May 27, 2024

Lenalidomide Drug Market is Estimated to Witness High Growth Owing to Advancements in Cancer Treatment Therapies

Lenalidomide is an immunomodulatory drug used in the treatment of various cancers such as multiple myeloma and myelodysplastic syndromes. It is an analogue of thalidomide used to treat various cancers by boosting the body’s immune response against cancer cells. Lenalidomide directly kills cancer cells and also stimulates the immune system by increasing the numbers of T cells that help search and destroy cancer cells. It is available in oral capsules that are taken on a fixed schedule.

The global lenalidomide drug market is estimated to be valued at US$ 13.21 Bn in 2024 and is expected to exhibit a CAGR of 6.4% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in The Lenalidomide Drug Market are Teva Pharmaceutical Industries Ltd., Bristol-Myers Squibb Company, Dr. Reddy’s Laboratories Ltd., Cipla Inc., Apotex Inc., Viatris Inc., Sun Pharmaceutical Industries Ltd., Lotus, NATCO Pharma Limited, Sandoz Group AG, Aurobindo Pharma, Zydus Group, and Intas Pharmaceuticals Ltd.

The key opportunities in the lenalidomide drug market include strong product pipeline, robust R&D investments, emerging markets growth potential, increasing prevalence of cancer, and growing awareness. Advancements in cancer immunotherapy and targeted drug delivery are acting as tailwinds for market growth.

Market drivers
Increasing incidence of cancers such as multiple myeloma cancer globally is a key driver for the lenalidomide drug market. As per WHO statistics, worldwide cancer burden is projected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths by 2040. Additionally, growing healthcare spending, strong reimbursement policies, and new product approvals are few other factors augmenting the market growth.

Current challenges in Lenalidomide Drug Market:

The lenalidomide drug market is facing various challenges including patent expiry of branded drugs, introduction of generic versions and stringent regulations. The patent for Revlimid, a branded lenalidomide drug held by Celgene, is set to expire in 2022 which will allow other companies to launch generic versions. This is expected to significantly reduce prices and intensify competition in the market. Further, regulatory authorities have imposed stringent norms regarding safety, efficacy and quality which manufacturers have to comply with. This increases compliance costs and delays drug approvals.

SWOT Analysis
Strength: High efficacy in treatment of multiple myeloma. Widely used as maintenance therapy which drives repetitive usage.
Weakness: High treatment costs. Risk of severe side effects like thrombosis.
Opportunity: Potential applications in other cancer types and non-oncology conditions. New formulations and drug delivery technologies to improve efficacy.
Threats: Increasing availability of low cost generics. Stringent regulatory oversight on safety.

Geographical regions of high market value:
North America currently accounts for the largest share in the lenalidomide drug market in terms of value owing to established healthcare infrastructure and higher adoption of premium drugs. The US holds majority of the regional market share.

Fastest growing geographical region:
Asia Pacific region is expected to exhibit the fastest growth during the forecast period driven by rising healthcare spending, growing cancer incidence, increasing focus of key players and improving access to advanced therapeutics in major countries like India and China.

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