Global Hematologic Malignancies Treatment Market is segmented By Disease Condition (Leukemia, Lymphoma, Myeloma, Others), By Therapy (Chemotherapy, Immunotherapy, Targeted Therapy, Stem Cell Transplantation, Radiotherapy, Others), By End User (Hospital, Cancer Centers, Ambulatory Surgical Centers, Others), By Region (North America, South America, Europe, Asia Pacific, Middle East & Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Market Overview
The "Global Hematologic Malignancies Treatment Market" is predicted to reach at a high CAGR of 10.7% during the forecast period (2022-2029)
Hematological malignancies, commonly known as hematological cancer, is registering a widespread prevalence across the world. According to the National Cancer Institute, hematological cancer is the fifth most commonly occurring cancer, globally, and is the second prominent reason behind the cancer death in the U.S.
Source: DataM Intelligence Analysis (2020)
Market Dynamics
The global hematologic malignancies treatment market growth is driven by the rich product pipeline and the improvement in the reimbursement scenario. Moreover, the rising trend of patent protection is also expected to boost this market considerably in the forecast period.
The growing incidence of blood cancer is expected to drive the market growth
The major factors attributing to the growth of the hematologic malignancies treatment market are the growing incidence of blood cancer, increasing emphasis on the development of new treatments push the growth of hematologic malignancies treatment market. According to the National Foundation for Cancer Research (NFCR), in 2017, an estimated 58,300 people are likely to die as a result of blood cancer. Globally, blood malignancies are the fifth most common cancer and is the second most leading cause of cancer deaths. The three most common types of blood cancers are leukemia, lymphoma, and multiple myeloma. Worldwide, more than 300,000 people are diagnosed with leukemia and 400,000 people are diagnosed with lymphoma each year Furthermore, the increasing awareness about the possibility of early diagnosis of these cancers and the rising approvals for the new drugs of the treatment are other major factors for the market growth.
Launch of new products, is expected to drive the growth in the forecast period
The highest number of acquisitions and collaborations are happening in the oncology segment where big pharma players are collaborating with each other. In 2015, cancer therapeutics witnessed a significant number of collaborations, which reflects the interest in this segment. Various organizations and research institutes around the world are collaborating to develop novel therapies for hematologic malignancies. Furthermore, formulations of new regulatory approvals for new drugs for blood cancer are expected to boost the growth of hematologic malignancies market. For instance, in 2015, Pfizer announced that inotuzumab (antibody-drug conjugate) received a breakthrough therapy designation from U.S. FDA for acute lymphoblastic leukemia. Increasing awareness amongst healthcare professionals and patients about the possibility of early diagnosis of cancer and increase in government funding for research is anticipated to accelerate the market growth during the forecast period.
The high cost of the medication is likely to hinder the market growth
However, the high cost of the medication involved in the treatment is the major restraint to the growth of the market in the forecast period.
COVID-19 Impact Analysis
COVID-19 pandemic has impacted virtually every aspect of cancer care and research from introducing new risks for cancer patients to disrupting the delivery of cancer treatment and the continuity of cancer research, a review of scientific literature shows. The report, by researchers at Dana-Farber Cancer Institute and other institutions, suggests that while COVID-19 has complicated the treatment of cancer patients, it has also spurred creative solutions to challenges in clinical care, and research into the new disease is benefiting from insights gained over years of cancer research. This factor will hamper the growth of the market in the forecast period.
Segment Analysis
Chemotherapy segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
The chemotherapy is the first line of treatment, it’s the largest segment in the market. Generally, for most types of blood cancers, chemotherapy is the common treatment and a particular drug or combination of drugs is used, depending on the type of cancer. The factors that drive the segment of the market are the growing incidence of blood cancer and the growing understanding of the possibility of the disease at the early stage. According to the Leukemia & Lymphoma Society (LLS), nearly one person is diagnosed with blood cancer every three minutes in the United States.
An expected combined total of 176,200 people in the United States is estimated to be diagnosed with leukemia, lymphoma or myeloma in 2019. Therefore, statistics show that the incidence of blood cancer is increasing, which leads to an increase in the market growth of the segment.
The hospital are expected to dominate the Hematologic Malignancies Treatment market during the forecast period
The hospital held the largest share in the hematologic malignancies treatmentmarket. This is mainly owing to increasing number of patients suffering from conditions which are treated in hospitals equipped with advanced infrastructure and adequate facilities. Moreover, growing number of hospitals along with adequate reimbursement policies is also contributing to the growth of this segment.
Source: DataM Intelligence Analysis (2020)
Geographical Analysis
North America region holds the largest market share in the global hematologic malignancies treatment market
North America is found dominating the hematologic malignancies treatment market. The market growth is due to the factors such as the presence of key players, high prevalence of blood cancer patients in the region, established healthcare infrastructure, and availability of branded drugs are some of the key factors accountable for its large share in the market. According to Global Cancer Observatory, in 2018, 18.4% of the world’s multiple myeloma cases were of the North American population. The increasing blood cancer cases in the region is a major driving factor for the growth of the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase market growth.
Source: DataM Intelligence Analysis (2020)
Competitive Landscape
The hematologic malignancies treatment market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Pfizer Inc, AbbVie Inc., Bristol-Myers Squibb Co., F. Hoffmann-La Roche Ltd., GlaxoSmithKline Plc., Johnson & Johnson, Novartis AG, Teva Pharmaceutical Industries Ltd and Sanofi among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the hematologic malignancies treatment globally.
Hematologic Malignancies Treatment Market Key Companies to Watch
Pfizer Inc.
Overview: Pfizer Inc. (Pfizer), is a research-based global biopharmaceutical company. The Company is engaged in the discovery, development and manufacture of healthcare products. Its global portfolio includes medicines and vaccines. The Company sold its products in over 125 countries.
Product Portfolio: The Company’s portfolio comprised of include internal medicine, vaccines, oncology, inflammation and immunology and rare diseases and others.
Why Purchase the Report?
- Visualize the composition of the hematologic malignancies treatment segmentation by disease condition, therapy, end user, and region highlighting the key commercial assets and players.
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- Product mapping in excel for the key product of all major market players
The global hematologic malignancies treatment report would provide an access to an approximately 45+ market data table, 40+ figures and 180 pages.
Target Audience
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