Worldwide blood cancer drugs market is predicted to accumulate over US $55.6 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2025.
According to the report, the burgeoning demand for blood cancer drugs is resulting from the increasing incidences of death due to blood cancer, as well as constant innovation for the development of new treatments, supported by many ongoing clinical trials. Growing research & development aimed at biological and targeted therapies is further likely to drive market growth. However, high cost of drugs and stringent government policies, would impede the growth of the global blood cancer drugs market during the projected timeline.
In most cases, blood cancers begin in the bone marrow, and the growth of normal blood cells is hindered due to the uncontrolled growth of the abnormal blood cells. These cancerous cells restrict blood from carrying out many vital functions. The existing blood cancer treatments are acting as a foundation for the development of novel drugs. For example, Amgen Inc. had received approval for the Blincyto drug in July 2017, which helps treat B-cell precursor acute lymphoblastic leukemia. Also, Roche AG attained approval for Gazyvaro, which is used in the treatment of advanced follicular lymphoma. New technologies such as CAR-T would probably be launched this year, further cites the report.
The distinguished types of blood cancer are leukemia, myeloma, and lymphoma. Market specialists speculate that the lymphoma segment would hold a major share of the blood cancer drugs market, followed by the leukemia segment. The market is significantly driven by the rising prevalence of lymphoma, and the availability of effective treatments.
Depending on drugs the blood cancer drugs market can be segmented into Revlimid (Lenalidomide), Gleevac/Glivec (Imatinib), Velcade (Bortezomib), Rituaxan/Mabthera (Rituximab), Tasigna (Nilotinib), Vidaza (Azacitidine), Adcetris (Brentuximab Vedotin), Kyprolis (Carfilzomib), Pomalyst (Pomalidomide), and others. Furthermore, the combination of Velcade and Revlimid has recently emerged as the preferential drug combination for the treatment of multiple myeloma.
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Speaking of the treatment approaches, the global market is bifurcated into chemotherapeutic, immunotherapeutic, and mAbs/Targeted therapies. As per the report, the chemotherapeutic drugs are anticipated to hold the higher share in the global blood cancer drugs market, due to the availability of numerous chemotherapeutic agents. In addition, their effectiveness in blood cancer treatment, and the ascending number of cancer patients worldwide have triggered product demand. The immunotherapy segment is also expected to witness substantial growth over the forecast timeframe, owing to the increased awareness about its use as an alternative and effective blood cancer treatment.
The geographical landscape of the global blood cancer drugs market comprises North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. Reportedly, North America leads the global market, ensued by Europe and Asia Pacific. Growth in research & development investments by different companies, favorable reimbursement policies, and upsurge in the number of blood cancer treatments are pivotal factors impelling market growth in North America.
The well-known blood cancer drugs market contenders enlisted in the report are Johnson & Johnson Inc., Merck & Co. Inc., GlaxoSmithKline PLC, Pfizer Inc., Novartis AG, Eli Lily & Co., Bayer AG., Amgen Inc., AstraZeneca, AbbVie Inc., Celgene Corporation, and Roche Holding AG. As reported, manufacturers are currently focusing on the innovation of combination drugs, and looking forward to developing new treatments for blood cancer.