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Hematological Malignancies Market-By Disease Type By Treatment Type (Chemotherapy, Immunotherapy, Radiotherapy & Stem Cell Transplantation), By Treatment Provider By Geography - Global Opportunity Analysis & Industry Forecast, 2024 - 2030
Hematological Malignancies Market Overview
Hematological Malignancies Market Size is forecast to reach $ 142630.7Million by 2030, at a CAGR of 10.40%during forecast period 2024-2030.. The word hematological is related to blood whereas malignancies represent cancerous growth. Therefore, hematological malignancies can be delineated as an abnormal growth of cancer cells in blood-forming tissues like bone marrow. Hematological malignancies fall under mainly three types, namely multiple myeloma, lymphoma, and leukemia. This tumor attacks blood cells and lymph nodes. Consequently, with the hampered functioning of red blood and white blood cells body’s ability to fight infections diminishes quickly and it starts to perish. Therefore, the popularity of many treatments like immunotherapy, chemotherapy, and cell transplantation grows each day. The hematological malignancies market outlook is engaging as blood abnormities are swelling worldwide. Accruing research and developmental activities for the synthesis of novel drugs and treatments, heightening cancer cases are factors set to drive the growth of the Hematological Malignancies Industry for the period 2022-2027.
Report Coverage
The report: “Hematological Malignancies Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Hematological Malignancies Market.
Key Takeaways
- Geographically, the North America Hematological Malignancies Market accounted for the highest revenue share in 2021. However, Asia-pacific is expected to offer lucrative growth opportunities over the forecast period of 2022-2027 owing to better medical infrastructure, government inclinations to make the public health systems more robust, amongst many other indications.
- Augmenting prevalence of blood cancer cases worldwide is said to be a preeminent driver driving the growth of the Hematological Malignancies Market. The extortionate cost required to undergo treatments is said to impede the market growth over the forecast period of 2022-2027.
- A detailed analysis on the strengths, weaknesses, and opportunities of the prominent players operating in the market will be provided in the Hematological Malignancies Industry report.
Hematological Malignancies Market Segment Analysis-By Disease Type
The Hematological Malignancies Market based on the disease type can be further segmented into multiple myeloma, lymphoma, leukemia (=lymphocytic, myeloid), and others. The lymphoma segment held the largest share in 2021. According to a study, diffused large B-cell lymphoma dominates other types of hematological malignancy types due to its mutation-prone nature. Lymphocyte (a disease) intensifies the genetic mutations of toxic cells. Non-Hodgkin Lymphoma takes hold of nearly 80,470 people in the U.S. for 2021. Moreover, the following cancer type occupies up to 4% of all the cancer cases in the country. Consequently, the white blood cells find themselves helpless in fighting with a plethora of diseased lymphocytes. Moreover, the rising number of people afflicted with leukemia is attributed to the broadening pervasiveness of cancer cases because people who undergo some sort of cancer therapy are more likely to develop leukemia. Moreover, the lymphoma segment is estimated to be the fastest-growing segment with a CAGR of 11.5% over the forecast period 2022-2027. This growth is owing to escalating geriatric population around the globe. It is the 2nd most common reason behind the growth in lymphoma hitches after the lymphocyte mutations.
Hematological Malignancies Market Segment Analysis-By Treatment Type
The Hematological Malignancies Market based on treatment type can be further segmented into Chemotherapy, Immunotherapy, Radiotherapy, and Stem Cell Transplantation. The chemotherapy segment held the largest share in 2021. Around 650,000 cancer patients each year within the US received chemotherapy. The growth is owing to the widescale use of chemo as this treatment uses several anti-cancer drugs with the intent of killing cancer cells that cannot be cured by other radiation therapies. Chemotherapy can be taken into account by doctors to treat different types and all stages of cancers. Consequently, due to its all-encompassing nature chemotherapy has received the title of “First line of treatment.” However, with advancements in technologies, new treatment methods have come to the foreground in recent years. The Stem Cell Transplantation segment is estimated to be the fastest-growing segment with a CAGR of 11.8% over the forecast period 2022-2027. The following forms of procedures help in restoring the blood-forming stem-cells in people who have theirs destroyed by radiation from chemotherapy. Autologous, Allogeneic, and Syngeneic are the common forms of stem-cell transplants to work against the hematological malignancies. Furthermore, advancement in the literature for undergoing a successful stem cell transplant will propel its usage in treating malignancies of various forms.
Hematological Malignancies Market Segment Analysis-By Geography
The Hematological Malignancies Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 34% of the overall market in 2021. The growth in this segment is owing to the factors such as high health cognizance among Americans, rising prevalence of blood cancer cases with broadening smoking trends. Over 480,000 people in the U.S. lose their lives due to health complications caused by smoking. The U.S. and Canada are home to world-class hospitals and cancer diagnostic facilities which is a prime factor boosting the growth in this continent. However, Asia-pacific is expected to offer lucrative growth opportunities to the marketers over the forecast period 2022-2027. This growth is owing to an escalation in the geriatric population, growing healthcare infrastructure of Asian nations as governments have increased the flows of riches into research and development. Furthermore, owing to prospering economies per capita income of nations is swelling due to which people are undergoing expensive cancer treatments.
Hematological Malignancies Market Drivers
Shooting up nuclear power plants and smoking trends is anticipated to boost product demand
Excessive smoking habits and radiations exposure are the foremost factors behind the prevalence of hematological malignancies. The trend of smoking is rising among adults, especially youngsters. Therefore, the percentage of tobacco smoking has reached around 19% as of 2021. Besides, several Asian nations are witnessing humungous smoking rates. For instance, around 75-77% of the male population in Indonesia smokes. Therefore, as long as these cases are plunging the outlook for the hematological malignancies market will be positive and fascinating. On another hand, a growing number of nuclear power plants is emerging as another big reason for blood cancer. According to a study people living inside the 5-6 km range of nuclear facilities are more likely to develop cancer.
The growing geriatric population and research activities are expected to Boost Product Demand
It has been noted that the prevalence of blood cancer is congruent with elevating old-age population. According to a study, every year around 1.24 million cases of leukemia and lymphoma occurs around the globe. Accordingly, these numbers are bound to rise as the old-age population is growing. The geriatric population will rise to 1-2 billion which stands around 600-700 million in current times. Besides, technological breakthroughs attributed to heightened research activities are another significant driver driving the respective market. For example, in March 2021, Sanofi SA received the approval of U.S. FDA for the sale of Sarclisa (isatuximab) with a combination of arfilzomib and dexamethasone to treat patients suffering from relapsed or refractory multiple myeloma. Additionally, in February 2021- T.G. Therapeutics received FDA grant for a fast-paced approval of UKONIQ (umbralisib), an oral, once-daily inhibitor of phosphoinositide 3 kinase (PI3K) delta and casein kinase 1 (CK1) epsilon for the treatment of adult patients with relapsed or refractory marginal zone lymphoma (MZL). Owing to such advances, which too at a standout rate would propel the industry in a right direction.
Hematological Malignancies Market Challenges
The high cost of cancer treatments is anticipated to hamper market growth
Not everyone can afford the cost of cancer treatment. They can cost a person an arm and leg. As of 2021 around 9.2% of the world, the population is living in deprived conditions. These people earn less than a dollar a day. These people struggle to get one-time food” How can they bear the expenses of these extortionate treatments?” Additionally, as per a recent literature post on NCBI, a critical aspect of challenge for hematological malignancies treatment are the lowering awareness about the condition. Furthermore, lack of awareness may not only worsen clinical outcome, but it can also be divisive in society and affect quality of life. As a hypothetical example, a young child with leukemia (in remission) may not be invited to attend a peer’s birthday party as the hosts are scared to invite a leukemic patient, stemming from the stigma associated to condition, immunodeficiency, risk of bleeding, and in some cases, there can even be a misconception that the cancer itself is contagious.
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. Top-10 Hematological Malignancies market companies are-
- Pfizer Inc.
- F. Hoffmann-LA Roche
- AstraZeneca
- AbbVie Company
- GlaxoSmithKline Pharmaceutical
- Takeda Pharmaceutical company
- Janssen Pharmaceutical
- Abbott Laboratories
- Pharmacyclics LLC
- Celgene Corporation
Recent Developments
- In August 2021, Monjuvi precision cancer medicine for treatment of B Cell NHL. The top-line study indicated that the combination of Monjuvi ( Tafasitamab-cxix) with Revlimid (lenalidomide) has been an effective treatment option of the patient with relapsed/refractory diffuse large B-cell lymphoma. The said population are also those who are not eligible for high-dose chemotherapy and stem-cell transplant. Monjuvi, previously known as MOR208 is a humanized monoclonal antibody precision medicine directed against the CD19 antigen which is expressed on early B lymphocytes and B cell lymphomas which makes it a potential target for the treatment of non-Hodgkin’s lymphoma (NHL), including diffuse large B cell lymphoma, as well as chronic lymphocytic leukemia (CLL).
- In June 2021, the Allergan Natrelle Biocell textured breast implants became the latest recalled product owing to heightened risk of causing cancer. The research also found a six-time increase in developing a type of lymphoma. The textured breast implants faced this Class I recall due to their six-fold risk of consumers with the product developing breast implant-associated anaplastic large cell lymphoma (BIA-ALCL). BIA-ALCL is not a form of breast cancer; it is a form of non-Hodgkin’s lymphoma that can metastasize to other parts of the body.
- In May 2021, Tokyo-based Chugai Pharmaceutical Ltd announced launch of an anti-cancer agent/ antimicrotubule binding anti-CD79b monoclonal antibody called Polivy intravenous infusion 30 mg and 140 mg that can be used for the treatment of relapsed or refractory (R/R) diffuse large B-cell lymphoma (DLBCL). Additionally, in December 2021- the company filed a regulatory application with the Japanese Regulators for permission to sell the product based on successful results
Key Market Players:
The Top 5 companies in the Hematological Malignancies Market are:
1. Medtronic Inc.
2 Cardinal Health, Inc.
3. Boston Scientific
4. 3M Health Care
5. Williams Medical Supplies