The global hematologic malignancies market size was USD 53.46 Billion in 2020 and is expected to register a CAGR of 10.7% during the forecast period. Increasing global prevalence of blood cancer, development of a robust product pipeline, and growing healthcare investment and expenditure are key factors expected to drive market revenue growth over the forecast period. Increasing focus on development of new therapeutics, rising awareness about benefits of early diagnosis, and regulatory approvals for new drugs for blood cancer treatment are also expected to fuel revenue growth of the market going ahead.
Hematological malignancies affect the lymph nodes, bone marrow, and blood and generally includes types of leukemia, myeloma, and lymphoma. These hematological malignancies account for nearly 9% of newly diagnosed caancers in the United States. Hematologic cancers often begin in bone marrow where blood cells develop. Blood cancers occur when there is rapid and uncontrollable growth of abnormal blood cells which disrupt development and function of normal cells. Hematological malignancies are subdivided according to the type of blood cell that is affected. Lymphoblastic or lymphocytic malignancies occur in the lymphoid lineage, which includes white blood cells such as T lymphocytes and B lymphocytes and includes acute lymphoblastic leukemia, lymphomas, and multiple myeloma, among others. Myelogenous or myeloid malignancies occur in myeloid lineage, which includes precursor cells of red blood cells, platelets, and white blood cells and myelodysplatic syndromes and acute myelogenous leukemia, among others. Hematologic malignancies are malignant neoplasms and more severe types of these malignancies are also known as liquid tumors. Treatment of these malignancies usually consists of watchful waiting or symptomatic treatment. Aggressive forms of hematological malignancies require treatment with chemotherapy, immunotherapy, and radiotherapy. In some cases, bone marrow transplant is required. Lymphomas are more prevalent than leukemia and the disease is linked with increasing age. Increasing geriatric global population has significantly increased prevalence of lymphomas. This is expected to drive demand for therapeutic approaches such as chemotherapy, immunotherapy, and radiotherapy and contribute to market growth going ahead.
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Hematological malignancies are rare malignant disorders that affect lymphoid and hematopoietic tissues. Over the recent past, encouraging outcomes have been achieved from various preclinical and clinical studies. Long-term outcomes for patients suffering from hematological malignancies has continued to improve owing to recent advances in therapeutic approaches. Increasing investment to accelerate oncology research and develop robust product pipeline is a key factor expected to drive market growth over the forecast period. However, high costs of treatments and stringent regulatory approval processes are expected to hamper market growth to a certain extent over the forecast period.
Driver: Rising prevalence of hematologic malignancies across the globe is a key factor driving revenue growth
According to a statistical analysis, hematological cancer is the fifth most prevalent cancer type across the globe and is the second major cause of death in the United States. Over the recent past, prevalence of non-Hodgkin lymphoma and leukemia has increased by 45% and 26% respectively. High prevalence rate of these hematological malignancies can be attributed to rapid population growth and aging. Rising prevalence of hematological malignancies is another key factor expected to drive revenue growth of the market. In addition, increasing investment to accelerate clinical trials and ensure availability of premium drugs is expected to fuel market growth over the forecast period.
Restraint: High costs of treatment and lack of skilled professionals
High costs associated with cancer treatment such as chemotherapy, radiotherapy, and immunotherapy is a limiting factor. In addition, lack of skilled professionals and stringent regulatory approvals of cancer therapeutics are expected to hamper market growth over the forecast period. Lack of awareness about different types of cancers and early diagnosis in developing and underdeveloped countries is expected to further restrain market growth going ahead.
Based on type, the global hematologic malignancies market has been segmented into leukemia, lymphoma, multiple myeloma, and others. Leukemia has been further sub-segmented into acute lymphocytic, chronic lymphocytic, acute myeloid, and chronic myeloid leukemia. Leukemia segment is expected to register robust revenue growth over the forecast period owing to increasing prevalence of leukemia across the globe, availability of superior oncology drugs, and development of a strong product pipeline. Moreover, increasing collaborations and partnerships in the market to develop advanced therapeutics for leukemia and other blood cancers is also expected to contribute to revenue growth of the market going ahead.
Based on therapy, the global hematologic malignancies market has been segmented into chemotherapy, radiotherapy, stem cell transplantation, and immunotherapy. Chemotherapy segment accounted for largest revenue share in the global market in 2020 and is expected to continue to account for majority revenue share over the forecast period. Chemotherapy is the first line of treatment for numerous types of blood cancers. A combination of chemotherapeutic agents are often administered to combat cancer cells in the body by preventing cancer cells from growing and multiplying. Chemotherapy shrinks tumors or slows down progression, which increases longevity and alleviates symptoms. It also enables surgical removal of cancer by shrinking the tumors in individuals with borderline resectable cancers. These factors are expected to fuel revenue growth of this segment over the forecast period.
Based on regional analysis, North America is expected to account for largest revenue share over the forecast period. Robust growth can be attributed to increasing availability of blockbuster drugs, presence of state-of-the-art healthcare facilities, and rising funding and investment to accelerate oncology research in countries in the region. In addition, robust presence of key players, rapidly rising prevalence of blood cancer, strong product pipeline for leukemia, and favorable reimbursement scenario are also expected to contribute to revenue growth of the market in the region.
Europe is expected to register considerable revenue growth over the forecast period owing to presence of favorable reimbursement policies and regulatory framework, increasing product approvals, rising focus on patient safety and improved outcomes, and availability of advanced chemotherapy drugs. Asia Pacific market revenue is expected to expand at a robust revenue CAGR of 12.8% during the forecast period owing to increasing investment in the healthcare sector, development of robust healthcare infrastructure, rising prevalence of hematological cancers, emphasis on early diagnosis and treatment, and increasing need to meet unmet clinical needs of patients.
The global hematologic malignancies market is slightly fragmented with presence of key market players operating on global and regional scale. Prominent players in the market are focusing on forming strategic alliances such as mergers and acquisitions, collaborations, and partnerships and extensive research and development activities to expand their product portfolio and gain a robust footing in the market. Key players 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.
Some Key Developments in the Market:
- In April 2021, the FDA granted orphan drug designation to CA-4948, which is a small-molecular inhibitor that targets oncogenic isoform of a gene predominantly expressed in patients with acute myeloid leukemia and myelodysplastic syndrome (MDS). According to Curis, Inc., receiving orphan drug designation represents a milestone in the company’s mission to slow or prevent progression of cancer in patients with rare hematologic malignancies.
- In April 2021, Arch Oncology, Inc., which is a clinical-stage immune-oncology company focusing on discovery and development of anti-CD47 therapeutics, announced closing of USD 105 Million in Series C financing round. The funds from the round will be used to support clinical progress of differentiated anti-CD47 candidate AO-176 for patients suffering from solid tumors and hematologic malignancies.
Segments Covered in the Report:
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the sub-segments from 2019 to 2030. For this study, Reports and Data has segmented the hematologic malignancies market based on type, therapy, and region:
Hematologic Malignancies Market Report Scope
Segments covered By Type Outlook, Therapy Outlook, Regional Outlook
By Type Outlook
Acute Lymphocytic Leukemia
Chronic Lymphocytic Leukemia
Acute Myeloid Leukemia
Chronic Myeloid Leukemia
By Therapy Outlook
Stem Cell Transplantation
Middle East & Africa
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