Hydroxyurea Market: Introduction
· Hydroxyurea is an antimetabolite used to manage sickle cell anemia. Hydroxyurea is an antineoplastic agent that prevents DNA synthesis through inhibition of ribonucleoside diphosphate reductase.
· Hydroxyurea is used with other medications or radiation therapy to treat certain types of chronic myelogenous leukemia, a type of cancer of white blood cells. It is also used in certain types of head and neck cancer. In some cases, hydroxyurea is used to treat polycythemia (blood disease for red blood cells).
· Hydroxyurea reduces the incidence of painful crises and the need of blood transfusions in adults and children who are 2 years of age and older with sickle cell anemia
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Global Hydroxyurea Market: Key Trends
· Increase in research & development on leukemia treatment by major pharmaceutical and biotechnology companies across the world is projected to drive the global hydroxurea market during the forecast period
· Companies operating in the hydroxyurea market focus on various strategies to retain their positions in the highly competitive landscape of this market. Partnership, mergers & acquisitions, collaboration, and research activities are the strategies adopted by industry leaders in the global hydroxyurea market. Rise in prevalence of chronic lymphocytic leukemia is another factor driving the global market.
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· Increase in incidence of sickle cell anemia among newborns is likely to augment the global hydroxyurea market during the forecast period. According to journal PLOS medicine, an estimated 400,000 babies will be born with sickle cell anemia every year, which is likely to increase by about 30% globally by 2050.
Global Hydroxyurea Market Segmentation
· In terms of route of administration, the global hydroxyurea market has been bifurcated into oral and intravenous. The oral segment accounted for the largest market share in 2020 because it is a convenient route of administration.
· Based on application, the global hydroxyurea market has been classified into chronic myelogenous leukemia, myeloproliferative disease, sickle cell anemia, and others. The sickle cell anemia segment is projected to dominate the global market during the forecast period, as hydroxyurea is largely used in the treatment of sickle cell anemia.
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Asia Pacific to Capture Major Share of Global Hydroxyurea Market
· Asia Pacific is anticipated to dominate the global market during the forecast period due to rise in prevalence of blood disorders. Moreover, increase in the number of newborns with sickle cell anemia in India is expected to drive the market during the forecast period.
· China, India, and other developing countries account for major share of active pharmaceutical ingredient production for drug manufacturing. This is likely to propel the market in Asia Pacific at a high CAGR during the forecast period.
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Key Players Operating in Global Hydroxyurea Market
Major players operating in the global hydroxyurea market are listed below:
· Bristol-Myers Squibb
· Euticals
· Tecoland
· Qilu Tianhe Pharmaceutical
· Tiefenbacher API
· Olon
· JPN Pharma
· DSM Pharmaceuticals, Inc.
· Fermenta Biotech Limited
· Guangzhou Tosun Pharmaceutical
· Others
