The Global Hematologic Malignancies Therapeutics Market Size is anticipated to reach over USD 87.0 Billion by 2025 according to a new research published by Polaris Market Research.
Hematological malignancy is a type of cancer that affect the bone marrow, blood, and lymph nodes. They include several forms of myeloma, leukemia, and lymphoma. According to an industry report in 2011, Hematological malignancies constituted 9% of all newly diagnosed malignancies in the U.S. specifying that lymphomas are more prevalent than myeloma or leukemias. Excluding Hodgkin’s lymphoma as well as acute lymphocytic leukemia, these types of malignancy are usually related to growing age. Hence, considering the aging worldwide population, malignancy type is more probable to become more prevalent.
The global Hematologic Malignancies Therapeutics Market growth is majorly driven by the increasing focus on development for novel treatments and growing occurrence of blood cancer. Currently, blood malignancies are the second most leading cause of cancer deaths and the 5th most common cancer. The three most common types of blood cancers are multiple myeloma leukemia, and lymphoma. Each year, approximately 400,000 people are diagnosed with lymphoma and more than 300,000 people are diagnosed with leukemia globally. In addition, inventions of novel drugs for blood cancer and its regulatory approvals are anticipated to bolster the market growth. For instance, in 2015, Pfizer announced that its antibody-drug conjugate- inotuzumab has received USFDA approval for acute lymphoblastic leukemia.
The Global Hematologic Malignancies Therapeutics Market is segmented on the basis of type, therapy, and geography. Based on type, the market is segmented into leukemia, lymphoma, multiple myeloma, and others. The leukemia is further segmented into acute lymphocytic leukemia, chronic lymphocytic leukemia, acute myeloid leukemia, and chronic myeloid leukemia. On the basis of type, leukemia was estimated to dominate the market. The major market share is due to availability of products such as Imbruvica, Rituxan, and Glivec, which are estimated to be the highest revenue generating drugs. On the basis of therapy, the global Hematologic Malignancies Therapeutics Market is segmented into Chemotherapy, Radiotherapy, Immunotherapy, Stem Cell Transplantation, and Others. Amongst all the therapies, chemotherapy is the most commonly used treatment with a particular drug or combination of drugs used.
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On the basis of region, the global Hematologic Malignancies Therapeutics Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America was estimated to dominate the global market. The dominance is majorly attributed to the high presence of key market players, availability of branded drugs, established healthcare organization, and increasing government support in the region. However, Asia Pacific is expected to dominate the global market during the forecast period. Increasing awareness about early diagnosis, availability of effective treatment in emerging countries, such as India and China, growing healthcare expenditure, and high unmet clinical needs of patients, are some of the factors anticipated to significantly boost the market in the Asia Pacific.
Some major key players in global Hematologic Malignancies Therapeutics Market includes Pfizer, Inc., F. Hoffmann-LA Roche ltd, Sanofi-Aventis, Bristol-Myers Squibb Company, AbbVie, Inc., Novartis AG, GlaxoSmithKline PLC, Celgene Corporation, Johnson & Johnson Services, Inc., and Takeda Pharmaceutical Company limited among others. The object of the key market players is to deliver better chronic care administration while keeping the cost low. In addition, the companies are concentrating on producing easy-to-use monitoring devices that can aid patients to accomplish conditions including diabetes or heart diseases better by avoiding costly medical processes.