Hematological Malignancies Market Overview
Hematological Malignancies Market size is estimated to reach $83.1 Billlion by 2025, growing at a CAGR of 9.93% during the forecast period 2020-2025. There are different types of blood cells in the body, like red blood cells to carry oxygen and white blood cells for the immune system and platelets for clotting when injured, and all these are produced from hematopoietic stem and progenitor cells in the bone marrow. The cancers that are started in these cells are known as the hematological malignancies. These hematological malignancies are divided depending on the type of blood cells that are affected, this includes leukemia, lymphoma and multiple myeloma. Increased prevalence of cancers and increased health care among the people are driving the hematological malignancies market during the forecast period 2020-2025.
Geographically, North America’s Hematological Malignancies Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the increased number of patients with different blood cancers.
The increase in health concern and increased prevalence of different cancers are driving the market for Hematological Malignancies during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Hematological Malignancies Market report.
Development of advanced research in cancer treatment and increasing investments by public and private sectors are driving the growth of the market.
Hematological Malignancies Market Segment Analysis – By Type
The Application segment of the Hematological Malignancies Market has Leukemia, Lymphoma and Multiple myeloma. The Leukemia segment which is subdivided into acute lymphocytic, chronic lymphocytic, acute myeloid and chronic myeloid leukemia, registers for the highest market share in 2019 and is set to be the fastest growing with a CAGR of 11.1 % during the forecast period 2020-2025. This is owing to the increased number of people suffering from different types of cancers. The multiple myeloma is also set to have good growth owing to the availability of good treatment facilities. According to Leukemia and Lymphoma Society, there are around 9.9% of the population is set to be 1,806,590 new cancer cases of leukemia, lymphoma, and myeloma, in the U.S. and this data supports the growth of the market.
Hematological Malignancies Market Segment Analysis – By Treatment
The Treatment segment of the Hematological Malignancies Market has Immunotherapy, Radiotherapy, Chemotherapy, Hormone Therapy, and Surgical Treatment. The Immunotherapy registers for the highest market share in 2019 and is set to be fastest growing CAGR for the forecast period 2020-2025, owing to the lower adverse effects and the higher efficiency. Chemotherapy is also set to have growth, as it was the first treatment done for cancers and usually this chemotherapy, I used in different types of blood cancers. Improved technology and major developments are acquisitions by different key players driving the growth of the market in different treatment processes during the forecast period 2020-2025.
Hematological Malignancies Market Segment Analysis – By Geography
Based on Geography the global Hematological Malignancies Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America hold a dominant position in terms of revenue in 2019 with a global share of 39.1%. This is owing to the increased health-care infrastructure. Asia-Pacific is also set to have a good growth owing to the large population and improving economic conditions. The rise in awareness among the people and availability of best treatment processes and increasing health care expenditures are driving the market for the hematological malignancies market globally during the forecast period 2020-2025.
Hematological Malignancies Market Segment Analysis Drivers
High prevalence of different types of cancers
The increase in different types of blood cancers and the development of the best health-care infrastructure are driving the growth of the market. The rising prevalence of diseases and increased researches being made for effective drugs and treatments are driving the market for hematological malignancies during the forecast period 2020-2025.
Hematological Malignancies Market Segment Analysis Challenges
High capital investment in the market
The high investment involved in the hematological market and increased expenses in the treatment process are hampering the market growth. Lack of awareness among the people about different types of cancers is another factor that is affecting fthe growth of the market during the forecast period.
Hematological Malignancies Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Hematological Malignancies Market. Key companies of this market are GlaxoSmithKline 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 June 2020, PerikinElmer, Inc. Announced collaboration with the American Society of Hematology (ASH), to increase the treatment process for sickle cell disease in Sub-Saharan Africa.
In August 2020, GlaxoSmithKline Pharmaceutical Ltd gets approval from the FDA for the GSk’s BLENREP (belantamab mafodotin-blmf) which is used to treat the patients with multiple myeloma.