The global tyrosine kinase inhibitors market was valued at US$ 18.3 Bn in 2017. It is projected to expand at a compound annual growth rate (CAGR) of 0.02% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Tyrosine Kinase Inhibitors Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. The report suggests that rising awareness about cancer diagnosis and treatment and expanding indications of existing & pipeline TKIs are expected to boost the tyrosine kinase inhibitors market in the near future.
North America and Europe are projected to dominate the global market owing to high prevalence and increase in incidence of cancer and the high rate of norms for drug import initiatives to attract healthcare providers and pharmaceutical companies in order to establish their base and drug pricing regulations, which are likely to drive growth of oncology market. This, in turn, is augmenting the tyrosine kinase inhibitors market in North America and Europe. The market in Asia Pacific is projected to witness expansion at a significant growth rate during the forecast period. Expansion of the market in Asia Pacific is attributed to high prevalence and increase in incidence rate of cancer and rise in health care expenditure in Asia Pacific. The market for tyrosine kinase inhibitors in Latin America is likely to expand at a moderate growth rate during the forecast period.
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Specificity and efficacy of TKIs over chemotherapy and radiotherapy to fuel global market
The global tyrosine kinase inhibitors market is projected to be potentially driven by the high prevalence and increase in incidence of cancer across the globe. Moreover, tyrosine kinase inhibitors were accepted largely due to specificity and efficacy and benefits over chemotherapy and radiotherapy. For instance, BCR-ABL TKIs,