骨髄線維症治療薬の世界市場

骨髄線維症治療薬の世界市場は2030年までに12億米ドルに達する見込み

2023年に9億1,790万米ドルと推定される骨髄線維症治療薬の世界市場は、分析期間2023-2030年にCAGR 3.5%で成長し、2030年には12億米ドルに達すると予測されます。本レポートで分析したセグメントの1つである標的療法は、CAGR 3.8%を記録し、分析期間終了時には9億610万米ドルに達すると予測されます。化学療法分野の成長率は、分析期間中CAGR 2.6％と推定されます。

米国市場は2億4,130万米ドルと推定、中国はCAGR 3.4％で成長すると予測

米国の骨髄線維症治療薬市場は、2023年に2億4,130万米ドルと推定されます。世界第2位の経済大国である中国は、2030年までに1億8,840万米ドルの市場規模に達すると予測され、分析期間2023-2030年のCAGRは3.4%です。その他の注目すべき地域別市場としては、日本とカナダがあり、分析期間中のCAGRはそれぞれ3.3%と2.9%と予測されています。欧州では、ドイツがCAGR 3.2%で成長すると予測されています。

世界の骨髄線維症治療薬市場- 主要動向と促進要因のまとめ

骨髄線維症は稀な骨髄がんの一種であり、体内の正常な血液細胞産生を阻害し、重度の貧血、衰弱、疲労、脾腫を引き起こします。骨髄線維症の治療市場は、より優れた有効性と患者の生活の質の向上をもたらす先進的な治療法に焦点を当てながら発展してきました。現在の治療法には、薬物療法、骨髄移植、新興の遺伝子治療などがあります。ルキソリチニブやフェドラチニブなどのヤヌスキナーゼ（JAK）阻害剤は、症状を軽減し、全生存率を改善する能力により、標準治療となっています。新規治療標的の調査は拡大し続けており、ブロモドメイン阻害剤やテロメラーゼ阻害剤のような有望な候補が臨床試験中です。これらの進展は、近い将来患者の転帰に革命をもたらす可能性のある治療法の強力なパイプラインを意味します。

分子および遺伝子プロファイリングにおける最近の進歩は、骨髄線維症の病態生理学の理解を深め、より正確で的を絞った治療アプローチにつながっています。次世代シークエンシング（NGS）やその他の高度な診断ツールの統合により、疾患に関連する特定の変異や分子マーカーの同定が可能になりました。この精密医療のアプローチは、個々の患者に合わせた治療を行うだけでなく、疾患の進行や治療に対する反応をモニタリングするのにも役立ちます。さらに、様々な経路を標的とする複数の薬剤を同時に使用する併用療法の登場は、薬剤耐性を克服し、より持続的な奏効を達成する上で大きな可能性を示しています。このような革新的な治療戦略は、治療の展望を再形成し、この衰弱性疾患に苦しむ患者に新たな希望をもたらしています。

骨髄線維症治療薬市場の成長は、いくつかの要因によって牽引されています。その中でも重要なのは、骨髄線維症および関連する骨髄増殖性新生物の有病率の増加であり、これにより効果的な治療に対する需要が高まっています。バイオテクノロジーと製薬研究の開拓により、より効果的で的を絞った治療法の開発が進み、市場拡大に拍車をかけています。また、先進的な治療法を求め、臨床試験に参加する患者が増加していることから、患者の意識向上とアドボカシーも市場成長の推進に重要な役割を果たしています。さらに、希少疾病用医薬品の指定や迅速な承認プロセスなど、規制当局の好意的な政策が、骨髄線維症の研究開発に投資する企業のインセンティブとなっています。また、世界のヘルスケア支出の増加や医療サービスへのアクセスの向上は、より多くの患者が最先端の治療法にアクセスできるようになり、市場の成長をさらに後押ししています。これらの要因が相まって、骨髄線維症治療薬市場は大きな成長と革新に向かっています。

調査対象企業の例（全86件）

• A. Menarini Industrie Farmaceutiche Riunite Srl
• AbbVie, Inc.
• Bristol-Myers Squibb Company
• Disc Medicine
• Galecto
• Genentech, Inc.
• Geron Corporation
• GSK Plc
• Incyte Corporation
• Italfarmaco SpA
• Kartos Therapeutics
• Karyopharm Therapeutics, Inc.
• Merck & Co., Inc.
• Novartis AG
• Swedish Orphan Biovitrum AB;

目次

第1章 調査手法

第2章 エグゼクティブサマリー

• 市場概要
• 主要企業
• 市場動向と促進要因
• 世界市場の見通し

第3章 市場分析

• 米国
• カナダ
• 日本
• 中国
• 欧州
• フランス
• ドイツ
• イタリア
• 英国
• その他欧州
• アジア太平洋
• その他の地域

第4章 競合

Global Myelofibrosis Therapeutics Market to Reach US$1.2 Billion by 2030

The global market for Myelofibrosis Therapeutics estimated at US$917.9 Million in the year 2023, is expected to reach US$1.2 Billion by 2030, growing at a CAGR of 3.5% over the analysis period 2023-2030. Targeted Therapy, one of the segments analyzed in the report, is expected to record a 3.8% CAGR and reach US$906.1 Million by the end of the analysis period. Growth in the Chemotherapy segment is estimated at 2.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$241.3 Million While China is Forecast to Grow at 3.4% CAGR

The Myelofibrosis Therapeutics market in the U.S. is estimated at US$241.3 Million in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$188.4 Million by the year 2030 trailing a CAGR of 3.4% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.3% and 2.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.2% CAGR.

Global Myelofibrosis Therapeutics Market - Key Trends and Drivers Summarized

Myelofibrosis, a rare type of bone marrow cancer, disrupts the body’s normal production of blood cells, leading to severe anemia, weakness, fatigue, and splenomegaly. The therapeutics market for myelofibrosis has been evolving with a focus on advanced treatment modalities that offer better efficacy and improved quality of life for patients. The current treatment landscape includes a combination of drug therapies, bone marrow transplants, and emerging gene therapies. Janus kinase (JAK) inhibitors, such as ruxolitinib and fedratinib, have become standard treatments due to their ability to reduce symptoms and improve overall survival rates. Research into novel therapeutic targets continues to expand, with promising candidates like bromodomain inhibitors and telomerase inhibitors undergoing clinical trials. These developments signify a robust pipeline of potential treatments that could revolutionize patient outcomes in the near future.

Recent advancements in molecular and genetic profiling have enhanced our understanding of the pathophysiology of myelofibrosis, leading to more precise and targeted therapeutic approaches. The integration of next-generation sequencing (NGS) and other advanced diagnostic tools enables the identification of specific mutations and molecular markers associated with the disease. This precision medicine approach not only helps in tailoring treatments to individual patients but also aids in monitoring disease progression and response to therapy. Moreover, the advent of combination therapies that utilize multiple drugs to target various pathways simultaneously shows great promise in overcoming drug resistance and achieving more durable responses. These innovative treatment strategies are reshaping the therapeutic landscape and providing new hope for patients suffering from this debilitating disease.

The growth in the myelofibrosis therapeutics market is driven by several factors. Key among them is the increasing prevalence of myelofibrosis and related myeloproliferative neoplasms, which has heightened the demand for effective treatments. Advances in biotechnology and pharmaceutical research have led to the development of more efficacious and targeted therapies, spurring market expansion. Patient awareness and advocacy are also playing a crucial role in driving market growth, as more patients seek advanced treatment options and participate in clinical trials. Additionally, favorable regulatory policies, including orphan drug designations and expedited approval processes, have incentivized companies to invest in myelofibrosis research and development. The rise in healthcare expenditure and improved access to healthcare services globally further supports market growth, as more patients gain access to cutting-edge therapies. Collectively, these factors are propelling the myelofibrosis therapeutics market towards significant growth and innovation.

Select Competitors (Total 86 Featured) -

• A. Menarini Industrie Farmaceutiche Riunite Srl
• AbbVie, Inc.
• Bristol-Myers Squibb Company
• Disc Medicine
• Galecto
• Genentech, Inc.
• Geron Corporation
• GSK Plc
• Incyte Corporation
• Italfarmaco SpA
• Kartos Therapeutics
• Karyopharm Therapeutics, Inc.
• Merck & Co., Inc.
• Novartis AG
• Swedish Orphan Biovitrum AB;

TABLE OF CONTENTS

I. METHODOLOGY

II. EXECUTIVE SUMMARY

• 1. MARKET OVERVIEW
  • Influencer Market Insights
  • Global Economic Update
  • Myelofibrosis Therapeutics - Global Key Competitors Percentage Market Share in 2024 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
• 2. FOCUS ON SELECT PLAYERS
• 3. MARKET TRENDS & DRIVERS
  • Increasing Prevalence of Myelofibrosis Spurs Demand for Novel Therapeutics
  • Advances in Molecular Profiling Propel Growth in Precision Medicine
  • Next-Generation Sequencing Expands Addressable Market Opportunity
  • Development of JAK Inhibitors Strengthens Business Case for Targeted Therapies
  • Gene Therapy Innovations Generate New Market Opportunities
  • Emergence of Combination Therapies Sustains Growth in Treatment Options
  • Here's How Advanced Clinical Trials are Shaping the Therapeutics Landscape
  • Adoption of Precision Medicine Approaches Spurs Growth in Tailored Therapies
  • Increased Healthcare Expenditure Expands Access to Cutting-Edge Treatments
  • Rising Investment in Biotechnology Spurs Growth in Novel Treatments
  • Telemedicine and Remote Monitoring Technologies Propel Market Expansion
  • Economic Burden of Myelofibrosis Strengthens Business Case for Effective Solutions
  • Integration of Artificial Intelligence in Drug Discovery Spurs Market Growth
• 4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World Myelofibrosis Therapeutics Market Analysis of Annual Sales in US$ Thousand for Years 2014 through 2030
  • TABLE 2: World Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
  • TABLE 3: World Historic Review for Myelofibrosis Therapeutics by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 4: World 16-Year Perspective for Myelofibrosis Therapeutics by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2014, 2024 & 2030
  • TABLE 5: World Recent Past, Current & Future Analysis for Targeted Therapy by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
  • TABLE 6: World Historic Review for Targeted Therapy by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 7: World 16-Year Perspective for Targeted Therapy by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
  • TABLE 8: World Recent Past, Current & Future Analysis for Chemotherapy by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
  • TABLE 9: World Historic Review for Chemotherapy by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 10: World 16-Year Perspective for Chemotherapy by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030
  • TABLE 11: World Recent Past, Current & Future Analysis for Other Therapies by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
  • TABLE 12: World Historic Review for Other Therapies by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 13: World 16-Year Perspective for Other Therapies by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2014, 2024 & 2030

III. MARKET ANALYSIS

• UNITED STATES
  • Myelofibrosis Therapeutics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
  • TABLE 14: USA Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies - Independent Analysis of Annual Sales in US$ Thousand for the Years 2023 through 2030 and % CAGR
  • TABLE 15: USA Historic Review for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 16: USA 16-Year Perspective for Myelofibrosis Therapeutics by Therapy - Percentage Breakdown of Value Sales for Targeted Therapy, Chemotherapy and Other Therapies for the Years 2014, 2024 & 2030
• CANADA
  • TABLE 17: Canada Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies - Independent Analysis of Annual Sales in US$ Thousand for the Years 2023 through 2030 and % CAGR
  • TABLE 18: Canada Historic Review for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 19: Canada 16-Year Perspective for Myelofibrosis Therapeutics by Therapy - Percentage Breakdown of Value Sales for Targeted Therapy, Chemotherapy and Other Therapies for the Years 2014, 2024 & 2030
• JAPAN
  • Myelofibrosis Therapeutics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)
  • TABLE 20: Japan Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies - Independent Analysis of Annual Sales in US$ Thousand for the Years 2023 through 2030 and % CAGR
  • TABLE 21: Japan Historic Review for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 22: Japan 16-Year Perspective for Myelofibrosis Therapeutics by Therapy - Percentage Breakdown of Value Sales for Targeted Therapy, Chemotherapy and Other Therapies for the Years 2014, 2024 & 2030
• CHINA
  • Myelofibrosis Therapeutics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
  • TABLE 23: China Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies - Independent Analysis of Annual Sales in US$ Thousand for the Years 2023 through 2030 and % CAGR
  • TABLE 24: China Historic Review for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 25: China 16-Year Perspective for Myelofibrosis Therapeutics by Therapy - Percentage Breakdown of Value Sales for Targeted Therapy, Chemotherapy and Other Therapies for the Years 2014, 2024 & 2030
• EUROPE
  • Myelofibrosis Therapeutics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
  • TABLE 26: Europe Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2023 through 2030 and % CAGR
  • TABLE 27: Europe Historic Review for Myelofibrosis Therapeutics by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 28: Europe 16-Year Perspective for Myelofibrosis Therapeutics by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2014, 2024 & 2030
  • TABLE 29: Europe Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies - Independent Analysis of Annual Sales in US$ Thousand for the Years 2023 through 2030 and % CAGR
  • TABLE 30: Europe Historic Review for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 31: Europe 16-Year Perspective for Myelofibrosis Therapeutics by Therapy - Percentage Breakdown of Value Sales for Targeted Therapy, Chemotherapy and Other Therapies for the Years 2014, 2024 & 2030
• FRANCE
  • Myelofibrosis Therapeutics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2024 (E)
  • TABLE 32: France Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies - Independent Analysis of Annual Sales in US$ Thousand for the Years 2023 through 2030 and % CAGR
  • TABLE 33: France Historic Review for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 34: France 16-Year Perspective for Myelofibrosis Therapeutics by Therapy - Percentage Breakdown of Value Sales for Targeted Therapy, Chemotherapy and Other Therapies for the Years 2014, 2024 & 2030
• GERMANY
  • Myelofibrosis Therapeutics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2024 (E)
  • TABLE 35: Germany Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies - Independent Analysis of Annual Sales in US$ Thousand for the Years 2023 through 2030 and % CAGR
  • TABLE 36: Germany Historic Review for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 37: Germany 16-Year Perspective for Myelofibrosis Therapeutics by Therapy - Percentage Breakdown of Value Sales for Targeted Therapy, Chemotherapy and Other Therapies for the Years 2014, 2024 & 2030
• ITALY
  • TABLE 38: Italy Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies - Independent Analysis of Annual Sales in US$ Thousand for the Years 2023 through 2030 and % CAGR
  • TABLE 39: Italy Historic Review for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 40: Italy 16-Year Perspective for Myelofibrosis Therapeutics by Therapy - Percentage Breakdown of Value Sales for Targeted Therapy, Chemotherapy and Other Therapies for the Years 2014, 2024 & 2030
• UNITED KINGDOM
  • Myelofibrosis Therapeutics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2024 (E)
  • TABLE 41: UK Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies - Independent Analysis of Annual Sales in US$ Thousand for the Years 2023 through 2030 and % CAGR
  • TABLE 42: UK Historic Review for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 43: UK 16-Year Perspective for Myelofibrosis Therapeutics by Therapy - Percentage Breakdown of Value Sales for Targeted Therapy, Chemotherapy and Other Therapies for the Years 2014, 2024 & 2030
• REST OF EUROPE
  • TABLE 44: Rest of Europe Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies - Independent Analysis of Annual Sales in US$ Thousand for the Years 2023 through 2030 and % CAGR
  • TABLE 45: Rest of Europe Historic Review for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 46: Rest of Europe 16-Year Perspective for Myelofibrosis Therapeutics by Therapy - Percentage Breakdown of Value Sales for Targeted Therapy, Chemotherapy and Other Therapies for the Years 2014, 2024 & 2030
• ASIA-PACIFIC
  • Myelofibrosis Therapeutics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
  • TABLE 47: Asia-Pacific Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies - Independent Analysis of Annual Sales in US$ Thousand for the Years 2023 through 2030 and % CAGR
  • TABLE 48: Asia-Pacific Historic Review for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 49: Asia-Pacific 16-Year Perspective for Myelofibrosis Therapeutics by Therapy - Percentage Breakdown of Value Sales for Targeted Therapy, Chemotherapy and Other Therapies for the Years 2014, 2024 & 2030
• REST OF WORLD
  • TABLE 50: Rest of World Recent Past, Current & Future Analysis for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies - Independent Analysis of Annual Sales in US$ Thousand for the Years 2023 through 2030 and % CAGR
  • TABLE 51: Rest of World Historic Review for Myelofibrosis Therapeutics by Therapy - Targeted Therapy, Chemotherapy and Other Therapies Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2022 and % CAGR
  • TABLE 52: Rest of World 16-Year Perspective for Myelofibrosis Therapeutics by Therapy - Percentage Breakdown of Value Sales for Targeted Therapy, Chemotherapy and Other Therapies for the Years 2014, 2024 & 2030

IV. COMPETITION