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(Publishing-NewsWire.com, August 31, 2021 ) The Hematologic Malignancies Market size was estimated at $42.4 billion in 2020, projected to grow at a CAGR of 10.2% during the forecast period 2021-2026. Hematopoietic stem and progenitor cells in the bone marrow give rise to a variety of mature blood cells, including red blood cells for carrying oxygen, white blood cells for immune defense, and platelets for wound clotting. Hematologic malignancies are cancers that start in these cells and are classified by the type of blood cell that is affected. They are typically divided into three groups based on whether the cancer is first discovered in the blood (leukemias), lymph nodes (lymphomas - Hodgkin and non-Hodgkin), or bone (osteosarcomas) (myelomas).
In economically developed regions of the world, haematological malignancies are the fifth most common cancer type. Furthermore, each year, over 300,000 people are diagnosed with leukaemia and 400,000 with lymphoma around the world. The rising prevalence of these diseases is the primary driver of the market's expansion. Increased government support for research and development, and increased awareness among healthcare professionals and patients about the likelihood of early cancer detection are other factors expected to drive market growth during the forecast period 2021-2026. However, the high costs associated with clinical services and stringent regulations along with certain side-effects associate with the treatments is set to restrain to the market's growth during the forecast period 2021-2026.
Hematologic Malignancies Market Segment Analysis- By Type
On the basis of type, the market is divided into three segments leukemia, lymphoma, and multiple myeloma. Acute lymphocytic, chronic lymphocytic, acute myeloid, and chronic myeloid leukemia are the four types of leukemia. Acute lymphocytic leukemia (ALL) is the most common form of leukemia, accounting for 56% of cases in adolescents and 80% in children between 2016 and 2017. For instance According to a study conducted by The Leukemia & Lymphoma Society, leukemia was the sixth most common cause of cancer deaths in both men and women in the US.
Moreover, about 60,530 cases are expected to be diagnosed with leukemia, in 2020. While, 23,100 people including 13,420 males and 9,680 females are expected to die from leukemia in 2020. However Due to a strong product pipeline and planned commercialization, acute myeloid is expected to grow at a faster CAGR of 12.8% during the forecast period 2021-2026.
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Hematologic Malignancies Market Segment Analysis - By Treatment
Based on treatment, the global Hematologic Malignancies Market is segmented into Chemotherapy, Radiotherapy, Immunotherapy, Stem Cell Transplantation and Others treatments. Chemotherapy, which is the first line of treatment, was the most dominating segment in 2020. Chemotherapy is the standard treatment for certain cases of blood cancer, although depending on the type of cancer, a specific drug or combination of drugs is used. However, Immunotherapy is expected to develop at the highest rate of 11.4% during the forecast period 2021-2026 owing to the lower adverse effects and the higher efficiency
Hematologic Malignancies Market Segment Analysis - By Geography
Based on geography, North America dominated the Hematologic Malignancies Market with a region share of 37.4% in 2020 followed by Europe and APAC. The supportive government programs and policy’s, and established healthcare infrastructure for Hematologic Malignancies are the major factor propelling the growth in this region. Furthermore, the existence of a large number of pharmaceutical companies that invest heavily in Hematologic Malignancies research, as well as the easy availability of technologically advanced drugs, is expected to propel the market in this area forward.
However, Asia Pacific region is predicted to see the demand maturing in Hematologic Malignancies Market owing to the increasing healthcare expenditure and infrastructure that supports early diagnosis. Furthermore, policymakers in developing countries are taking steps to raise awareness about Hematologic Malignancies, as well as their diagnosis and treatment options which is further predicted to drive the market during the forecast period 2021-2026.
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Hematologic Malignancies Market Drivers
Increasing Incidence of Disease
The rising occurrence of blood cancer, as well as an increasing awareness of the disease's probability at an early stage, are two major factors driving the market. Nearly one person in the United States is diagnosed with blood cancer every three minutes, according to the Leukemia & Lymphoma Society (LLS). Moreover according to the international agency for research on cancer an estimated 10.1 lakh new cases, while 7 lakh death with Hematologic Malignancies were registered in 2020.
Furthermore, the easy availability of several medicines to treat Hematologic Malignancies along with the increasing investments by key market player and government organizations around the world, is set to propel the market forward during the forecast period 2021-2026.
Hematologic Malignancies Market Challenges
High Cost of the Product
Despite the increase in Hematologic Malignancies cases and supportive government programs and policy’s, some factors are preventing product acceptance. The high costs associated with clinical trials along with certain side-effects associate with the therapy is currently limiting the adoption of the products. Moreover the rising stringency in the government regulation also poses a major threat thereby, acting as major impediment for market's growth.
Hematologic Malignancies Market Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Hematologic Malignancies Market. Key companies of this market are laxoSmithKline Pharmaceutical Ltd., AbbVie, Inc, Takeda Pharmaceutical Company Limited, Celgene Corporation, Pfizer, Inc., Abbott Laboratories, F. Hoffmann-LA Roche ltd., AstraZeneca, Pharmacyclics, Janssen Pharmaceutical Companies, and others.
In August 2020, The FDA has approved GlaxoSmithKline Pharmaceutical Ltd's BLENREP (belantamab mafodotin-blmf), which is used to treat patients with multiple myeloma.
Geographically, The North America region held 37.4% of the total market share in 2020 owing to the supportive government programs and policy’s, and established healthcare infrastructure for Hematologic Malignancies.
The increasing prevalence and incidence of these diseases are the major factor driving the Hematologic Malignancies Market during forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Hematologic Malignancies Market.
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