Hematologic Malignancies Market Size to Reach USD 120.56 Billion in 2028, Noted Reports and Data
Commercial availability of superior cancer drugs, growing caseload of leukemia, and extensive R&D activities in oncology are some key factors driving market revenue growth
The global hematologic malignancies market size is expected to reach USD 120.56 Billion in 2028 at a CAGR of 10.7%, according to the latest report by Reports and Data. Rising incidence of hematological malignancies, increasing investment to develop biologically effective drugs, and favorable reimbursement scenario are some key factors expected to drive market revenue growth over the forecast period. In addition, extensive research and development activities, strong product pipeline, and increasing number of product launches are expected to drive market growth going ahead.
Hematological malignancies affects lymph nodes, blood, and bone marrow, and include numerous forms such as different types of leukemia, myeloma, and lymphoma. Hematological malignancies are malignant neoplasms and are treated by hematologists and oncologists. Hematological malignancies may derive from two major blood cell lineages, namely myeloid and lymphoid cell lines. Lymphomas, leukemia, and myeloma are from the lymphoid line while myelodysplastic syndromes, acute and chronic myelogenous leukemia, and myeloprofilerative diseases are from the myeloid lineage. Hematological malignancies are also known as liquid tumors. Treatment includes treating and alleviating symptoms and generally requires chemotherapy, radiotherapy, immunotherapy, and in severe cases, bone marrow transplant. Hematological cancer is the fifth-most prevalent type of cancer in the world and second-most leading cause of death in the United States. High prevalence of lymphoma and other malignancies are often associated with increasing age. Increasing geriatric population across the globe is expected to lead to increased prevalence of blood cancer and this is expected to drive market growth going ahead.
Increasing progress of preclinical and clinical research and rapid advancements in therapeutics coupled with presence of robust product pipeline are also expected to drive market growth. However, lack of awareness about hematological malignancies, shortage of skilled professionals, high costs of medicines and treatment, and stringent product approval processes are expected to hamper market growth to a certain extent over the forecast period.
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Some Key Highlights from the Report:
- Leukemia segment is expected to register significant revenue growth over the forecast period owing to rising number of patients suffering from leukemia across the globe, development of advanced therapeutics, and increasing collaborations to develop strong product pipeline.
- Chemotherapy is the line of treatment of various blood cancers, which entail use of a combination of agents to combat cancer cells by preventing cancer cells from growing and multiplying. Chemotherapy shrinks down tumors and also enables surgical removal of cancer in individuals with borderline resectable cancers. This is expected to fuel revenue growth of chemotherapy segment over the forecast period.
- Asia Pacific market revenue is expected to expand at a CAGR of 12.8% during the forecast period owing to rapid development of advanced healthcare facilities, rising incidence of blood cancer, increasing awareness about early diagnostic and treatment approaches, and growing focus on meeting unmet clinical needs of patients in countries in the region.
- Major players in the market include 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.
- In April, Curis, Inc., which is a biotechnology company developing innovative therapeutics for cancer treatment, received FDA Orphan Drug Designation for its CA-4948 for treatment of acute myeloid leukemia and myelodysplastic syndrome. According to the company, this approval is a milestone in the company’s goals to slow or prevent progression of cancer in patients with these rare hematologic malignancies.
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For the purpose of this report, Reports and Data has segmented the global hematologic malignancies market based on type, therapy, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Acute Lymphocytic Leukemia
- Chronic Lymphocytic Leukemia
- Acute Myeloid Leukemia
- Chronic Myeloid Leukemia
- Multiple Myeloma
Therapy Outlook (Revenue, USD Billion; 2018-2028)
- Stem Cell Transplantation
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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