The global phosphoinositide 3-kinase inhibitor market is estimated to demonstrate a growth rate of 5.61% during the forecast period 2019-2026.
Phosphoinositide 3-kinase inhibitor (PI3K inhibitor) is a class of medical drugs that work by inhibiting one or more PI3K enzymes. These enzymes are involved in cellular functions such as cell growth, proliferation, differentiation, motility, survival, and intracellular trafficking.
In the recent years, the global phosphoinositide 3-kinase inhibitor market has grown owing to the increasing prevalence of cancer and favorable reimbursement policies. According to the statistics of 2020 published by the American Cancer Society in 2020, there are ~13,130 new cases of cancer within the U.S. (2020). Various government bodies of developed countries such as the US and the UK, among others have started patient assistance programs in order to reduce the cost of treatment make it affordable for patients. Furthermore, rising research & development activities by major players to discover new therapeutic applications for PI3K inhibitors is also expected to drive the market growth.
However, failure in clinical trials, product recalls, and low adoption of drugs are the factors that may hamper the market growth. For instance, in May 2016, the US Food and Drugs Administration (FDA) alerted medical professionals regarding usage of Zydelig (idealalisib), a PI3K inhibitor by Gilead Sciences, Inc. in combination with other cancer medicines as the clinical trials demonstrated increased rate of adverse events, including deaths. Along with this, warning by the FDA, Gilead Sciences, Inc. announced that they are stopping 6 clinical trials associated with the drug. Furthermore, stringent government regulations associated with product approvals is also expected to negatively affect the market growth.
The global phosphoinositide 3-kinase inhibitor market is experiencing exhaustive research activities for the treatment of cancer due to the huge unmet need faced by the cancer patients. For instance, in September 2017, copanlisib (ALIQOPA) by Bayer AG was approved for the treatment of follicular lymphoma.
Under global scope, the phosphoinositide 3-kinase inhibitor market has been studied on the basis of application segment.
Based on application, the global phosphoinositide 3-kinase inhibitor market is segmented into chronic lymphocytic leukemia (CLL), follicular lymphoma (FL), and others. The CLL segment garnered more market share owing to high patient population. According to the American Society of Clinical Oncology (ASCO) in January 2020, approximately 21,040 people in the US are expected to be diagnosed in the US in the year 2020.
By region, the global phosphoinositide 3-kinase inhibitor market is segmented into the North America, Europe, Asia-Pacific and LAMEA.
The market in the North America is estimated to lead the global market in 2019, as the prevalence of cancer is highest within the region. According to the National Cancer Institute, there were approximately 153,259 people within the US (2017) who had soft tissue sarcoma. This is paralleled by high death rate. Such prevailing situation is estimated to increase the demand of related therapeutics, boosting the market growth during the forecast period. Moreover, a developed infrastructure and increasing per capita healthcare infrastructure further accelerates the market growth.
On the other hand, Europe is estimated to hold the second largest market share for the global phosphoinositide 3-kinase inhibitor market. Germany is expected to account for a major market within the region. The region is estimated to hold a major share owing to presence of huge patient pool, high per capita income, and favorable reimbursement policies.
Asia-Pacific market is expected to be the fastest growing market owing to the increasing R&D activities in the region by market players in order to cater to the unmet needs and rising prevalence of cancer. According to a report published by the American Political Science Review, the incidence rate of lung cancer in Australia was 26.2% in the year 2018.
The market in the LAMEA region is expected to demonstrate the least market share owing to less investment by market players in regions such as Africa and Middle East.
Key players covered into the report include Sanofi-Aventis (France), Exelixis, Inc. (US), Bayer AG (Germany), Gilead Sciences, Inc. (US), TG Therapeutics (US), Verastem Oncology (US), Novartis AG (Switzerland), and others. These companies are adopting strategies such as partnerships, mergers, acquisitions, product approvals, and product launches, among others to gain a competitive edge in the market. For instance, in May 2019, Piqray (alpelisib, formerly BYL719) by Novartis AG was approved by the US Food and Drugs Administration (FDA) for treatment of HR+/HER2-advanced breast cancer. The drug is the first and only treatment that is specifically used for PIK3CA mutation in HR+/HER2- advanced breast cancer. This product approval helped Novartis to increase
Have Any Query? Ask Our Experts: https://www.reportocean.com/industry-verticals/sample-request?report_id=BWC126
Direct Purchase Licensed Copy @ https://www.reportocean.com/industry-verticals/details?report_id=BWC126&pub_code=RO-017&keyword=
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believe in providing the quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is “one-stop solution” for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Name: Pragya Niranjan
Address: 500 N Michigan Ave, Suite 600, Chicago, IIIinois 60611 – UNITED STATES
Tel: +1 888 212 3539 (US – TOLL FREE)