May 29, 2024

Dasatinib Drugs Market: Revolutionizing Treatment for Chronic Myeloid Leukemia

Dasatinib Drugs Market1

The Dasatinib Drugs Market is primarily involved in the manufacturing of dasatinib, a tyrosine kinase inhibitor drug used for treating certain cancers like chronic myeloid leukemia and Philadelphia chromosome-positive acute lymphoblastic leukemia. Dasatinib works by blocking certain proteins called tyrosine kinases that help cancer cells grow uncontrollably. Some key advantages of dasatinib include its effectiveness in cancer treatment even after other drugs stop working, minimal side effects compared to other cancer drugs, and availability in both tablet and injectable forms. The need for effective yet affordable cancer treatment therapies is increasing globally due to rising cancer incidence rates, thereby driving market growth.

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 market 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. Bristol-Myers Squibb Company is currently the leading brand in the dasatinib drugs market with its Sprycel brand.

The demand for affordable dasatinib drugs is growing rapidly worldwide due to the rising prevalence of cancers like CML and ALL. As per WHO, around 10 million new cases of cancer are reported globally every year. This growing disease burden is expected to drive market growth during the forecast period.

The dasatinib drugs market is expanding globally with many companies focusing on developing generics as well as launching dasatinib in new formulations and delivery methods. Several key players are strengthening their global presence and product portfolios through acquisitions and regional expansions especially in emerging markets of Asia, Latin America, Middle East and Africa.

Market key trends

One of the key trends gaining traction in the dasatinib drugs market is the increasing approvals for generic versions. Once blockbuster drugs like dasatinib lose patent, several generic drugmakers receive regulatory approvals for more affordable biosimilar and generic versions. For instance, in 2021, the US FDA approved a generic dasatinib tablet by Lupin. Such increased availability of low-cost generic alternatives is expected to boost the overall market adoption and growth during the forecast period.

Porter’s Analysis

Threat of new entrants: Low, as there is a high capital requirement needed for R&D and manufacturing facilities. Bargaining power of buyers: Moderate, as there are substitute drugs available in the market to treat the same diseases. Bargaining power of suppliers: Moderate, as large pharmaceutical companies have the capability to develop and supply dasatinib drugs. Threat of new substitutes: High, as there are alternative treatment options available and new drugs can be introduced. Competitive rivalry: High, as the market is dominated by few major players.

Geographical Regions

North America region dominates the global dasatinib drugs market in terms of value, with the U.S. accounting for the largest share. This is due to the increasing number of cancer cases and the adoption of dasatinib for treating chronic myeloid leukemia in this region.

Asia Pacific region is expected to show the fastest growth for the dasatinib drugs market during the forecast period. This is attributed to improvement in healthcare infrastructure and rapid economic growth in developing countries such as India and China, which are expected to provide significant growth opportunities. Advancing biomedical technology and increasing investments by key market players are also fueling market growth in this region.

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