market is estimated to Propelled by Innovative Drug Discovery Approaches

Sprycel, is an orally administered anticancer drug used for treating certain types of leukemia. The drug works by inhibiting an enzyme called Bcr-Abl tyrosine kinase, which is active in chronic myeloid leukemia (CML). In recent years, several innovative drug discovery approaches such as combinatorial chemistry, structure-based drug design, artificial intelligence and machine learning have helped pharmaceutical companies in developing novel and targeted drugs for leukemia. This has addressed the unmet needs of patients and fueled growth of the global sprycel market.

The global Sprycel Market is estimated to be valued at US$ 412.4 Mn in 2024 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends propelling growth of the sprycel market is the increasing adoption of innovative drug discovery approaches. Companies are increasingly investing in technologies like artificial intelligence and machine learning to speed up drug discovery process and develop novel targeted therapies. For instance, Bristol-Myers Squibb, a leading player, has established an AI-based drug discovery platform to leverage computational models for generating novel molecules and compounds. Such innovative approaches assess billions of chemical structures in a short time to identify molecules fitting the properties required. This has helped identifying drug candidates with improved efficacy and fewer side effects for hard-to-treat cancers like leukemia. Increased funding in AI-based pharmaceutical R&D is expected to further drive innovation in leukemia treatment, thereby supporting market growth over the forecast period.

SWOT Analysis

Strength: Sprycel has well established efficacy and safety profile for treatment of leukemia. It is considered as first line treatment for chronic myeloid leukemia (CML).

Weakness: Sprycel faces competition from generic versions of first-generation TKIs. Price erosion due to market entry of generic drugs can impact sales of Sprycel.

Opportunity: Large patient pool for CML worldwide presents major growth opportunity. Emerging economies with large cancer population offer scope to increase patient base.

Threats: Patent expiry of Sprycel between 2023-2024 in major markets enables entry of generic drugs. This will reduce profit margins for the innovator. Stringent regulations for approval of cancer drugs also poses challenges.

Key Takeaways

The global Sprycel market is expected to witness high growth. The global Sprycel Market is estimated to be valued at US$ 412.4 Mn in 2024 and is expected to exhibit a CAGR of 1.8% over the forecast period 2023 to 2030.

Regional analysis related content comprises the North America region currently dominates the Sprycel market and is expected to retain its position during the forecast period. Growing incidence of leukemia and availability of reimbursement for cancer drugs are major factors supporting market growth in the region.

Key players related content comprises Key players operating in the Sprycel market are Bristol-Myers Squibb (BMS), Novartis, Teva Pharmaceutical Industries, Mylan, Accord Healthcare, Sun Pharma, Dr. Reddy’s Laboratories, Aurobindo Pharma. Patent expiry of Sprycel between 2023-2024 will enable these players to launch generic version and capture a significant share of the market. However, Bristol-Myers Squibb being the innovator will continue maintaining its top position at least till 2030 with additional indications and patent protection in select markets. The generics market will grow at a higher CAGR during the forecast period with increasing access of patients to low cost drugs.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it