Global hematologic malignancies therapeutics market size is projected to exceed US $87.0 billion by 2025, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the hematologic malignancies therapeutics market based on type, Therapy and region.
For the uninitiated, hematological malignancies is a kind of cancer affecting the blood, bone marrow, and lymph nodes. They constitute multiple forms of myeloma, lymphoma, and leukemia. As per an industry report from 2011, this ailment accounted for 9% of all the newly identified malignancies in the United States suggesting that lymphomas are more predominant than leukemias or myeloma. Excluding Hodgkin's lymphoma and acute lymphocytic leukemia, these malignancies are usually associated with aging. Therefore, given the world’s rising geriatric population, malignancy type is likely to become more prevalent.
According to the report, the topmost factor driving the hematologic malignancies therapeutics market growth includes the growing attention towards development for novel treatments and high occurrence rate of blood cancer. Presently, blood malignancies are the 5th most common type of cancer and the second most leading cause of cancer deaths.
The three most common types of blood cancers comprise of multiple myeloma, lymphoma, and leukemia. Every year, around 400,000 individuals are detected to have lymphoma and more than 300,000 are diagnosed with leukemia across the world. Additionally, the development of novel drugs to treat blood cancer and their regulatory approvals are expected to further augment market growth. Case in point, in 2015, American pharmaceutical corporation Pfizer announced attaining FDA’s approval for its antibody-drug conjugate- inotuzumab for acute lymphoblastic leukemia.
The report delivers a detailed analysis of the hematologic malignancies therapeutics market growth stimulators, opportunities, and restraints during the projected timeline. In addition, a comprehensive analysis of the industry with respect to the type, therapy application, and regional landscape are included in the report.
Based on type, the report segments the market into lymphoma, leukemia, multiple myeloma, and others. Leukemia is further bifurcated into chronic lymphocytic leukemia, acute myeloid leukemia, acute lymphocytic leukemia, and chronic myeloid leukemia. Leukemia was projected to lead the global market.
The major chunk of the market share is primarily accredited to the availability of products like Rituxan, Imbruvica, and Glivec, that are anticipated to be the highest revenue generating drugs.
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Based on therapy, the market is divided into Radiotherapy, Chemotherapy, Stem Cell Transplantation, Immunotherapy, and others. Out of all the therapies, chemotherapy is the most common treatment paired with a particular drug or combination of drugs.
In terms of region, the global hematologic malignancies therapeutics market is bifurcated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America was anticipated to dominate the global market owing to the increasing presence of major market players, accessibility to branded drugs, well-established healthcare organization, and favorable government efforts, cites the report.
Asia Pacific is expected to acquire maximum revenue share over the forecast period. Increasing awareness regarding early diagnosis, accessibility to effective treatment within emerging economies like India and China, rising healthcare expenditure, and unmet clinical needs are the leading drivers for the Asia Pacific hematologic malignancies therapeutics market.
The key players operating in the competitive spectrum of the global hematologic malignancies therapeutics market include Pfizer, Inc., Sanofi-Aventis, F. Hoffmann-LA Roche Ltd, Bristol-Myers Squibb Company, Novartis AG, AbbVie, Inc., GlaxoSmithKline PLC, Johnson & Johnson Services, Inc., Takeda Pharmaceutical Company Limited, and Celgene Corporation among others. The objective of these firms is to provide enhanced and cost-effective chronic care administration. In addition, the firms are aiming to produce easy-to-use monitoring devices for managing conditions including diabetes or cardiovascular diseases and avoiding costly medical processes.